Reliance Life Insurance : Business Workflow Automation

A workflow automation helps in streamlining processes and lets your company easily track the task

Monday, June 01, 2009

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Reliance Life Insurance is a part of Reliance capital, which is one of India's leading private sector financial service companies. Earlier it included four standalone systems to its IT infrastructure, for meeting the needs of the business. But it lacked in managing the steps that involved underwriting, receiving submissions, analyzing data, and providing approvals. The Underwriting process incorporated manual assembling of information need from large paper files. This resulted in the process timelines being stretched to over 14 days. And in addition to that there was increase in error rates & cost due to manual movement of files. Hence delay in revenue generation and reduced productivity were some of the major business problems faced by RLIC. And that's what led to the deployment of new business workflows automation.

The challenge they faced was that, as they had to deploy this across multiple location, it required time and lot of analysis to find the right solution to what faced by all the stakeholders. Also at the technical side they faced some issues, such as integration of all the systems spread across the country. And changing the implementation across various systems which interact with Savvion BPM.

Finally they have implemented Savvion Process Modeler, a business process modeling tool for business users; Savvion BPM Studio, a development environment for more technical users; and Savvion BusinessManager. Hence Savvion has resolved RLIC's biggest underwriting issues. It helped in reducing TAT time from almost two weeks to a day, reducing lag time and ensuring that tasks don't fall through the cracks. In addition to that the transaction costs for auto underwriting have been significantly reduced.

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