A Large Life Insurance Company goes paperless
eMudhra helps reduce cost, increase convenience and improve customer experience for a large Life Insurer
Overview
This large Life Insurance Company was dealing with a deluge of papers resulting from customers who transact through its 100+ branches and over 40000 insurance advisors. This was resulting in huge challenges namely
- Increased customer turnaround times
- Huge back office processing centres for processing forms and applications
- Inconsistencies in customer data due to manual errors
- Real estate required for storage and archival of papers
Business Requirement
The Life Insurance company wanted to therefore leverage Digital Signatures (both transaction based and crypto token based) to allow customers and approving authorities to initiate, sign, approve documents as part of a predefined workflow. The need was to completely eliminate paper based interaction between customer and insurance company and vice versa
Business Matters
With increasing transactions going through mobile and the internet, the Insurer wanted to move to a completely paperless environment for customer lifecycle management by using Digital Signatures which provide authenticity and legal non-repudiation
Business Needs
Reduce turnaround times for customers from application to policy issuance using Digital Signatures for a completely paperless and digital customer on boarding
Approach
Deploy a digital signature workflow solution for management of customer lifecycle from application to issuance using legally valid digital signature certificates and components of digital signing and validation, approval workflow and document management
Benefits
Insurance Company reaped significant benefits by implementing digital signature based workflow for customer onboarding. This includes
- Legal non-repudiation thereby reducing frauds
- Offering anywhere, anytime filing of forms for customer onboarding, service requests
- Faster turnaround time, increased employees efficiency, productivity and transparency
- Meeting compliance & regulatory requirements
- Completely paperless workflow thereby resulting in huge savings from a BPO/Real Estate perspective
eMudhra Solution
eMudhra (a Licensed Certifying Authority in India and a PKI solution provider) implemented emSigner – Secure Paperless Office solution to enable Digital Signature based workflow for customer to insurer and vice versa.
The typical lifecycle involves:
- Customers using transaction based digital signatures (lower cost) to sign new policy request forms. These digital signatures are issued server side with a link to the customer KYC Customer pays premium and other fees through online payment gateway
- The forms are sent through emSigner to approving authorities
- Approvers review KYC, digitally signed forms to bulk sign policies using token based signatures which are sent to customers
- Approving authorities periodically bulk sign premium receipts to be sent to customers
The paperless office solution uses following broad modules:
- emSigner
Digital Signature Workflow application for digital signature based workflow management with form builder - SecurePass -
eMudhra Authentication Server To authenticate, verify digital signature certificates on a real time basis. - Configuration Module
Signature, Encryption & HSM (Hardware security module) - Hardware Security Module
FIPS-2 level 3 certified physical computing devices that safeguards and manages digital keys for strong authentication and provides crypto processing.
Digital Signature Technology
The Digital Signature Technology works on the Public Key Infrastructure framework which uses a Cryptographic Key Pair – Private and Public Key for secure access and transmission of Information.
Digital Signatures can be both transaction based and generated by the issuer for the client in a secure device or issued in downloadable format to the user in a crypto token or secure device.
- emCA – Certificate Lifecyle Mgmt
- a.Certificate Issuance - To manage the issuance, revocation of Digital Signature certificates
- b.Certificate Download - For downloading digital certificate from Certifying Authority (CA) as a soft or crypto token
- c.Certificate Registration - To allow the customer to register their digital signature on the Banking application