Clear
Life™ - Case Study
What was the problem?
Vertex had successfully taken on the Business Process Outsourcing (BPO) contract relating to a large closed book in the Life Insurance sector. Vertex had rationalized the core administration systems onto their administration platform and streamlined the operation, delivering significant savings in the cost of processing each policy.
The challenge was to further increase the efficiency of this operation in a highly regulated environment. Despite the improvements, Policy Administration was still using considerable manpower to:
- Take a particular customer request like a Surrender or a Maturity
- Retrieve, collate and validate the required information to process this request from various systems
- Determine how to process the request in accordance with product variations, in-house procedures and regulatory compliance needs
- Process the request
- Generate all the necessary output documentation for the customer or the IFA.
What happens now?
By replicating
best practice from within the organization
the solution operates in a way that
end-users expect, and was widely adopted
and used when rolled out. The processes
are now fully compliant with regulatory
requirements so that business risk
is reduced, and cycle times have been
dramatically shortened.
For compelling evidence of our ability to deliver real benefits read on.
