LIFE INSURANCE COMPANY IN CHINA REDUCES POLICY PROCESSING TIME BY 90%
In the last 10 years, this international life insurance company sold over 1 million policies in China. With such a high growth rate, it is a challenge to stay ahead of the data processing demand. The growing problem was that it took as long as 30 days to create and publish customer letters, policies and invoices, which if not improved, would lead to a serious customer service issue. The company needed a system that would not only solve their current data processing problem but would also scale as their business grows.
Some data inefficiencies do not appear until there is unusual or unexpected growth. The particular areas of concern included:
- Manual Sorting: Policies and letters were contained in one data file with inadequate indexing. As a result, it was necessary to manually classify and sort the correspondence output files by record type. The increasing data handling time was beginning to impact critical business processes. Since some record-type classifications were done manually, there was no efficient way to handle special processing such as targeted advertising and urgent customer requests.
- Duplicate Work: The correspondence system contained 3 document types — letters, policies, and invoices. However, the system did not have a process for creating reusable content. As the number and types of policies were sold, correspondence templates were added exponentially—for even a simple change in a letter. At its peak over 20,000 templates existed. The graphic images used in letters were also manually scanned, uploaded, and embedded into correspondence templates, which limited their reuse.
- Security Risks: The company uses a unique and proprietary stamp imprint to legalize policy documents in customer correspondence. To cut down on data processing time, this stamp was pre-printed. However, pre-printed stamps introduced the risk of increased errors and stamp misuse.
The insurance company selected the Elixir Communication System to streamline their correspondence production process, improve content management, and mitigate security risks.Faster data processing to reduce overall processing time, source data is now automatically validated at the beginning of the correspondence workflow, reducing inconsistencies, errors and duplicates later in the cycle. When inconsistencies do occur, Elixir generates notification reports that make it easier and faster to make the corrections.To eliminate duplicate processing, content is now reusable. The number of policy, letter, and invoice templates is reduced from 20,000 to 3 document types. Now 3 templates contain the data reused in every situation, reducing manual effort. With the system’s version control and centralized interface, the templates are easily maintained.Elixir’s content management eliminates manual sorting by handling record type classification and indexing. All correspondence data is now digitized with logical identifiers in one central system. The data includes scanned images, regulatory PDF files, and Chinese Rich Data Text (RTF), complete with indenting and other formatting.
- Improved customer service: Help desk representatives can follow-up immediately to customer inquiries using custom correspondence templates specifically designed for various situations in the Elixir system. Targeted advertising promotions are now possible with personalized offers and custom inserts.
- System Scalability: The production improvements are significant. The Elixir Communication System reduced manual data processing, improved customer response times, and gave management the means to handle exponential business growth.
- Correspondence production time is 90% faster, from 30 to 3 days
- Production costs reduced by eliminating unnecessary processing and printing
- Decreased print costs and data security risk
- Faster response times to customer requests