Project Overview:
The project involved transforming a legacy data management system for a leading Life Insurance provider into a modern, scalable, and efficient platform. This system handled policyholder data for Whole Life, Universal Life, Term Insurance, and Annuities.
Initiative was to expand coverage for a mid size Life insurance company where they used to sell one of their majority insurance products only through brokers. We helped implement an online platform through which they can sell direct to consumers.
Challenges
The outdated system’s lack of integration created data silos, hindering policyholder data analysis, operational efficiency, customer insights, and compliance with evolving data governance regulations.
Current model of selling through brokers was limiting their reach to consumers directly and expanding coverage area was also very difficult such as out of state using the broker model.
Solutions and Results
Transitioned the company to a robust Master Data Management (MDM) system, enabling consistent and accurate policyholder information across the enterprise. a. Implemented automation for repetitive processes such as claims adjudication and policy renewals, increasing operational efficiency by 45%.
Implemented an online platform using which they can sell direct to consumer and provider scalability.