Streamlining Policy Administration:
How a Zimbabwean Insurance Company Transformed Their Operations with Fundworx™
The case study is on a life insurance company that was founded in 1977. The company is headquartered in Harare, Zimbabwe, and has a network of over 100 branches and agencies throughout the country.
The company serves the life insurance industry in Zimbabwe.
The insurer offers a variety of life insurance products, including term life insurance, whole life insurance, endowment insurance and retirement annuities.
The Insurer has over 500,000 members. The company’s products are designed to meet the needs of a wide range of customers, including individuals, families, businesses, and organisations.
The company manages a number of funds, including pension funds, investment funds, and education funds. These funds provide a variety of investment options for customers and help to protect their financial security.
Challenge or Objective
The Insurer was facing a number of challenges with its legacy policy administration system. The system was outdated and inefficient, which made it difficult to track and manage policy data accurately. The system also lacked the integration between different systems and departments, which made it difficult to get a holistic view of policy data.
Inefficient manual processes for policy administration:
The legacy system relied on manual processes for policy administration, which was time-consuming and error-prone.
Lack of integration between different systems and departments:
The legacy system did not integrate with other systems and departments, which made it difficult to get a holistic view of policy data.
Difficulty in tracking and managing policy data accurately:
The legacy system made it difficult to track and manage policy data accurately. This led to errors in policy data, which could have a cascading impact on customer service and financial performance.
The Insurer implemented Fundworx™’s policy administration module to address these challenges. Fundworx™ is a cloud-based system that is designed to be scalable and efficient.
The system provided a single view of policy data, which makes it easier to track and manage policy data. Fundworx™ also provided a number of features that help to ensure the accuracy of policy data. Additionally, Fundworx™ provided a variety of reporting and analytics capabilities, which allows the company to gain real-time insights into policy data.
Results and Impact:
The company’s manual processes have been automated, which has led to significant time savings.
The company is now able to track and manage policy data more accurately.
The company is now able to generate real-time reports that provide insights into its policy data.
Improved customer service:
The company is now able to provide customers with faster and more accurate service.
The company is now able to accommodate the growth of its membership and portfolio.
Improved data security:
The company’s data is now more secure and compliant with regulatory requirements.
This Insurer is a great example of how Fundworx™ can help life insurance companies to improve their policy administration processes. The company has achieved a number of benefits as a result of implementing Fundworx™, including improved efficiency, accuracy, customer service, scalability, data security, and reporting.