Newgen Case Study on Online Availability and Dispatch of Statements Using OmniReports and Smart Statements.

1. Case Study
Online Availability and Dispatch of Statements
using OmniReports and Smart Statements
For a Leading Life Insurance Company
Overview
The client, one of the biggest Life Insurance companies in India, is a joint venture between the
largest private sector bank in India and a leading international financial services group
headquartered in the United Kingdom. It was amongst the first private sector insurance companies
to begin operations in December 2000. During the period April - December 2004, the company
garnered Rs. 860 crore of new business premium for a total sum assured of over Rs. 7,360 crore
and wrote nearly 345,000 policies. Today, the company holds the distinction of being the No. 1
private life insurer in the country.
Our client has one of the largest distribution networks amongst private life insurance companies in
India, having commenced operations in 69 cities and towns in India. It has recruited and trained
about 50,000 insurance advisors to interface with and advise customers. It offers 20 products,
which can be enhanced by upto 6 riders to create a customized solution for each policyholder.
The Challenge
The main problem facing the client was its inability to allow customers to access and view their
statements quickly, on-demand, repeatedly and without failure. The client wanted both customers
and internal executives to be able to view the statements and other documents online.
External Customers
• The policyholders should be able to view (save, print and email) the unit statement,
renewal premium notices and receipts on the Website.
• The advisors should be able to view (save, print and email) the unit statement, commission
statements and bonus statement for customers who have given the permission.
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2. Case Study
Internal Customers
• The branch personnel should be able to view (save, print and email) the renewal premium
notices/receipts, XRT/AMR letters on the Intranet.
The client also wanted to send bulk emails to the customers for regular correspondence like
renewal premium notices and receipts.
The client was using an internally developed solution for displaying the various unit statements,
notices and receipts to its internal users only. The response time for this system was also very poor,
as it used to take anything between 30-120 seconds to display these statements and notices. Also,
this solution was not scalable. Moreover, all the customers had to be regularly sent their statements
by the postal mails. Therefore, a huge amount of money was being spent on printing and
distribution of these statements.
The NEWGEN Solution
The company chose NEWGEN SmartStatements to provide the solution for its reports archival and
distribution problems. Using SmartStatements, the client has enabled the policyholders to view
(save, print and email) their statements over the Web.
The unit statements are generated on a monthly basis for all the ULIP contracts in Life Asia (Core
Insurance software of the company). These statements display the opening balance for the month,
the transactions effected during the month and the closing balance. However, the renewal premium
notices and receipts are generated on a daily basis for all the contracts in Life Asia. These spool
files display the premium amount that is either due or paid by the customer.
Now when the policyholder logs onto the Website, he gets a separate link, which allows him to view
his unit statement. On clicking this link, a new screen is displayed where the customer has to select
the policy number and the month for which he wants to view his unit statement. Both these values
can be chosen from drop down lists. The customer submits his request by clicking the Submit
button. The system then displays the requested unit statement. The system also allows the
customer to save, print and email his unit statement.
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3. Case Study
The same facility is also available for the renewal premium notices, receipts and the spool files
generated for the quarterly statements.
Further, the advisors are able to view (save, print and email) the unit statements, commission
statements and bonus statements for customers who have given the prior approval to share their
data with the advisors.
The branch personnel are able to view (save, print and email) the renewal premium
notices/receipts, XRT/AMR letters on the Intranet. The branch executives are able to select the
document type and enter the application/contract number. On the basis of this information, a date
wise list of all the documents generated is displayed. The desired date can be selected, and the
request is submitted by clicking the Submit button. The branch executive can then either print or
email the document.
With Smart Statements, it is also possible to send bulk emails to the customers for regular
correspondence like statements, renewal premium notices and receipts. For this, the system reads
from an application that stores the information about the customers’ preferred mode for receiving
these statements, and sending emails to the policyholders.
