Sector: Banking and insurance (bancassurance) · Platform: ServiceNow FSO, App Engine, Workflow Data Fabric
The challenge
A large private-sector bank runs a substantial bancassurance business, selling insurance through its own channels. Its existing aggregator took too long to onboard new insurers and products, so the bank kept missing market opportunities and losing revenue, and the delay frustrated both staff and partners.
What we did
Right Prompt designed, built and implemented Smart Aggregator on ServiceNow, integrating the bank with 13 insurers across more than 80 life and health products, and cutting insurer and product onboarding from an average of three to four months to four to six weeks.
- Built on ServiceNow App Engine, Workflow Data Fabric (IntegrationHub) and the Financial Services Operations (FSO) data model.
- Integrated with the bank’s existing front-end CRM so customer journeys carried on uninterrupted.
- Designed to the security and audit requirements of India’s central bank (the RBI), with end-to-end API management and performance reporting across the bank and its insurers.
The outcome
The platform has proven dependable and scalable in one of the highest-volume banking markets in the world, holding up under peak load during marketing campaigns. Larger insurance partners now onboard new products in advance, and the bank has complete auditability of eligibility criteria and customer consent, reducing the risk of mis-selling.
Capabilities used
Smart Aggregator, ServiceNow FSO, App Engine, Workflow Data Fabric, API management