Wns Motor Insurer Case Study June

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Information about Wns Motor Insurer Case Study June
Business & Mgmt

Published on July 31, 2009

Author: WNSGlobalService

Source: slideshare.net

Description

Learn how a leading UK based insurer,which offers one of the widest range of insurance products from cars and motorcycles to agricultural vehicles as well as home insurance chose WNS as their outsourcing partner to maintain profitability and improve revenues,along with reducing cos while delivering higher levels of customer service. WNS helped by consolidating and standardizing the business processes, improving process efficiencies, reducing cost of operations and enhancing customer service.

Industry Insurance Process Insurance underwriting Claims administration Broking operations Consolidation of processes and improvement of response times for a UK based insurance company Our client, a leading UK based insurer, offers one of the According to our client, they chose WNS because, widest range of insurance products from cars and “We were one of the early adopters of outsourcing as part of motorcycles to agricultural vehicles as well as home our business model, and evaluated a number of providers insurance. It provides insurance to over 1 million before deciding to partner with WNS. We were impressed policyholders, and insures one in three motorcycles in the with WNS’s commitment to our business, their UK. The company is recognized for its benchmark understanding of the insurance industry, their strong performance in service delivery, technical expertise, claims operational capability and, above all, their alignment management and underwriting excellence, and today is with our culture, which was critical for the success of Lloyd’s largest personal lines syndicate. this program.” The Challenge The WNS Solution The entry of new players into the insurance industry, Beginning in 2002 with 25 people and one process - coupled with the introduction of new technology, has documentation and recording of new business - the WNS resulted in a change in customer loyalty and buying team serving the client has now grown to over 125 staff behavior patterns. This trend, coupled with the introduction delivering a suite of underwriting, claims administration, of more stringent regulations has made the insurance and broking operations processes. industry increasingly competitive. To maintain profitability and improve revenues, insurers are pressured As part of the underwriting process, WNS delivers a full to not only reduce cost, but deliver higher levels of range of processes for motor cars (both individual and customer service. fleet), agricultural vehicles, motorcycles, and special risk coverage. The range of services include Our client adopted business process outsourcing as part of ¢ Setting up policies its operating model to improve efficiencies, rationalize costs and enhance competitiveness. In 2002, they partnered with ¢ Issuing policy certificates and schedules WNS in order to tap into our deep domain expertise and ¢ Updating the UK motor insurance database operational excellence. ¢ Amending policies when required ¢ Renewals. Copyright © 2009 WNS Global Services | wns.com Industry: Insurance | 01

In the area of claims administration, WNS delivers the ¢ Reduce the referral percentage across processes following processes ¢ Improve the turnaround time in the claims administration ¢ Claims Bordereaux process by 65 percent to less than 48 hours. ¢ Indexing and referencing. WNS also supports decision making by providing our client with MIS and dashboards on underwriting including new To support broking operations, WNS delivers the following business and lapsed policy analyses, renewals analysis by processes broker and their area of operation. ¢ Issuing quotations for new business ¢ Setting up new business Benefits delivered by the WNS team ¢ Issuing policy documents and schedules By consolidating and standardizing the business processes, improving process efficiencies, reducing cost of operations ¢ Amending policies when required and enhancing customer service, the WNS team has ¢ Renewals. extended the clients enterprise. Specific benefits delivered to the client by the WNS team include Each process migration commenced with an exhaustive ¢ Faster response time for customer inquiries – Improved diagnostic of the clients business processes using WNS’s to within 24 hours with an accuracy rate of over proprietary methodology. Based on the findings, WNS 98 percent developed a detailed transition plan, which resulted in a smooth and phased transition of the processes into ¢ Improvement in the average handling time for inquiries – WNS’s delivery centers in India without interrupting normal Improved by a range of 10-15 percent through the business operations. WNS also implemented a fast track creation of ready reference files accreditation and training program, which reduced training ¢ Reduced referrals – Reduced from 12.5 percent to of WNS’s staff from eight weeks to two weeks. 10 percent in the Special Risk team and from 6 percent to 1 percent in the Fleet team. WNS consolidated the underwriting and policy administration processes to ensure higher efficiencies. The number of business processes delivered by WNS By cross training of staff across processes, WNS was able has increased from 19 to 98 in six years, while the to support the dynamic business environment of the client. corresponding range of work has evolved from simple transaction processing to highly complex underwriting WNS supports many high risk and complex specialist which underscores the business value delivered by WNS. products in addition to personal lines and motorcycle categories, requiring underwriting to be delivered by a As a result of WNS’s performance, the client has increased Special Risks team. Given the specialized nature of the WNS’s level of authorization for the claims department for products insured, and the wide range of insurance suppliers’ payments from GBP 500 to GBP 10,000. schemes, the WNS staff must refer to over 90 different conditions when underwriting a single policy. Adding to About WNS process complexity is the high frequency of updates to the WNS is a leading global business process outsourcing schemes and the volatility of transaction volumes. company. Deep industry and business process knowledge, To continuously improve service delivery, WNS undertook a partnership approach, comprehensive service offering and several Six Sigma initiatives to a proven track record enables WNS to deliver business value to the world’s leading companies. WNS is passionate ¢ Improve the accuracy of renewals from approximately about building a market leading company valued by our 90 percent to over 97 percent and the accuracy of clients, employees, business partners, investors and pre-renewal processes from 92 percent to over communities. 96 percent ¢ Improve the average handling time (AHT) of pre-renewal and new policy processing by half to 9 minutes and 2.5 minutes per policy, respectively To learn how we can help extend your enterprise, write to us at info@wnsgs.com Copyright © 2009 WNS Global Services | wns.com Industry: Insurance | 02

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