Services
One of the largest Group Benefits insurers, and leader in Voluntary Insurance Sales at the work site, in the United States For implementing Life, Disability, Accident, CI, Dental, Vision, HI, HIC & Self-Service Portals
BUSINESS CHALLENGES
The client encountered various hurdles in their Group Life Insurance business. Their reconciliation process was manually done, which created inefficiencies and discrepancies. Claims processing had numerous human touchpoints and lacked the auto adjudication feature. There was a lot of disparate data across multiple systems, leading to process redundancies.
The client was looking to transform their Group Life Insurance processes and also a new Policy Administration System (PAS). They also wanted to implement new features and customize existing administrative features to streamline their business, simplify policy creation and management, enrollments, claims, billing, accounting, and reporting.
Mphasis successfully configured the Wynsure Product Suite for core functionalities such as Policy, Product, Claims, Billing, Commissions, and integration of Self Services (Portal) for customer focus benefits. Wynsure Product Suite supports business functions and industry best practices across the insurance life cycle. The transformed system and processes enabled the client to keep up with the rapid growth in Group Business by swiftly launching new innovative products, and also provided exceptional customer experience by incorporating self-service capabilities. We also automated reconciliation process, configured Broker portal to improve network distribution.
Improved distribution network for group products through Broker Portals
40 % improvement in billing processes through automation of reconciliation process
Increased efficiency, accuracy & faster processing time
Reduced the number of sub-systems/interfaces by consolidating data in Wynsure ODS
Improved analytics by reporting on Wynsure ODS