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INSURANCE : SUCCESS STORY
Insurance provider improves customer service and lowers costs
For three years, business had been good for the insurance wing of this Fortune 100 financial services
provider.
In fact, business had grown so quickly that the company’s technological infrastructure was no longer adequate to support it. Over 125,000 annuity contracts were supported on two different, isolated legacy systems – one system for deferrals, another for payouts. With no Internet access, policyholders had to call the firm for even the simplest question or activity. And the Customer Service response rate was substandard due to the time required to search disparate systems.
Ascend helped the insurer successfully migrate 34 annuity products to a new, data-driven system. We took complete responsibility for the insurer’s critical policy conversion and reconciliation activity -- performing analysis, technical design, and testing for full history conversion with complete reverse and reprocess capabilities. The new system rejoined deferral and annuitization information to provide one complete history of a policy from issue through current payout. The consolidated system also added web access to enable policyholders to initiate their own re-balancing, withdrawals, and claims.
The business benefits of the consolidation were substantial. Customer satisfaction increased dramatically while customer service response time and the human cost of insurance processing decreased significantly. And the insurer attained the infrastructure needed to compete still more aggressively in the future.
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