Digital Transformation for a leading composite insurer in the Middle East across Life, Motor, Health, and Travel insurance
Client
A leading insurance provider in Saudi Arabia, was founded on January 2008. The company operates numerous offices and claim centers across the Kingdom, ensuring accessibility and convenience for its customers. It offers a wide range of Shariah-compliant insurance solutions, including motor, health, and travel insurance, catering to both individuals and businesses. With a strong IT infrastructure and a dedicated team, Client aims to revolutionize the insurance experience in Saudi Arabia
Highlights
Provide partners with a delightful experience that is both futuristic and digitally differentiated from competitors. This involves offering intuitive and personalized insights based on contextual and customer-specific financial goals, thereby increasing engagement across devices. Additionally, the aim is to simplify operations through the use of data and analytics, empowering partners and enhancing business objectives. Ultimately, this will improve the sales performance of partners and help them deliver superior customer service across various touchpoints.
Solution
Proposed holistic solution aims to develop a Digital Partner Portal that serves three key customer segments and five key lines of business, including Motor, Medical, Travel, Medical Malpractice, and other General Line products. It will cover four key process areas: Sales & Distribution, New Business, Policy Issuance, and Servicing. Phase 1 of the project will focus on faster onboarding of partners, training and learning, licensing, quotation and policy issuance, and providing omni-channel experience. Additionally, it will integrate workflows through APPIAN, API integration for key services to fetch customer and risk information, and incorporate image recognition tools, a rating engine, PAS, and a Datawarehouse.
IMPACT
- New platform and direction for growth and change: Increase in reach-out rate by approximately 20%
- Increased product awareness for partners: Learning modules lead to a 15% increase in product knowledge
- More partners due to ease of use and intuitive process: Partner acquisition rate increases by 25%
- Reduced time to sell a policy: Time reduced from hours or days to just a few minutes, improving efficiency by up to 90%
- Increased quote-to-policy conversion: Conversion rate increases by 30%, with a 10% reduction in churn rate and a 20% increase in renewal persistency
- Automated workflow and system validations: Error rates and delays reduced by 50%
- Increased motivation through gamification and rewards system: Partner engagement and motivation increase by 20%.