The insurance sector is rapidly being affected by the rise in digital adoptions in legacy systems. From migrating several processes to digital, including new customer acquisitions, the industry has taken this drastic change in its stride.
A key player in the market, Aditya Birla Sun Life Insurance (ABSLI) has been a leader in the sector and has bet on innovation and use of technology to achieve business objective. The company decided to execute a digital transformation project for its alternate channel (partner community) with the objective of new customer acquisition, and improving revenue and profitability for company.
“With new tie-ups, business partners often scale to new heights and it became extremely important to have a strong and scalable digital platform, which could enable seamless integration of system and process between them and the company,” says Mohan Shetty, deputy VP-IT, ABSLI.
The system integration
The lack of a system integration between ABSLI and its business partners posed as a challenge, which impacted business productivity, experience and revenue. To rein in this probable loss of resources and efforts, the company moved swiftly.
With a clear objective of improving the experience of its partner community and all customers, ABSLI implemented a complete digital platform using API, ESB and a hyper converged infrastructure.
With a large scale business partner ecosystem, it was vital for this platform to be highly scalable and readily available. After studying the market trends and available technologies, the ABSLI team decided with go ahead with a hyper converged platform that provided the necessary scalability, high availability, ease of operations and a TCO optimization.
This platform effectively leverages the capability of ESB technology to deliver digital information with seamless integration with the successful use of its hyper converged infrastructure for API and ESB.
The end result was a platform that provided a hassle free environment for business partners for effective customer acquisition, policy issuance, customer servicing and value-added service to customers.
The platform enabled paperless business transactions including filling of proposal forms, e-KYC and uploading digital documents. With this digital integration platform in place, ABSLI became the first choice of the business community in the sector.
A major success
Leveraging this platform, ABSLI registered a growth of more than 20 percent in revenue and a large number of customer acquisitions. “This platform empowered our partners with the ability to generate revenue for the organization from day one of our business relationship,” adds Shetty.
The company gained tremendously from this platform including a growth in its business revenue, and an improved experience for its business partners that led to higher volumes of new customer acquisitions.