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Enhanced Know Your Customer (KYC) compliance and reduced manual effort for customer onboarding

The Process

The client is a leading insurance company with primary operations in India. They were looking at optimizing their customer onboarding process. The client has Sales teams spread across the geographies, which were responsible for acquiring new customers. The application process policy issuance was through a paper form with supporting documents. These were then scanned and sent to a central operations team to complete the onboarding process. The process was manual in nature and had a high Turnaround Time (TAT) of about ten days for completing the onboarding formalities. The inflow of forms was variable and unpredictable depending on new campaigns and offer which resulted in staffing challenges to meet demand.

Our Solution

We developed a solution using AI/ML models for the insurance company to automate approximately 90% of the onboarding process. The first step was to digitize the insurance application at the source and read scanned forms using computer vision and Intelligent Data Capture (ICR) technology. The data extracted was then auto-completed for policy underwriting in the Policy Administration System (PAS). This reduced the TAT to less than one hour for onboarding customers, which included the time to scan the documents. Extra validation was added at the local scanning facilities to identify supporting documents validity, which ensured less to-and-fro between the operations team and sales representatives.

Challenges Addressed

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Manually intensive onboarding process
Seasonality of invoices
Issues in Know Your Customer (KYC)
Weak customer experience
High Turnaround Time

The Outcomes

1 Hour

Customer onboarding TAT from originally 4 days.

50 %

Cost reduction in process.

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