C2L BIZ Solutions: Upping The Digital Quotient Of Insurers

CIO Vendor Indian insurance industry is witnessing a growing competition. Insurers are on their toes to redefine the way they interact with their clients. As ecosystems become more fragmented, insurers need to simplify their offerings in order to be customer centric. The insurers need to enhance effectiveness in engaging with their customer across all touch points. Digital capabilities are needed for both sides of the spectrum. For simpler D2C (Direct-to-customer) products, minimal human interaction riding on other complementing products and services is inevitable. But at the other end of the spectrum i.e. the long-term life business, consultative/intelligent tools are needed considering the complex nature of the product.

Disrupting ecosystem demands insurers to be digital-ready. For majority of the long term Life Insurance businesses, digitally empowering consultative tools will be mandatory for new age customer.

A recent LIMRA report based on survey of Insurance Industry leaders highlights, “Forward thinking organizations that embrace the global shift toward customer-centric models that align products, service, and support will have the edge.”

Conventional tools that merely serve as operational aid are not sufficient in the new age. Advisory and intelligence capabilities are becoming hygiene factors in the emerging insurance sales environment. With changing insurance buying behaviour, integrated and omni-channel capabilities are critical for improved sales effectiveness and quality of business. Yet most insurers face significant challenges due to siloed, short term and excessively look-and-feel oriented approach.

Building core digital capabilities
The scenario calls for a true long-term partner that possesses rich transformation expertise. Partner is expected to bring core digital capabilities with best-of-breed solutions. Upping the digital quotient of Indian insurance industry, Mumbai headquartered C2L BIZ Solutions is an insurance transformation solutions and services company helping insurers achieve enhanced effectiveness while retaining the existing investments.

C2L BIZ since its inception by their four co-founders - Vijay Chavan, Vikas Keni, Bhavesh Lalan and Mangesh Vaitla has lived to its vision. They all created C2L BIZ with a vision to help the insurers gear up for challenges by making their distribution value chain more effective and efficient. Their mission for C2L BIZ was to specialize in sustainable core transformations and deliver measurable business outcome. C2L BIZ has a successful accomplishment of over 100 plus engagements across 40 plus insurance carriers, which includes 9 of the Global Top 30 Insurers. All these successful engagements span across 12 countries across Asia Pacific, Middle East and America.

True Digital Transformation of Insurers
C2L BIZ Co-Founder Vijay Chavan, with his immense global insurance transformation experience, spearheads C2L BIZ’s overall strategy. He explains the insurance industry needs for which C2L BIZ was founded. “Conventionally, insurers have been leveraging technology for automation and efficiency in the operations but with the emergence of broader ecosystem and splitting value chain, technology had to play a significant role in their recent transformations, growing new age customer expectations, to leverage the plethora of partnerships in digital ecosystem, and the changing insurance consumer behaviour.”

Innovative Solution for Insurance Industry
Over the years, C2L BIZ has been incessantly reengineering itself to keep up with the changing needs of insurers. As a result, SymbioSys Suite and its architecture have evolved for leveraging the new age mobile internet, services architecture and cloud environment to the fullest. SymbioSys Suite, an innovative insurance solution complements the insurers’ existing investments in core systems and provides a sustainable path to true digital distribution transformation journey.

Mangesh Vaitla, C2L BIZ Co-founder who spearheads C2L BIZ’s Sales and Marketing initiatives, explains that, “the core endeavour of all its business solutions is to deliver unique value proposition that will help insurers be truly ready for the digital disruption.”

Its 4 key value propositions are:
• Adaptability to new age business models
C2L BIZ’s Value Proposition: SymbioSys Suite solutions have inherent design and configurability to adapt to the insurer’s product offerings and process models holistically for most new age sales and distribution needs. It has helped insurers adapt to new age direct-to-customer models, new age aggregators/ partnerships, IFA or even conventional agency/brokers effortlessly, with a unified solution and in shortest time. Same is evident in fastest roll-out of over 500 plus products across diverse channels existing in each of its insurers.

• Seamless Integration
C2L BIZ’s Value Proposition: True Open Services Oriented Architecture (SOA) helped them quickly adapt to the integrated ecosystem. It helped them communicate with multiple gateways (customers’ unique IDs, agent databases, AML checks, health records, UW (Underwriting) engine and records) and needless to mention even legacy Core Policy Admin Systems. The open SOA also helped significantly in growing sets of third-party tools for OCR, Chat Bots, and device native applications. The proof of the success lies in the fact that its solutions have been seamlessly integrated in emerging digital ecosystems across 12 countries.

• Agility
C2L BIZ’s Value Proposition: To improve time to market comprehensively, SymbioSys Suite’s pioneering configurability in all its solution areas especially in product configuration, underwriting, performance management have been well recognized in the industry. SymbioSys Suite’s configurability has set new benchmarks for competitors to follow. To improve insurers time to market, it introduced automated testing and quicker production movements; thus, improving insurers’ overall ongoing agility.

