Back end customer data processing time improves by 35% for Kotak Insurance
INDUSTRY
Insurance
LOCATION
India
CHALLENGES
Paper-based processes increased the processing time of customer forms and applications causing a domino effect on other back-office processes.
SOLUTION
Authorities from several departments of the company were able to approve requests digitally and track the real-time status of the application forms. The digitization of the paper-based processes also helped in improving customer satisfaction by reducing the processing time of customer forms and applications by 35%.
BENEFITS
- Reduced paper-based interaction between customers and the company and saving back-office processing time
- Offering anywhere, anytime filing of forms for customer onboarding, service requests
- Faster turnaround times, increased efficiency, productivity, and transparency
Case summary
Kotak Mahindra Life Insurance Company is a private Life Insurance company in India founded in 2001. It provides service to 15 million customers in India, operating through 232 branches in around 167 cities and towns. The company currently has 100,000 active insurance advisors.
Several paper-based processes increased the processing time of customer forms and applications causing a domino effect on other back-office processes. These forms and applications were coming in from customers who transact through its 100+ branches across the country and often led to errors and inconsistencies while gathering and processing customer data. The storage and archival of papers was also adding to cost. During this interval, the company experts foresaw a huge demand for internet and mobile-based transactions while most of the customers and clients preferred a completely paperless and convenient online environment.
Why Kotak Insurance chose emSigner
Kotak insurance wanted to, therefore, leverage Digital Signatures (using both transaction and crypto token-based) to allow customers and approving authorities to initiate, sign and approve documents as part of a predefined workflow. After getting in touch with our experts, authorities at Kotak insurance found the solution to their existing challenges in emSigner- eMudhra's AI-enabled document processing automation. Leveraging the capabilities of emSigner, authorities from several departments of the company were able to approve requests digitally and track the real-time status of the application forms. The digitization of the paper-based processes also helped in improving customer satisfaction by reducing the processing time of customer forms and applications by 35%.