Our client, a US-based financial services holding company offering life insurance, annuities and supplemental health insurance products, embarked on a digital transformation journey with HCLTech. This initiative aimed to modernize the document signing and preservation process, ensuring compliance with regulations and aligning with next-gen business practices.
The Challenge
Requirement for a well-calculated and precise transformation effort
Migrating from the older AWD platform to Pega presented a significant challenge that required meticulous planning and execution within a stipulated timeframe. The shift also demanded a radical change in processes for staff accustomed to traditional methods. Ensuring the legitimacy and safety of digital authorization processes was crucial and manual agent commission statements needed streamlining to enhance customer experience.
The Objective
Establish e-signature transactions and automate agent commission statement generation
Compliance mandates necessitated a shift to digital front-office and back-office processes, with a specific focus on making electronic signing accessible for policyholders. Additionally, the objective was to automate the complex and time-intensive agent commission statement generation, which previously consumed 10-12 hours daily and was prone to human errors. We were engaged to achieve these goals and propel our client toward a next-gen business platform.
The Solution
Migration to Pega for streamlined and efficient processes
We initiated the transformation by migrating the client from AWD to Pega, enabling e-signature transactions within the contact center application. This facilitated dynamic content authoring and proof-of-funds generation. Multifactor authentication via DocuSign enhanced verification legitimacy, capturing consumer consent digitally. The signed documents were automatically retrieved, archived through FileNet and seamlessly integrated into various automated processes.
Automated workflows included the "surrender policy case," payment issuance handled by Pega bots, error logging mechanisms, auto-retry processes for failed transactions and agent commission statement cycles managed by bots. Dynamic case creation streamlined workflows, enhancing accounting efficiency. The implementation of RPA achieved a remarkable 95% accuracy by eliminating human errors.
The Impact
Service upgrade leading to better customer experience
The transition to Pega significantly automated and secured workflows, leading to improved customer satisfaction.
- Customers experienced enhanced signing processes, accessible from anywhere globally and concluding within seconds.
- Compliant with Uniform Electronic Transactions Act (UETA), Electronic Signature in Global and National Commerce Act (ESIGN), Payment Card Industry Data Security Standard (PCI DSS) and Health Insurance Portability and Accountability Act (HIPAA), these processes standardized the preservation of signed documents.
- Automation of agent commission statement generation saved numerous man-hours, allowing the repurposing of former FTEs towards more value-added tasks.
Overall, digital transformation with process automation elevated efficiency, enabling the company to achieve more with reduced human effort.
