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MonarchInfoTechServicesPvtLtd#8-2-684/J/3/A,BhavaniNagar,RoadNo:12,BanjaraHills,Hyderabad-34.TS–INDIAWebsite:www.mitsind.comFormoredetail,youcanreachatsnagpal@mitsind.com

InsuranceCaseStudyAfast-growinginsurancecompanyimprovesproductivityandexpandsmarketsharethroughdigitization

INDIA|USA|SINGAPORE|MALAYSIA|AUSTRALIA|CHINA

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Overview of Customer Thecustomer isoneof the fast-growingprivate insurancecompanieswhohasbeeninexistenceoverthelast15+yearscatering to around 20 million customers with $2billion inassetsundermanagement.TheyareknowninthemarketfortheirbestclaimratiosandtheyofferGroup,InvestmentaswellasInsurancePlans.Theproductlineincludesruralplans,term plans, savings, children, retirement and investmentplans.The customer distributes its products through insuranceagencies, branch offices, insurance brokers and individualagents.

TheClient:AFast-growingPrivateInsuranceCompany

§ AssetsUnderManagement-$2Bn§ Customerbase–20Million§ Geographicalspread–250branches

Industry:InsuranceBusinessNeed:

§ Todoublethemarketshare§ Higherproductivitythrough

digitization

TheSolution:§ IBMDatacapunderpinning

Digitization§ Provisionofmobileinterfaces§ DatavalidationBusinessRules

Engine

Benefits:§ Productivityfornewandrenewal

policiesupby30%.§ Over85%dataaccuracyevenfor

documentsofpoorresolution§ Highercustomerengagementand

satisfaction

Executive Summary

Business Challenge Whilethecurrentmarketshareofthecustomerhasbeengrowingyearonyear,theysetforthemselvesanambitiousgoaltoincreasethemarketshareby2Xintwoyears.Despite the deployment of a large contingent of 100,000field agents, the target seemed beyond theirmeans sincethe entire process relating to collection, validation andcomparisonofdatawasmanualleadingtoinordinatedelaysinprocessingthemammothvolumeofdocumentscomingfromvarioussources.Astrongneedwasfelttoimplementimage-enablingprocessesup-front so thatdocumentsandother content become part of the digital workflowaugmented by indexing and searching for greaterproductivityandaccuracy.Besides,thefieldagentshadnomobileinterfacestocapturethedocuments.TheireffortstomanuallycomparetheKYC&proposaldataresultedinseriouserrorsandprovedtobeatimeconsumingandanoneroustask.So,itwasdesiredtohaveamobile interfacemadeavailable for fieldagents tocapture documents using iOS and Android mobile/tabdevices.

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ü ImageScan&CaptureEngine-IBMDatacapv9.1.1

ü UserExperiencePlatform-IBMContentNavigatorv3.0

ü MobilePlatform-IBMDatacapAndroidv9.1&IOS9.1SDK’s

ü ApplicationServer-IBMWebSpherev8.5.5,MicrosoftIISv8.0

ü DatabaseServer-Oracle12cü Othertechnologies–OracleJAVA

runtime7.0,Microsoft.NETFrameworkv4.5

ü OperatingSystems–MicrosoftWindowsServer2012

MITS Solution Overview MITSimplementeditsAdvancedCapturesolutionforInsurancebasedonIBMDatacapplatformto:

• Toreplacethepaper-basedmanualprocessandtoenablethedigitalcontenttobeaccessiblewithinthebusinesscontext

• ToprovideiOSandAndroidmobileappinterfacestocapturedocumentsonthegroundforefficiencyandaccuracy.

• ToprovideBusinessrulesautomationtovalidateusergivendataagainstthedataextracted(OCRed)onKYCdocumentstominimizetheTurnAroundTime(TAT)forPolicyIssuanceprocesses.

ThesolutionofferedbyMITSissettoprovidethecustomerwitharobust,reliable,high-performanceandscalableplatformwiththefollowingfeatures.

• PerformdataextractionusingOCRanddeployadvancedimagingtechnologiesonKYCandotherenduserdocumentsforenhancingspeedwithhigheraccuracy.

• HaveamobileinterfacetocapturedocumentsfromiOSandAndroidmobile/tabletdevices.• Automaticedgedetectionanddeskewcapability inMobileAppswhichprovideseaseofcapturingKYC

documentsatcustomer’sdoorsteps.• Abusinessrulesenginetorun200+complexbusinessrules&prioritizationlogictoidentifytheappropriate

documentsandmatchproposaldataandtheextracteddatafromKYCdocuments.• A rich keywords dictionary to identify different types of KYC documents - even the ones with poor

resolutionandextractOCRdata• Integration with the decision systems of customers to provide results based on the business rules

validation.• Otherfeatures includerecognitionofhandwrittendocuments,signatures,handwrittentext,OCR ICAR

facerecognition,ConfigurableAdministrationconsole

Thedeploymentarchitecturediagramisgivenbelow.

Solution Components

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MITS Overview MITSisan IBMgoldcertifiedpartnercatering to theniche technologysegmentsofECM,BPM,ContactCenterTechnologiesandAdvancedAnalytics.Wefocusondigitaltransformation,modernization,solutionoptimizationandautomationbesideshandholdingcustomersacrossany/allphase/softhedevelopmentlifecycle.Ourstrongtechnologyanddomainexpertiseacrossthespectrumofofferings istestifiedbyseveraltechnologyexcellenceawardsthatwebaggedovertheyears.Enabledbyourdeepunderstandingofourcustomer’sneeds,custombuiltframeworksandahostofproprietaryacceleratorswesupportcustomersacrossthevaluechainandfree theirbandwidth to excel in their central and fundamental activities. Our domain expertise spans across, Banking,FinancialServices, Insurance, Retail,Energyamongothers.MITSsupports its customersacrosscontinentswithpresenceintheU.S,Singapore,Malaysia,Australia,ChinaandIndia.

Results and Benefits § Reduced the document processing, retrieval and

management time for new policies and renewals byabout30%.

§ AchievedOver85%ofdataaccuracy inextractingdatafromdocuments usingOCR (including poorly scanneddocuments).

§ The implementation has improved traction, clientengagementwhileenhancing thecustomer’sabilitytocross-sellsolutions.

§ Theabilityofthesystemtocapturequeries,complaintsorrequestsfromcustomersacrossvariouschannelshassubstantiallyimprovedcustomersatisfaction.

§ The market share of the customer is projected toincreaseto2.5Xin2years.