C2L BIZ Solutions: Recalibrating the Insurers' Operating Model
Insurers' operating and business models are evolving, mostly driven by crucial factor such as disaggregation of the insurance value chain, new emerging product opportunities from the sharing economy and the trends of insurers providing value added services. However, Insurers have been traditionally slow to adopt new technologies compared to their retail or banking counterparts. Nevertheless, the Insurance industry is moving away from the traditional approach to embrace a transformation journey for a digital eco system. This requires an enabler who can help insurers dodge the challenges in this journey. Mumbai headquartered C2L BIZ focuses on helping the insurers gear up for challenges by making its distribution value chain more efficient and effective. Its mission is to deliver measurable business outcome by combining their domain knowledge, solution architecting expertise, Solution Accelerators and global best practices. With insurers rapidly launching mobile apps/ Chatbots to supplement, if not replace, the highly leveraged portals, the key challenge has remained the siloed approach to each touch point/ channel. The point solutions created for segmented need, have over a period has landed into an increasing the aggregated time to market for insurers. To be truly ready for the emerging digital ecosystem, insurers will require a transformation from the ground up to build some core enterprise competencies rather than build siloed front-end applications. C2L BIZ has built enterprise solutions for enhancing both information and transaction capabilities of insurers. Its enterprise SymbioSys ODS offers a jump start to create a unified single enterprise wide view of the complete enterprise data. SymbioSys Portal enables the insurance agents, channels and customers to do a complete self servicing for all needs. This ensures the consistent information for all downstream front-end systems.
Besides, C2L BIZ's SymbioSys New Business and SymbioSys Sales Tools, have helped provide a unified front-end transaction capability for all pre-sales and sales needs. Both these solutions are orchestrated with single SymbioSys Product Configurator and Underwriting engine. The tools offer exceptional rule and process management capabilities which can help empower the last mile touch points with STP & Underwriting capabilities. Evidently, these tools have assisted insurers to not only increase their electronic submissions, but reduce the NIGO (Not in good order) by over 90 percent.
Given that regulations have to be adhered to, across all areas; from personal data protection, avoid mis-selling, to approved electronic applications, and digital signatures etc, absence of systemic controls makes it impossible to adhere to such regulatory compliances. C2L BIZ's SymbioSys Sales Tool and SymbioSys New Business provide intelligent configuration driven business validations, which dynamically change based on the product, channel or even customer context. Over 100K+ agents and 25+ bank partners are powered on SymbioSys Sales Tool.
When it comes to operational efficiency, underwriting, traditionally a back-office function is now moving closer to customer to bring more transparency into risk assessment process. C2L BIZ has scaled its online auto underwriting capability to field underwriting, leveraging its unique offline design further to provide STP, medical requirement decisions on the field and even generate counter offer for borderline cases.
Preparing for a Truly Digital Ecosystem
Sales data, policy data, distribution data, claims data, finance data are all siloes of data residing in insurance organizations. These lead to insurers spending a considerable amount of time consolidating the siloes to create a single enterprise-wide view and information. SymbioSys ODS gives the ready tools allowing insurers to directly create a unified single enterprise wide view of the complete enterprise data. This single width of the enterprise transactions projects a customer centric view of all transactions with a customer and at the same time assists the senior management to consume a comprehensive view of its business before taking any operational decision. Thus, SymbioSys Enterprise ODS creates a unique data aggregation for all downstream systems like Portals, CRM, Chatbots and also for further analytics on customer propensity or channel propensity modeling.
The avalanche of online buying trends has accelerated with advent of similar innovative aggregators models. More so, inevitable disruptions in business environment have added new dimensions beyond data aggregations. Giving an insight into the IT landscape flourishing in the insurance industry, C2L BIZ's Co- founder and executive director, Mangesh Vaitla says, "Conventionally the complexity of the insurance product and regulations have shielded the industry from external onslaught but this insulation cannot be assured for too long. Thus, to be truly ready for emerging disruptive digital ecosystem, piecemeal application fixes will not help insurers to sustain the shocks of these new age players. Insurers will have to be truly transformed to be nimble, agile and adaptive to new age operating models, collaborate with new partners in the splitting insurance value chain and be ready for offering simplified unbundled products as per the needs of each target segment”.
