Transformation of Group Insurance Underwriting – HDFC Life Insurance
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Transformation of Group Insurance Underwriting
Problem
- Inability to handle volume of insurance applications for underwriting.
- Paucity of skilled underwriters.
- Lack of customised sourcing guidelines required by various NBFCs, banks.
- Manual processes and limited system capabilities leading to delays, duplication of work, escalations, lack of system, reports and governance.
- Lack of awareness and understanding of the sales force.
Solution
- Inability to handle volume of insurance applications for underwriting.
- Paucity of skilled underwriters.
- Lack of customised sourcing guidelines required by various NBFCs, banks.
- Manual processes and limited system capabilities leading to delays, duplication of work, escalations, lack of system, reports and governance.
- Lack of awareness and understanding of the sales force.
Outcomes
- Significant increase in business seen in increase in new policies sold and revenue.
- Successful management of underwriting volumes.
- Strong bench of trained Underwriting talent created.
- Structured processes and augmented IT systems.
- Streamlining and documenting of processes.
Challenges
- Quick permissions required for manpower hiring arrangements and fast-tracked growth.
- Getting prioritisation of developments required with IT from their existing list of projects.
- Grooming and hand-holding new joiners and keeping their engagement levels ups.
- Balancing daily work and at the same time attention to the project with constrained band-width.
- Lack of system reports and governance.
SKOCH Award Nominee
Category: Service – Large Enterprise
Sub-Category: secService – Large Enterprise
Project: Transformation of Group Insurance Underwriting
Start Date: 2021-04-01
Organisation: HDFC Life Insurance
Respondent: Ms Aparna Karnad Halady, Associate Vice President
https://www.hdfclife.com
Level: Premium
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Case Study
Transformation of Group Insurance Underwriting
Introduction
Various efforts have been taken to transition the underwriting management for these various variants resulting in augmenting business in terms of the number of policies sold and premium earned.
Problems
Inability to handle the volume of insurance applications for underwriting due to the paucity of skilled underwriters. Also, there was a lack of customised sourcing guidelines required by various NBFCs, and banks.
Solutions
Capability creation and curated training programmes were organised for hired underwriters. IT system enhancements were introduced to reduce manual processes. Creation of BOTS for automation of complex, error-prone processes.
Outcomes
Successful management of underwriting volumes was witnessed. Structured processes and augmented IT systems.
Challenges
Quick permissions are required for manpower hiring arrangements and fast-tracked growth. Getting prioritisation of developments required with IT from their existing list of projects posed a challenge.
Innovation
Creation of a ‘Quotes Desk’ for formulating and creating customised sourcing guidelines required by various NBFCs. Also, creating smart surrogates/ proxies, e.g. financial questionnaire, was created instead of asking for copies of 3 years of Income Tax Returns.
Opportunities
Integrations with sourcing (sales distributor) partner NBFC and Bank’s systems to ensure the direct flow of information digitally. Offering bundled products along with Group Insurance along with offering health plans to meet customer needs.
Summary
A broad spectrum of targeted initiatives was undertaken both at a tactical and a strategic level to ensure that the improvements are not short-lived but are systemic overhauls.
For more information, please contact:
Ms Aparna Karnad Halady, Associate Vice President at aparnak@hdfclife.com
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