Sun Life Asia-Philippines processes 51 percent more policy applications

IBM Enterprise Content Management software helps streamline insurance application processing

Published on 02-Aug-2012

"With IBM imaging and workflow technologies, we’ve created business procedures that are customer focused, fast and location-independent. Our underwriters can process more applications, and our sales advisors get questions answered quickly." - Teodoro Pineda, Jr., chief technology officer, Sun Life Asia-Philippines

Customer:
Sun Life Asia-Philippines

Industry:
Insurance

Deployment country:
Philippines

Solution:
Enterprise Content Management

IBM Business Partner:
Asian Business Solutions, Inc. (ABSI)

Overview

A member of the Sun Life Financial group of companies, Sun Life Asia-Philippines (Sun Life) is based in Manila, the Philippines, and provides insurance products, investment performance tools and asset management practices to individuals and companies around the world. The company employs approximately 600 people in the Philippines and contracts with more than 3,200 advisors.

Business need:
Sun Life Asia-Philippines was experiencing unacceptably long delays in manually processing new applications for individual life insurance policies.

Solution:
The insurer worked with IBM Business Partner Asian Business Solutions, Inc. to implement a workflow management system using IBM Enterprise Content Management software.

Benefits:
With improved document capture and access, the insurer processes 51 percent more applications with no increase in the staff, saving PHP millions and enhancing the customer experience.

Case Study

A member of the Sun Life Financial group of companies, Sun Life Asia-Philippines (Sun Life) is based in Manila, the Philippines, and provides insurance products, investment performance tools and asset management practices to individuals and companies around the world. The company employs approximately 600 people in the Philippines and contracts with more than 3,200 advisors.

Challenge
Without automated systems to handle application distribution or tracking to help manage workloads, Sun Life experienced extremely long application transmission times for new individual life insurance policies. Applications were often transferred among geographically dispersed customer centers, the head office and interoffice units.

Sales advisors repeatedly following up on the status of their applications consumed as much as 50 percent of underwriters’ time, yet the advisors remained dissatisfied when there were no immediate answers. Responses to inquiries were slow because accurate answers often required searching for physical applications to see reviewer or underwriter assessments. The frequency of inaccurate responses usually increased during peak periods because employees were burdened with heavy workloads and the company was forced to hire less experienced temporary workers.

Solution
Sun Life worked with IBM Business Partner Asian Business Solutions, Inc. (ABSI) to implement a workflow management system (WMS) for new business. The client used key elements of the IBM Enterprise Content Management solution, including IBM FileNet® Business Process Manager, IBM FileNet Content Manager and IBM FileNet Capture software, to better capture and manage documents, automate workflow and help ensure compliance with established company practices.

The application process for individual life insurance policies usually comprises six steps: encoding, speedy review, underwriting, facilitating (with medical assessment), policy printing and policy contract back-end review and release. Before WMS, all these phases were handled manually. After WMS, an application submitted by the sales advisor is scanned at the point of receipt from any Sun Life customer center nationwide and then electronically routed to its designated processing points. The status of an application and any additional requirements
are sent to the sales advisor at each stage of processing, freeing up underwriters’ time that would otherwise be spent answering status inquiries from the field.

Benefits
• Frees up 40 percent of underwriters’ time so that they can process
51 percent more applications
• Boosts sales advisor productivity with automated updates and saves millions of Philippine pesos in temporary staff and supplies
• Improves customer satisfaction and shortens application processing time by more than 25 percent

For more information
To learn more about IBM Enterprise Content Management software
or platforms, please contact your IBM marketing representative or IBM Business Partner, or visit the following website:
ibm.com/software/data/content-management

Products and services used

IBM products and services that were used in this case study.

Software:
FileNet Capture, FileNet Content Manager, FileNet Business Process Manager

Legal Information

© Copyright IBM Corporation 2012 IBM Corporation Software Group Route 100 Somers, NY 10589 U.S.A. Produced in the United States of America July 2012 IBM, the IBM logo, ibm.com and FileNet are trademarks of International Business Machines Corp., registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on the Web at “Copyright and trademark information” at ibm.com/legal/copytrade.shtml This document is current as of the initial date of publication and may be changed by IBM at any time. Not all offerings are available in every country in which IBM operates. THE INFORMATION IN THIS DOCUMENT IS PROVIDED “AS IS” WITHOUT ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTY OR CONDITION OF NON-INFRINGEMENT. IBM products are warranted according to the terms and conditions of the agreements under which they are provided.