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Fulfilling Regulatory Requirements for a Leading Insurance Carrier

Fulfilling Regulatory Requirements for a Leading Insurance Carrier

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Fulfilling Regulatory Requirements for a Leading Insurance Carrier

Synopsis

Complaints with respect to customer experience play a huge role in continuous improvement of sales and operational policies, and product design and its features. Continuous improvement becomes much more critical when it becomes a regulatory requirement for the insurance industry. To ensure regular improvements in the process of servicing end user complaints, a leading insurance carrier turned to us. We fulfilled all their regulatory requirements and developed a framework that helped the client carry out root-cause analysis of spiraling complaints. We also helped them generate insights that ensured that the complaints were avoided in future.

About the Client

A leading insurance carrier group, the client deals in property & casualty, health, and specialty and reinsurance businesses. The group is one of the top three Japanese P&C insurers and operates in the US, UK, Ireland, Netherlands, Switzerland, Bermuda, and Singapore.

Business Challenge

In response to the Financial Conduct Authority’s (FCA) regulatory requirements, the client wished to build a solution that would enable them to adhere to customer experience-related regulatory requirements. The main objective behind the solution was to:

  • Capture every interaction with the customers regarding claims, feedback, and complaints
  • Analyze all interactions in terms of ease of access, transparency, efficiency, and closure
  • Review the timeliness and acceptability of redressal
  • Report these complaints to the FCAli
  • Create and improve processes to ensure they are fair and friendly to the customer

Recognizing NIIT Technologies’ deep domain expertise and extensive technical experience in providing solutions to complex problems, the insurance carrier chose us as its partner in this ‘must deliver’ program.

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Our Solution

NIIT Technologies was part of the team that guided the client in developing a framework that enabled their management to take informed decisions related to customers. We were responsible for the design and solution architecture of the framework that aggregated data from various sources, analyzed accumulated data, and presented the information in a visual format. High-level architecture and strategy definitions were provided and maintained by our experienced consultants. The framework also enabled the client to treat their customers fairly throughout the insurance product value chain.

The solution was designed to summarize unstructured data on the following potential aspects/features:

  • Complaints type (Policy & Claims)
  • Categories and sub-categories of complaints
  • Statistics based on location, product type etc.
  • Reason of complaint
  • Other important attributes e.g. policy number, contact details etc.

Delivering More Value

We helped the client develop a framework to meet their regulatory requirements for customer complaints.

  • More Integration: We helped streamline the data capture mechanism from multiple data sources.
  • More Satisfaction: We helped the client analyze data and review the customer experience throughout the value chain.
  • More Capabilities: We provided reporting capabilities to internal and external stakeholders such as the FCA.

The NIIT Technologies Advantage

The client has successfully met compliance needs as per the UK FCA requirements, and is confident that with our support it will continue to be able to strengthen their capabilities and thrive in an increasingly complex regulatory environment

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