A Large US-based Annuities Implements Digital Policy Servicing with Newgen

About the Customer

Established in 2018, the US-based holding company owns and manages legacy variable annuity business acquired from other entities.

Challenges Faced by the Customer

• Management of service requests in high volumes, causing increased turnaround times
• Absence of multiple channels for customers and agents/producers to initiate requests and receive updates in real time
• Difficulty migrating content from the legacy content manager system, thereby increasing the total cost of ownership
• Linear increase in cost of operation with each additional block acquisition

How Newgen Helped?

To overcome the challenges and become a market leader with highly efficient operations, the client onboarded Newgen as its technology partner. Infosys, a global system integrator, with Newgen practice, implemented an integrated digital policy servicing platform, with omnichannel capabilities, ensuring timely customer interactions, quick TAT, and better management of exceptions and escalations.

Key highlights:

• One-queue views, leading to a standardized and role-based user experience and views
• Instant response letters to customers
• Comprehensive dashboard to gain a holistic view of processes
• Content migration from the legacy system
• Automated batch processing for scheduled transactions How Newgen Helped? Robust integration, facilitating auto-population of policy details from the core policy admin systems
• Built-in document viewer to upload, view, download, or delete documents
• Automated case classification and assignment based on request type QA process for scoring users from processing team (pre and post facto)

Implementation Highlights

• 40 TB of content migration from the legacy system
• 100+ business processes and workflows in financial, non-financial, claims, and service request management
• Go-live in record time of – 8 months
• 400 users across contact center and back office; portal extension for policy holders and insurance brokers/agents
• Cloud-based implementation

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