Aegon Religare Implements BPM, Automates Systems
A case study on Business Service Management in InsuranceExecutive Summary
CIO 100 Winner: Srinivasan Iyengar saw a need to build agility and adaptability into both process and technology. The BPM project was the first of its kind in the industry. This was for the first time in the industry that select peripheral systems like sales management system and procurement management system were being automated.
Aegon Religare Life Insurance is a JV between Dutch insurance major Aegon, Bennett, Coleman & Company, and Religare one of the leading integrated financial services groups in India. The insurer launched operations in July 2008. As a late entrant in the market, Aegon Religare faced stiff competition from other well-entrenched players.
Case Study Highlights
It aimed to launch operations across 25 locations at once. The IT team had to deliver three systems within five months.So, Srinivasan Iyengar, director-IT and change management, Aegon Religare, saw a need to build agility and adaptability into both process and technology. "We wanted a BPM solution to streamline our sales management process and the dissemination of information on the agency and customer portals," says Iyengar.
However, implementing the BPM project was going to be difficult. It was the first of its kind in the industry. Also, the vendor did not have a prior experience of implementing this solution in the Indian life insurance industry. This was for the first time in the industry that select peripheral systems like sales management system and procurement management system were being automated.
And the project had to be delivered within a very tight timeframe. "We had to deliver three systems within five months. This was quite challenging," says Iyengar.
The first project to be implemented was the sales management system to increase sales productivity, and track all agents. The second project was creating an agency portal - a single window for all agents' activities that includes tracking new business proposals, alerts and information regarding policy servicing, etcetera.
The incidence management system, the third project, was devised with the aim of extending ROI using a single system to monitor all user complaints, helpdesk support and queries.
The projects helped business alliance partners keep track of the latest status of proposals, enabling them to get their work done without having to follow up with the company. The collection window, which used to close by 5 PM so that staff could reconcile accounts, now stays open for an additional two hours everyday. The extra two hours could make the company over Rs 6 lakhs a year. Also, all agency related requirements are now met from the portal, saving between Rs 12 and 15 lakh.
The Person Behind It
“We had to deliver three systems within five months. That was quite a challenge.”
Other Business Service Management Case Studies
O&M Transformed its Office to a BI Hub for International Clients
A case study on Business Service Management inWhen one of the world's most-coveted ad agencies, Ogilvy and Mather, wanted to take customer satisfaction to a new level, it turned to BI.
Other Insurance Case Studies
Star Union Dai-ichi Life Places Its Bets On Cloud Platform
A case study on Cloud Computing in InsuranceWith the I.R.D.A breathing down heavily on Star Union Dai-ichi Life Insurance to set up a DisasteR recovery site, Head-I.T., Harnath Babu chose a path only a handful of his peers would be willing to take: Go public cloud.
- The 48 hour Fund Value release assurance backed by IT
- Sybase Helped ICICI Prudential Life Insurance To Lower Reporting TCO by 50 Percent
- HDFC Ergo Achieves 30 Percent Lead Conversion with A CRM Solution
- Aegon Religare Got Great Savings With an Open Source Email Solution
- Reliance Capital Saves Rs1.5 Crore With Remote Infrastructure Management
