In addition, transaction processing for policy underwriting was a batch process and information to agents and advisors was not available in real-time. Whenever a document needed to be retrieved, it would take about two days to locate and ship it by courier. The business processes were tedious and complicated. Furthermore, due to interdependencies among departments in updating policy information, the business processes were complicated and tedious. Whenever a document is needed to be retrieved, it would take about two days to locate and ship it by courier. The way they do business costs them time, because it takes them more days to finish a certain request for insurance; money, because they need to upgrade HP mainframe that frequently breaks; space, because it is paper-based, all forms were put into cartons and resulted to occupying 3 warehouses.
They also lost opportunities to cross-sell because transaction processing for policy underwriting was still a batch process and information is not available to agents and advisers in real-time. Frequent breakdowns were addressed by the high-availability platform. Additionally, the systems allowed for online support of customers, agents and brokers. With regards to their business processes, Income does all the work manually. As part of eBao implementation, Income decided to replace its entire IT infrastructure with a more robust, scalable architecture.
As a part of eBao implementation, Income decided to replace its entire IT infrastructure with a more robust, scalable architecture. To find out more, including how to control cookies, see here: Are the problems described in the case likely to be repeated?
Accepted proposals were sent for printing at Computer Services and then redistributed.
Policy writing is in batch process and information was not available to agents and advisors as a result they loss the opportunity to cross-sell. In addition, Income also revamped its business continuity and disaster-recovery plans.
Posted by Unknown at Additionally, the systems allowed for online support of customers, agents and brokers. Also, the time needed to design and launch new products was reduced from weeks to just days using the table-driven rule-based product definition module.
In one of the hardware crashes, it took several months to recover the lost data.
Re-filing would again take about 2 days. Nice case study about modernization. Through the new digital systems, these problems were addressed. Newer Post Older Post Home.
It provided seamless integration with imaging and bar code technology. What were the problems faced by Income in this case?
Case Study 2: Modernization of NTUC Income (pages ) | ✴️JUST-IN-CASE✴️
In all, paper policies comprising 45 million documents were stored in over 16, cartons at three warehouses. In the insurance industry, information systems are very important in ensuring product and services-competitiveness. For example — all servicing branches were equipped with scanners, monitors were changed to 20 inches, PC RAM size upgraded to MB, new hardware and software for application servers, database servers, web servers, and disk storage systems was installed. When it broke down, work would stop and the staff would choose either data reconciliation or backup, which was costly and time-consuming.
Case Study 2: Modernization of NTUC Income (pages 105-106)
The Herculean task solutuon not only the upgrading of hardware and applications, it also required Income to streamline its decade-old business processes and IT practices. Simplified workflows cut policy processing time and cost by half, and greatly reduced the time required to design and launch new products from months to days.
The collection schedule could introduce delays of days. Business processes went from paper intensive to paperless through digital storage and records.
With the successful implementation of the eBao system, Income obtained significant benefits in terms of higher efficiency and performance with a reduction in both operational and hardware cost. The robust architecture of the servers minimized downtime occurrence. Please feel free to browse and do comment my post where necessary. In addition, transaction processing for policy underwriting was a batch process and information to agents and advisors was not available in real-time.
Moving to a paperless environment, however, was not easy. The new digital system also addressed the slow development of new products by COBOL through the straight through processing workflow capabilities of the new system.
How were the problems resolved by the new digital system?
Case 4: – Modernization of NTUC – Osmangoniblogs
The straight through processing workflow brought 50 percent savings on both the time and cost needed to process policies. In addition, the IT soultion found developing new products in COBOL to be quite cumbersome solutkon the time taken to launch new products ranged from a few weeks to months.
The new system was immediately operational on a high-availability platform. The business processes were also streamlined and the straight through workflow processing capabilities of the eBao system brought significant savings in time and cost needed to process policies.