• Learning and Intelligent organization
C2L BIZ’s Value Proposition: Owing to its long and global implementation experiences, C2L BIZ has designed SymbioSys Suite with a very holistic and uniquely granular data design. Coupled with new age analytical tools from its partners, it has built unique capabilities of learning and artificial intelligence for improved decisions in its state-of-the-art solutions portfolio. Vikas Keni, C2L BIZ Co-founder, who has 3 decades of IT industry experience and who leads C2L BIZ’s Delivery operations & Finance, highlighted that “C2L BIZ’s mission to deliver measurable business outcome hinges on the said 4 value propositions. C2L BIZ is thus organized and continuously working to empower its insurance domain focussed consultants to deliver to the said business outcomes. This has been at the core of its long term partnership it has with its customers.”
Ensuring Customer Delight
True to its vision, C2L BIZ has catered to a large number of insurance companies for more than a decade. One of the midsized Indian Life Insurers sought similar transformation of its complete front end, leveraging C2L BIZ’s SymbioSys Suite. Said insurer sought to re-engineer its Sales & core New Business environment, which had serious challenges due to eight to nine siloes of systems that emerged in its enterprise sales fulfilment over time. This was impacting the end-to-end customer experience, sales effectiveness significantly. Many operational bottlenecks due to system and integration limitations in new business journey compounded the turn-around-times (TAT’s) significantly.

The insurer did not only seek the consolidation of said siloes, but a complete transformation to build digitally resilient capabilities. C2L’s flagship products SymbioSys Sales Tool and SymbioSys New Business combination helped the said insurer to launch nearly 20 plus products along with the transformation of business processes in a much leaner approach. In addition, C2L BIZ was able to exceed the client’s expectations in-terms of quick on-field decisions not only for standard STP cases but also with introduction of its intelligent field underwriting. The transformation was so ground-breaking that the insurer is currently even able to manage a recent major regulatory change with significant ease from end-to-end perspective for most of its products. The client is already in advanced stages of leveraging the extensions of said transformation by launching the mobile app and web-services to link its range of partners with established common configurations.

The COO of the said mid-sized life insurer acknowledged that “the overall roll out was not as agile as they originally envisaged due to complexity of the transformation, but truly appreciated the value C2L BIZ brought to its landscape and the resilience it had got to adapt to changing business environment, products, regulations, with much lower risks. Empowered with C2L BIZ’s SymbioSys Suite, the front-end sales managers are elated with the response from the field force and seamless underwriting intelligence.”

For another Indian arm of a global MNC, C2L BIZ has helped set up a truly digital retail health business using multiple components from its SymbioSys Suite. The client not only used most of SymbioSys components but also used some underlying core technology framework SymbioSys TSA (Technology Solutions Accelerator) to reduce the dependence on their core legacy platform and making the same completely redundant. This has provided the insurer with not only a strong base for its digital direct-to-customer (DTC) business but a significant readiness for digital partner ecosystems with services/APIs.

Gearing Up for the Future
C2L BIZ has continually invested in transforming its offerings as per the emerging insurance ecosystem. Bhavesh Lalan, C2L BIZ Co-founder who spearheads all technology and products, highlighted that “C2L BIZ is not only embarking on incremental product releases but has also been successful in providing its solutions as a service on cloud. C2L BIZ is investing in three key areas: Software as a Service (SaaS), Analytics, and AI to further deepen its partnership with insurers, and to achieve increased value delivery in this disruptive market. C2L BIZ has also created multiple use cases to marry the Expert Intelligent Systems in underwriting with the new age analytics-based AI. It has enhanced its robust expert underwriting engine with analytics based early lapsation and early claims models, thus giving an extra edge to the field decision making and provided a pragmatic risk management use case for insurers to adopt within a short time. C2L BIZ is now fully ready to test out more propensity models for enhanced customer and partner experience.”

The core endeavour of all our business solutions is to deliver unique value proposition that will help insurers be truly ready for the digital disruption

Mangesh highlights “This opens up significant opportunities for unlocking the true transformation potential of C2L BIZ’s SymbioSys Suite to help insurers become more agile and learning organizations in the digital age. C2L BIZ’s investments in cloud based Software As A Service (SAAS) will help insurers reduce entry/ switching resistance. Insurers can leverage its digital transformation capabilities with pay-as-you-go model. New age insurers are seeking business expense based model for many new age initiatives.

Gaining a strong foothold across a large global insurance market with its digital ready, intelligent and services ready offerings, C2L BIZ is ready to transform insurers in their journey towards true digital age sales and distribution.

C2L BIZ’s 4 Key Value Propositions
• Adaptability to new age business models
• Seamless Integration
• Agility
• Learning and Intelligent organization

”C2l biz is investing in three key areas: software as a service (SaaS), analytics, and AI to further deepen its partnership with insurers, and to achieve increased value delivery in this disruptive market”

Word Of Mouth
"SymbioSys Sales Tool makes it really easy to create illustrations when compared with the previous applications. Submissions are quickly processed, reducing the pending cases submitted by our agent.”

"SymbioSys Sales Tool is a success story, as the adoption is around 80 percent, only in the first 7 months."

“Using SymbioSys Sales Tool makes the job more efficient since it is paperless, faster and ensures the sales process is done properly."

-Zurich Life Insurance, Indonesia

“C2L BIZ has been a strategic partner for our Digital Transformation initiatives.”

- FWD Life Insurance, Philippines