Our Services
Processes - Case Studies
1 – Reinventing the new business process
Metropolitan, one of the leading life companies in South Africa, commissioned Indutech to spearhead its ‘Retail Enhancement Initiative’, a radical overhaul of its new business and underwriting process for its mass-market agency business. Indutech in turn commissioned SelectX to advise on underwriting policy, evidence gathering including tele-interviewing, application form design, and rules engine deployment.
Together, Indutech and SelectX delivered to Metropolitan a revolutionary new paperless process that was far faster and cheaper than previously, and which incorporated an underwriting philosophy that was truly fit for purpose – aimed squarely at the target market and the nature of the risks to be run. In its 2007 annual report, Metropolitan said that policy issue costs had been reduced by an inflation-adjusted 23%, average application-policy issue times had come down from 30 days to two days, and that the medical evidence budget had been reduced by 70%.
Impressive figures. We can’t claim to be able to make improvements like that every time, but we think that, together with Indutech, we can deliver results that will surprise you – but it helps if you’re prepared to be bold; better still, if you’re willing to think the unthinkable. We are driven by the desire to innovate, not for the sake of it, but because we believe that innovation needs to be applied to all parts of the business – systematically as a continuous process – to stay fit for the future and to keep sustainably ahead of competitors.
2 – A straight-through process with a rules engine and tele-interviewing
SelectX was retained by a major international business process outsourcer to assist it in developing a straight through processing (STP) underwriting proposition for a UK insurer.
Point-of-sale automated underwriting and tele-interviewing were fundamental components.
Over a period of 18 months, SelectX worked closely with the outsource provider to:
- Set targets for STP
- Develop a sound underwriting model
- Develop the underwriting philosophy and rules to underpin the model
- Document the tele-interview business requirements
- Develop tele-interview scripts, and
- Train tele-interview call centre staff.
SelectX were involved from initial concept to successful launch, including assistance in setting up and reviewing a pilot phase, and reviewing results post-launch.
If you want to revolutionise your processes and leapfrog competitors, contact us.
