About HDFC Life Insurance

The company offers reinsurance capacity to life insurance companies in the UAE, Bahrain, Oman and Jordan and is now in the process of expanding into other jurisdictions globally. The company offers Automatic Treaty and Facultative reinsurance that maximizes the underwriting capacity of their cedents.

Highlights

Complete Implementation (with UAT)

Hours of Coding Effort

Percentage of “No-code” Implementation

Modules Used

Business Process Automation
Dynamic Case Management
Business Rules engine
Bulk data import and export
Analytics and Reportings

Challenges faced by the Company

Reinsurance Quotes managed on excel

Lack of visibility of quotes status

No reporting and analytics on approval and rejection rates

Lack of a single view of all Quotes, with statuses, for each Cedent

Manual benefit entries and manual calculations

Virtuos Approach

Virtuos implemented Creatio Sales Team for the company for their Quote Management process in order to digitalize the whole process and make it seamless and more efficient. The solution implemented by Virtuos helped the company in effective monitoring of Quote requests submitted by their various Business Development team members for underwriting. The auto-routing functionality for assigning Quote requests to multiple teams, like Actuary, Risk, and Underwriting, helped the company in reducing time lag in manual assignment.

The views created helped the company in better portfolio risk management, seamless underwriting and getting faster inter-team approvals.