 |
|
| |
| |
 |
How can we help you? |
|
|
| |
|
|
| |
|
| |
"Patni has displayed great flexibility and dexterity transcending cultural
and language challenges, in taking
over disparate business systems across MetLife's operations in Asia Pacific
and Latin America. Their strong Insurance Industry knowledge coupled with a sound technology leadership
has emerged as a clear differentiating factor. Their expertise in verification and validation in general, and performance and stress testing in particular, has been key in aiding MetLife execute its vision for a global common platform; our cornerstone for success in the International insurance market."
Stephen J. Bozzo
VP, Chief Information Officer
MetLife International |
|
|
|
|
|
| Case Study |
| |
Genworth streamlines new insurance
business with straight through processing |
|
|
Patni's straight through processing solution helps Genworth reduce
cycle times and eliminate manual efforts
The Client
Genworth is a leading
insurance holding
company, serving the
lifestyle protection,
retirement income,
investment and
mortgage insurance
needs of over 15 million
customers, with
operations in
20 countries.
The Challenge
Genworth wished to expand their new business acquisition programs to respond to
market demand and competitive pressures. However, the inefficiency of their
distribution process, the part of the policy life cycle from pre-sales to policy issue,
had become a limiting factor in their business. As application volumes exceeded the
throughput capacity of their existing system, the cycle time from application to
policy issue increased to the point where business was being redirected to other
carriers.
To remedy this problem, Genworth initiated a project to investigate how they could
reduce cycle times and increase the throughput of the new business processing
system.
As Genworth studied the problem, they predicted a number of challenges:
 |
Enable Web-based Access. The legacy acquisition platform sub-systems
needed to be extended to support Web-based access by agents,
brokers, and customers. |
|
Reduce Cycle Time. The existing manual process took an average of 60
days from pre-sales to policy issue. The requirement for this project
was to reduce new application processing cycle time to 10 days or less. |
|
Eliminate Manual Processes. The client's new business acquisition
process required many manual steps, such as data entry of applications
forms. The new solution needed to provide users with self-service
access and application maintenance capabilities.
|
To cope with these challenges, the client engaged Patni to help design and
implement a suitable solution.
The Solution
Patni worked in partnership with Genworth to architect and implement a
solution. The ultimate vision for the project was to create an end-to-end,
role-based "straight through processing" (STP) solution that would
harness imaging technologies and the power of the Web to automate the
new business process, thus reducing cycle times and processing costs per
application. This "1-2 punch" would enable the client to increase sales,
reduce costs, and improve satisfaction of their customers and producers.
Patni's technical architects and business analysts worked closely with
Genworth's business users and IT team to define the user roles, business
rules, and underwriting rules for the STP framework. Throughout the
project, the Patni team faced numerous challenges, such as
accommodating frequent changes in the business requirements and
processes, and integrating systems, application tiers, and modules on
that included both legacy systems and new age web technology, all the
while managing to an aggressive project schedule.
The resulting solution was, however, worth the effort: Genworth's ground-breaking
GENIUSŪ straight through processing system for new insurance business.
Patni's responsibilities included:
|
Developing Web-Forms functionality that enables Genworth to collect
application data, perform quality assurance activities, and submit the
application for case management. |
|
Integrating a rules-based calculation engine that enables the system to
automatically underwrite standard cases. |
|
Developing interfaces with legacy systems such as Cyberlife, PAM,
Commerce Agency, WinFlex, and AWD.
|
Features of GENIUS
|
GENIUS is differentiated by its highly configurable service-oriented
human-machine workflow blend. |
|
Further machine intelligence can be added to the GENIUS system
incrementally with minimal development efforts. |
|
The workflow is designed to easily integrate with other GENIUS
components such as Imaging Systems, Policy Admin Systems, Financial
Systems, and Rules Engines via a Messaging Hub.
|
The Technology
|
Hardware: Sun Solaris,
IBM WebSphere
Application
Server |
|
Database: Oracle 8.1.7,
DB2 on Solaris |
|
Tools: MQ-Workflow,
(MQFSFE), MQ-Series,
JSP, Servlets, EJB,
Internet Explorer 5+ |
| |
 |
The Benefits
|
The average cycle time from application to policy issue
was reduced from 45 days to 10 days, resulting in
improved customer service. |
|
Implementation of the rules-based underwriting engine
resulted in complete automation the application process
in at least 20% of the cases. |
|
Redundant data entry of applications and other forms has
been completely eliminated. |
|
Administrative costs to process new business applications
were reduced by 40-50%. |
|
The workload for agents and brokers was reduced, while
increasing their visibility into the status of applications. |
|
|
|
