Exide Life Insurance optimizes business operations and achieve organizational agility | Persistent Systems

Exide Life Insurance leverages API-first microservice business architecture to optimize business operations and achieve organizational agility

Cuts down policy issuance and servicing costs, while increasing topline by unlocking new revenue generation opportunities.

Challenges
  • Slow turnaround times of customer onboarding
  • Slow to rollout new product features
  • Slow, manual operations, prone to data entry mistakes
  • Centralized rules engine
  • Workflow automation
  • TIBCO and open-source stack
  • ReST, Microservices

Massive redesign of existing customer onboarding process. The new customer onboarding platform is an API-fi­rst solution, based on microservices architecture that makes the process simple and flexible yet highly scalable and available.

Several sub-processes within customer onboarding were transformed: simple, intuitive, form-based data acquisition interfaces over an easy learning curve for agents in the ­field; data acquisition module of the solution guarantees message delivery to core systems to ensure that no lead is lost or assigned; comprehensive rules engine to confi­gure rules related to auto underwriting, policy validation, medical category, payment, and document validation.

The rule engine also provides an interface through which business users can create their own governed rule-bases, reducing the involvement of IT teams.

Seamless integration with internal core systems and external systems like NSDL, Aadhar and Mobile devices; workflows to manage outstanding requirements between underwriter, branch personnel and customers; Internal workflow-based queue management system amongst underwriters to allocate policies based on their expertise.

Role-based business dashboards delivered to help CXO’s and other business heads to include the latest data (of various organizational metrics) in business decisions.

All processes and transaction audited using a Track and Trace module. The module provides an interactive interface to search both audit and exception logs.

“At Exide Life Insurance, we migrated to our new customer onboarding platform by leveraging the power of scalable microservices. We decided early on that straight-through decision making is not just a block in the architecture, but is a set of lightweight, nimble decision tables exposed as microservices. We took a heavy brick and broke into an ant colony with hundreds of agile worker APIs.”

Bharat Krishnamurthy CTO, Exide Life
Outcomes
Business Impact:
  • Reduced turnaround time from weeks to days
  • Faster Go-To-Market in translating market expectations into product features – business users able to confi­gure new products or offers.
  • Reduced operational effort and data entry errors
  • Simple to scale individual components within the solution.
  • Easy incorporation of new systems/applications within the landscape.

Contact us

You can also email us directly at info@persistent.com.

You can also email us directly at info@persistent.com