The Benefits
• Online Availability of Statements: Using NEWGEN solution, it is now possible to
make all the statements available online with proper access given to all users, internal
as well as external. Robust security parameters and rules are set to prevent
unauthorized access.
• Better Control: With the implementation of Smart Statements, it is possible for the
branches to have increased control to oversee the transactions being made with their
particular customers. This has also made it possible to keep the agents in loop, in case
of certain change in the policy transactions. For example, if the premium amount for
some customer is changed, the agent is also simultaneously informed.
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4. Case Study
• Consolidated Repository: Using NEWGEN solution, the company has all its reports
consolidated in the system. Any report can be extracted from the system, which
provides an interactive interface to the user.
• Improved Customer Satisfaction: Online availability of all the statements, notices,
receipts, etc., which are just a click away, leads to better customer service and
improved customer satisfaction.
• Reduced Distribution Costs: Now with Smart Statements, the statements are
available online, from where it is possible to save, email or print these statements as
and when required. This has led to reduced printing and distribution costs.
• Bulk Mails: Now it is possible to send bulk mails to all the users at pre-scheduled
intervals.
• No Database Queries: Now all the queries made by the users go to the Smart
Statements server instead of the database. Moreover, these queries are generated by
simply entering the required data into the given fields and by choosing values from the
given drop-down lists. Therefore, there is no need to write complex database queries.
This reduces the dependency on the IT department.
• Reduced Retrieval Time: All the reports archived in NEWGEN solution are indexed at
the time of their archival. This has resulted in time taken to display these statements
being cut down to less than 15 seconds from about 120 seconds.
About NEWGEN
Newgen Software Technologies Limited, a leader in the space of Business Process Management
(BPM), Document Management (DM), Workflow and Imaging, is amongst the top 10 Software
Product Companies in India.
NEWGEN bagged the prestigious “Distinguished Application Product Company” award at the
Product Summit 2005 hosted by National Association of Software and Service Companies
(NASSCOM) and Indian Institute of Management Bangalore (IIMB).
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5. Case Study
NEWGEN started in 1992 is headquartered in New Delhi. It has four software development centers
- three in New Delhi and one in Chennai, and five regional Sales and Support offices in India.
NEWGEN also has a wholly owned subsidiary Newgen Software Inc. in USA located in McLean,
Virginia.
NEWGEN has to its credit over 600 customer installations worldwide with representation in over 20
countries across the globe. NEWGEN enterprise software solutions allow customers to build and
sustain competitive advantage by managing content throughout their organization, automating and
streamlining their business processes, and simplifying their critical and everyday decision-making.
The company caters to customers in India and overseas in diverse areas like Banking & Financial
Services, Insurance, Telecom, BPOs/Shared Service Centres, Manufacturing, Government and
Airlines.
NEWGEN employs more than 600 people. The company has more than 3,500 ‘man years’ of
experience, with over US $25-million investment in developing software products for Business
Process Management (BPM).
NEWGEN OMNI product suite comprising of OmniFlow, OmniDocs, OmniReports, OmniCapture,
and OmniExtract, is one of the most comprehensive, flexible and scalable product suites in the area
of BPM.
NEWGEN is an ISO 9001:2000 and CMM level 4 company.
Website: www.newgensoft.com
© Copyright 2005-2006 Newgen Software Technologies Limited. All rights reserved.
OmniFlow™, OmniDocs™, OmniExtract™, OmniCapture™, SmartStatements™ and OmniReports® are trademarks or registered
trademarks of Newgen Software Technologies Limited. All other company or product names are trademarks of their respective companies.
The information contained herein is liable to change without notice and the user is advised to consult NEWGEN for getting the latest
information.
CORPORATE OFFICE: Newgen Software Technologies Ltd.A-6, Satsang Vihar Marg, Qutab Institutional Area, New Delhi 110067, India.
Tel: +91-11-26963571, 26964733, 26561223 Fax: +91-11-26856936 For more information and contact details, please visit us at
www.newgensoft.com
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