Products
TriTek Solutions specializes in the delivery of customized ECM solutions, providing a wide array of applications and utilities in addition to its extensive portfolio of business services. TriTek offers a suite of foundation software products that incorporate common, universal functionality. This allows focused implementation efforts specific to each customer's needs, significantly reducing the time and cost of implementing customized solutions.
Life Annuities BPM Template
Streamlining the annuities back office to reduce costs and boost the bottom line.
Business Challenges
Managers of Life Insurance Annuities Services Operations Centers are tasked with reducing overall costs, improving service levels and gaining greater control over their processing environment. All this in a business climate positioned for growth and pressured by severe compliance stringency. In addition, the requirement to process all life annuities transactions within strict time requirements puts extensive stress in operations centers during normal business periods but is intensified during peak periods when transaction volumes can increase dramatically. Pressure to increase agent satisfaction and loyalty is intense in most organizations.
For those operations managers still dependent on manual processes to manage transactions, their challenges are more difficult as they strive towards a streamlined, more automated processing model. It is also difficult to track and research transactions as necessary. Typically these manual processes preclude the ability to leverage rules based processing where possible. Performance reports are compiled in a rudimentary manner from log reports completed by supervisors and processing representatives. Work is distributed physically using bins, folders or stacks. Without real-time transaction statistics for the number of transactions and actual employee productivity, managers cannot fully implement load-balancing of work nor can they easily distribute work to other processing centers to help manage peak periods. The nature of some manual transaction processing environments requires that critical data is manually keyed from paper into legacy systems. In addition, the legacy data might also be difficult to access which may result in transactions being recorded erroneously. Often companies can incur high transaction costs due to these challenges.
The Solution
TriTek's Life Annuities template allows managers to implement a transaction processing methodology using the structured management of transaction-specific content along with associated in house processes. This solution is an application template specifically developed to manage annuities operations center transactions such as new business, account maintenance, transfers, cashiering, and customer inquiries. The Life Annuities template enables the delivery and processing of transactions in an online environment customized to the requirements and business rules defined by the organization. Operations center managers can dramatically reduce processing costs with the structured distribution of work, integration with legacy systems and efficient management of exception processing. Leveraging the Life Annuities template's real time audit logging and performance metrics, managers can closely monitor their service teams, make ad hoc adjustments, eliminate processing bottlenecks and deliver improved customer service to their investors. For example, agent inquiries as to the status of a transaction claim are immediately fulfilled by querying the system for transaction specific data. The application can be further extended for agent self services via a web accessible portal.
The Life Annuities template uses a queue-based framework to organize work by task and transaction type. Work is automatically distributed to operations center personnel for processing. For each transaction type, the solution provides a customized user interface and, when fully integrated, access to legacy systems via an open architecture. Staff members in the back-office have access to the transaction-relevant collection of content and the legacy processing environment. Managers gain a significant amount of administrative control and performance metrics with this solution. Through the user maintenance utility, these managers can specify processing requirements for any of the system users, assign or remove user access to/from any system queue. Managers can designate work based on custom defined criteria (e.g., work volumes, user skills, transactional priorities, etc.). The Life Annuities template's customized reports provide managers with the ability to view every action performed within the system from both a user and system perspective in a relational database format, allowing further analysis of any subset of the data or even viewing data using Excel or via customized Web pages.
Value Proposition
The Life Annuities template leverages the value of leading Enterprise Content Management (ECM) and Business Process Management (BPM) technology to manage content and process for annuities operations. With this solution, operations managers can:
- Reduce transaction costs and processing times
- Enable more revenue to reach the bottom line
- Gain immediate, online access to all relevant investor data
- Eliminate manual, paper-based processes and the need to key data into legacy systems
- Streamline the processing environment with a common interface that can be customized for specific transactions
- Deliver real-time status updates to investors
For more information
To find out how our Industry Templates can speed up your BPM solution implementation, contact us at products@triteksol.com