Large financial institutions often struggle with outdated bancassurance processes, leading to significant operational inefficiencies. Our client was facing a critical challenge: manual procedures severely delayed policy issuance and complicated revenue calculations. A heavy reliance on agents reduced customer autonomy and extended turnaround times, while complex, error-prone workflows made financial reconciliation and revenue management tedious and risky.
The Solution: The Bancassurance Platform
Sphere IT deployed a unified digital solution—the Bancassurance Platform—to streamline operations and remove manual dependencies. Our approach was comprehensive:
- End-to-End Digitization: We implemented an end-to-end digitization of all processes, spanning from customer onboarding right through to policy issuance.
- Compliance Integration: We embedded regulatory compliance frameworks aligned with central bank mandates at every stage of the process.
- Workflow Re-engineering: We completely re-engineered core workflows to achieve significant reductions in processing time.
- Customer Empowerment: We empowered customers with digital autonomy via intuitive self-service channels.
Technology & Implementation
The platform was built on a robust technology stack to ensure performance and reliability:
- Angular & .NET Core: Enabled responsive customer interfaces with efficient backend processing.
- MS SQL & Azure DevOps: Ensured secure data integrity, rapid deployment, and system stability.
- Workflow Automation Tools: Integrated APIs and SFTP for seamless policy and finance updates, simplifying complex processes.
The Impact
The digital transformation delivered significant and measurable outcomes for the client:
- Dramatic Time Reduction: Processing times for policy issuance and revenue calculations were cut from 3 days to under 8 hours.
- Increased Autonomy: Customers gained full autonomy through self-service and real-time policy updates.
- Operational Excellence: Simplified workflows improved process efficiency and resource utilization across departments.
- Enhanced Financial Planning: Accurate, swift revenue insights enhanced financial planning and optimization efforts.
By replacing fragmented, manual procedures with a modern, integrated platform, Sphere IT helped the client achieve superior operational performance, higher compliance, and a significantly improved customer experience, solidifying their position in the market.