On-time and under-budget delivery of 27 A&H coverages within four LOBs in less than 11 months and great leaps in operational efficiency win accolades
Sometimes the gods of transformation align their powers and come together to deliver the desired result with panache and precision. More rarely, the result also turns heads and wins the approbation of peers. That is what happened to AIG Canada and congratulations are in order.
AIG Canada is a 2018 Celent Model Insurer award winner for the success of its core systems transformation initiative. This is no mean feat.
“AIG Canada was chosen as a Celent Model Insurer from among a large number of entries this year, over 130 entries from 29 countries. To be selected as a winner speaks volumes to the success of the project”, commented Tom Scales, Head of Americas Life and Annuity, at Celent. “Especially noteworthy, the AIG Canada project was on-time, at only eleven months, and under budget. Less than 15 percent of projects are on time, on scope, and on budget.”
The project is outlined in the report, Celent Model Insurer 2018: Case Studies in Legacy and Ecosystems Transformation. The report details how AIG Canada overcame the limitations of manual processes and aging infrastructure by deploying the EIS Suite™ software solution.
The report recognized how AIG Canada introduced market agility through product flexibility that enables rapid configuration of new coverages – and did it quickly:
- Launched 27 new products within four product lines: group and voluntary accident, group medical, group critical illness and individual accident.
- Implementation took 11 months and was 20% under budget.
- A 75% reduction in cycle time for new products.
It also recognized how the insurer was able to achieve greater efficiency through automation across all tasks and transactions, as well as improved data integrity, to reduce end-to-end turnaround times and deliver better customer experience, including:
- 95 percent decrease in total policy issuance processing time.
- 90 percent decrease in total renewal rewrite processing time.
- 2017 renewal cycle was three months ahead of cycles in 2016 and 2015.
Another accomplishment is particularly edifying for all transformation team members who sweated the details with an eye to continuous improvement:
- Customer service scores for the operations team improved a minimum of 10 percent monthly in 2017.
Congratulations to a great customer on a well-deserved honor. We are delighted to have been able to help.
Jim Caruso is executive vice president, Worldwide Professional Services at EIS. Please download your copy of the Celent report featuring AIG Canada A&H here.