Client Overview
The client offers a wide range of insurance products, including life, home, auto, and travel insurance. The company has a strong focus on innovation and is committed to providing customers with a seamless and convenient experience when it comes to purchasing and managing their insurance policies. They have a strong reputation for their customer service, with a team of experienced professionals dedicated to providing personalized support and assistance to their customers.
Challenges
The client wanted to digitize its life insurance business and streamline the process of selling life insurance policies. The traditional method of selling and signing insurance policies through agents or brokers had several limitations that made it inconvenient for customers. Firstly, it required customers to visit a physical office in person, which was time-consuming and often inconvenient, especially for customers living in remote areas or those with busy schedules.
Secondly, during the COVID-19 pandemic, lockdowns and social distancing measures made it difficult, if not impossible, for customers to visit agents or brokers in person, exacerbating the existing challenges. This led to a significant drop in the number of customers visiting agents, resulting in a decline in sales and revenue.
Solution
As part of the solution, using MuleSoft integration we developed a streamlined process for selling and signing insurance policies. Instead of requiring customers to visit an agent or broker in person, the digital platform allowed customers to buy insurance policies online and sign them remotely using SMS confirmation. After signing the policy, customers received an email with all the details of the policy, including terms and conditions, and a link to the client portal.
This digital process eliminated the need for customers to physically visit an office to sign the policy, making it more convenient and accessible, especially during the COVID-19 pandemic when lockdowns made it difficult to visit an agent in person.
The use of SMS authentication and mobile phone verification ensured the security and authenticity of the transaction. By utilizing Mulesoft, the solution was able to seamlessly integrate with the client’s existing IBM AS/400 mainframe systems to access client and product information. This allowed for a more efficient and automated process for servicing clients, further enhancing the overall customer experience.