C2L BIZ has a successful history of experiences in true core level distribution transformations that were carried out for leading insurers in Asia. Pertaining to that, C2L BIZ is currently helping few insurers with an assessment for current readiness and working out blueprints for such transformation / paperless operations.
Evolving Claims Processing
The system of manual claim processing has severely affected the insurance sector’s reputation and time. However, there's little doubt that tomorrow’s claims organization will look and act differently. Use of newer technologies like tablets with mobile penetration has helped in easy initiation of claims, capture of documents instead of filling lots of forms, dissemination of information, expedited the surveying and investigation capabilities in expediting the claims processing. C2L BIZ’s SymbioSys Claims Management system has helped Life and Health Insurers enhance the systemic process control and automate the same. It addresses needs of Individual & Group Life and Health claims with integration to hospitals’ and TPA’s (third party administrator), and cashless claims processing. The focus is also on providing vital information to underwriters for refinement of underwriting rules, identification of fraudulent claims, fraudulent behavior, and agency training etc.
Going Paperless in a Paper Intense Industry
Let's not forget, insurance industry has been one of the most paper intensive sectors. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with, on regular basis. Under the circumstances, using simple word processors, insecure repository and emails and not adopting a streamlined process of document management can have serious negative consequences. Hence, Vijay Chavan, Co-founder and executive director of C2L BIZ explains the need to manage the entire sales process starting from Lead management, need analysis, illustrations / quotations, capturing the applications, till field underwriting closer to customer, using tablets to help customers make informed decisions. C2LBIZ's SymbioSys Sales Tool transformed entire Insurance sales process from paper intense, time consuming to paperless, Real time. The app helped agents to transform from product pushers to consultative salesmen. To address connectivity issue, the entire sales process can be managed offline. This also involves giving the decision to the customer on the field, whether the case will be granted as standard or it requires any further underwriting. While taking pride in delivering measurable business outcomes, C2L BIZ helped 5 customers in launching business on-time, out of which 3 customers established 100 percent paperless sales process where even policies were issued on near real-time 24x7 basis. For 4 customers, adoption rate of mobility platform is 100 percent, whereas few were above 80 percent. Vijay states that C2L BIZ has improved STP rate by 20 to 100 percent, reduced new business acquisition cost by 20 to 60 percent, and reduced distribution operation cost by 50 percent. Therefore, it is safe to mention that C2L BIZ's differentiating factor is the difference the organization makes to its clients.
DMS to Solve Multichannel Challenges
With the advent of multi-channel insurance distribution and omnichannel customer behavior, the need for a robust distribution has significantly increased. The need for handling complex multi-year, multi tier compensations is further complicated by joint solicitation. C2L BIZ offers SymbioSys Distribution Management System (DMS) which helps insurers to attract, motivate producers, and launch new channels/partners rapidly. It helps address multi-channel and omnichannel needs more effectively. C2L BIZ with its panel of insurance distribution experts has matured SymbioSys DMS to a new level of configurability that provides power and ability to their Insurance customers to differentiate from masses. Thus providing much needed agility to launch new channels, innovative contests and unique compensations. It also proactively helps in better regulatory compliance for all distribution management needs.
The founders of C2L BIZ laid the foundation of the organization on the principle of creating unique IP's based on its niche insurance industry focus and global experience of its founding team. Abiding by the mission, C2L BIZ has continuously learned and adapted quickly to the emerging trends in business and technology landscape and has uniquely designed niche IP's for its sole focus industry. Ever since the inception, the organization has always endeavored to create the most configurable solutions, with its global insurance best practice experience to help insurers to meet growing demands of customers and distributors, at times even challenging the old age regulations. "This has helped C2L BIZ sustain and its products to emerge as true winners in the long term race even at cost of losing some short term sprints", adds Mangesh. Over the years, C2L BIZ's outlook towards customers has been different. The organization has helped its clients evolve by designing their unique strategic differentiators in rules, process, operating models within its single base products.
C2L BIZ is currently deploying solutions in 9 countries within Asia and 1 each in Middle East and Latin America. The company will continue to focus and have larger presence in countries with existing implementations, while increasing their foot print in Middle East, Latin America and Africa. C2L BIZ is exploring the scope of new technologies like Artificial Intelligence, Block chain, and IoT etc. to improve lead generation/qualification, Underwriting, and producer/partner on boarding with the intent to be a 'global leader in Insurance Distribution Transformation'.
