With an Integrated Management System, IFFCO-Tokyo Keeps Customers Happy
A case study on Document management in InsuranceReader ROI
Executive Summary
CIO 100 Winner: IFFCO-Tokyo built its business around one single mantra - "to build customer satisfaction through fairness, transparency, and quick response time." Here's how an integrated claims management system helped them to live up to it.
Customer satisfaction is a big deal at the Rs 1,515-crore IFFCO-Tokio General Insurance. When the private insurer launched in 2000, it aimed at being an industry leader not by offering the cheapest premiums or having the most offices, but by "building customer satisfaction through fairness, transparency, and quick response time."
Case Study Highlights
- Today, thanks to the system, work assignments are automated and most activities are performed electronically, eliminating the use of paper.
- Dubey and his team rolled out a Rs 1.5 crore integrated claims management system (ICMS) developed using Java programs, a CRM system, a document management system, an enterprise service bus, and an SMS gateway
But the company was having a hard time living up to its credo - especially where it mattered most. "Claims processing and handling have always represented key touch points. It's here that customers can be retained or lost," U.C. Dubey, EVP-IT, IFFCO-Tokio General Insurance.
The problem was that the company's AS400-based claims processing system had many manual processes and couldn't cope with increasing business demands and growing customer expectations. It forced a duplication of data entry and time-consuming documentation. It also meant higher turnaround time for claim settlement, which made no one happy.
To alleviate these pain points, Dubey and his team rolled out a Rs 1.5 crore integrated claims management system (ICMS) developed using Java programs, a CRM system, a document management system, an enterprise service bus, and an SMS gateway. The ICMS covers the claims process from when IFFCO-Tokio's call center receives a first 'notice of loss' call to when a customer receives a check.
The system empowers the claims department to manage the settlement cycle through its various stages including appointing surveyors, examining survey reports online, and approving a claim. It also relieves the accounts department from the tedium of examining and tallying each bill, preparing payment vouchers and generating various reports.
Today, thanks to the system, work assignments are automated and most activities are performed electronically, eliminating the use of paper. It has facilitated straight-through processing for the entire claim system. It has also increased transparency across the organization, reduced turnaround time and data entry (and associated errors).
"The legacy application could not be opened up to various partners via the Internet to improve efficiency. Today, we have provided an efficient tool to our business partners to process claims seamlessly. The project has also improved customer service and reduced turnaround time, translating into happier customers," says Dubey.
The Person Behind It
"Claims processing and handling have always represented key touch points. It’s here that customers can either be retained or lost."
Other Document management Case Studies
HCC Updates Data Management System
A case study on Document management in Data ManagementCIO 100 Winner: HCC, the brains and brawn behind the Bandra Worli sea link, needed a portal that would eliminate manual data entry - filling physical forms for tasks such as quotation submission, request for proposal and so on. The solution deployed consisted of components of supplier relationship management and document management software.
- Excel Sheets Replaced with an Effective Reporting Tool at ICICI Securities
- Adverstising Made Easy for Marico with a B2B Media Management Portal
- Pharma Company Wyeth Turned to IT to Drive Productivity
- Aegon Religare Got Great Savings With an Open Source Email Solution
- Reliance Capital cut costs by Rs1.5 crore with Remote Infrastructure Management
Other Insurance Case Studies
How HDFC Standard Life Insurance Effectively Recruits and Trains Consultants
A case study on inCIO 100 Winner: Here's an ingenious CIO who found an inexpensive way to ensure that his company could hire more financial consultants, quickly.