The system of manual claim processing has severely affected the insurance sector’s reputation and time. However, there's little doubt that tomorrow’s claims organization will look and act differently. Use of newer technologies like tablets with mobile penetration has helped in easy initiation of claims, capture of documents instead of filling lots of forms, dissemination of information, expedited the surveying and investigation capabilities in expediting the claims processing. C2L BIZ’s SymbioSys Claims Management system has helped Life and Health Insurers enhance the systemic process control and automate the same. It addresses needs of Individual & Group Life and Health claims with integration to hospitals’ and TPA’s (third party administrator), and cashless claims processing. The focus is also on providing vital information to underwriters for refinement of underwriting rules, identification of fraudulent claims, fraudulent behavior, and agency training etc.
C2L BIZ has improved STP rate by 20 to 100 percent, reduced new business acquisition cost by 20 to 60 percent
Going Paperless in a Paper Intense Industry
Let's not forget, insurance industry has been one of the most paper intensive sectors. There are endless forms to fill, copies of proofs to be preserved, and claims to deal with, on regular basis. Under the circumstances, using simple word processors, insecure repository and emails and not adopting a streamlined process of document management can have serious negative consequences. Hence, Vijay Chavan, Co-founder and executive director of C2L BIZ explains the need to manage the entire sales process starting from Lead management, need analysis, illustrations / quotations, capturing the applications, till field underwriting closer to customer, using tablets to help customers make informed decisions. C2LBIZ's SymbioSys Sales Tool transformed entire Insurance sales process from paper intense, time consuming to paperless, Real time. The app helped agents to transform from product pushers to consultative salesmen. To address connectivity issue, the entire sales process can be managed offline. This also involves giving the decision to the customer on the field, whether the case will be granted as standard or it requires any further underwriting. While taking pride in delivering measurable business outcomes, C2L BIZ helped 5 customers in launching business on-time, out of which 3 customers established 100 percent paperless sales process where even policies were issued on near real-time 24x7 basis. For 4 customers, adoption rate of mobility platform is 100 percent, whereas few were above 80 percent. Vijay states that C2L BIZ has improved STP rate by 20 to 100 percent, reduced new business acquisition cost by 20 to 60 percent, and reduced distribution operation cost by 50 percent. Therefore, it is safe to mention that C2L BIZ's differentiating factor is the difference the organization makes to its clients.
DMS to Solve Multichannel Challenges
With the advent of multi-channel insurance distribution and omnichannel customer behavior, the need for a robust distribution has significantly increased. The need for handling complex multi-year, multi tier compensations is further complicated by joint solicitation. C2L BIZ offers SymbioSys Distribution Management System (DMS) which helps insurers to attract, motivate producers, and launch new channels/partners rapidly. It helps address multi-channel and omnichannel needs more effectively. C2L BIZ with its panel of insurance distribution experts has matured SymbioSys DMS to a new level of configurability that provides power and ability to their Insurance customers to differentiate from masses. Thus providing much needed agility to launch new channels, innovative contests and unique compensations. It also proactively helps in better regulatory compliance for all distribution management needs.
The founders of C2L BIZ laid the foundation of the organization on the principle of creating unique IP's based on its niche insurance industry focus and global experience of its founding team. Abiding by the mission, C2L BIZ has continuously learned and adapted quickly to the emerging trends in business and technology landscape and has uniquely designed niche IP's for its sole focus industry. Ever since the inception, the organization has always endeavored to create the most configurable solutions, with its global insurance best practice experience to help insurers to meet growing demands of customers and distributors, at times even challenging the old age regulations. "This has helped C2L BIZ sustain and its products to emerge as true winners in the long term race even at cost of losing some short term sprints", adds Mangesh. Over the years, C2L BIZ's outlook towards customers has been different. The organization has helped its clients evolve by designing their unique strategic differentiators in rules, process, operating models within its single base products.
C2L BIZ is currently deploying solutions in 9 countries within Asia and 1 each in Middle East and Latin America. The company will continue to focus and have larger presence in countries with existing implementations, while increasing their foot print in Middle East, Latin America and Africa. C2L BIZ is exploring the scope of new technologies like Artificial Intelligence, Block chain, and IoT etc. to improve lead generation/qualification, Underwriting, and producer/partner on boarding with the intent to be a 'global leader in Insurance Distribution Transformation'.
