Solutions
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Tailored Solutions for Banks and NBFCs
SmartAssurance, powered by ServiceNow, offers a seamless platform for selling insurance and a complete end-to-end digital journey for the customer. With rule-based eligibility criteria match, find the right insurance product fit quickly and effortlessly. Smart comparisons across products ensure your customers get precisely what they need. Bank Management can track leads, employee productivity and regulatory compliance.
Problems & Solutions
- Problem
Bank Relationship Managers (RMs) lack product knowledge and easy comparison tools
- our solution
Provides up to date product information to the RMs at fingertips. Easy product comparisons across custom parameters.
- Problem
Banks have no control over their customer’s insurance buying journey experience
- our solution
Seamless digital experience for customers from benefit illustration and product comparisons to quotation, payment and policy issuance
- Problem
Customer dissatisfaction due to mis selling
- our solution
Rule-based eligibility criteria, personalised product matches along with complete audit trails prevent mis selling
- Problem
Fragmented post-sales experience for customers
- our solution
SmartAssurance automates post-sales operations like endorsements, renewals, commission reconciliation
- Problem
Insurance selling platforms break under high volumes
- our solution
SmartAssurance leverages the built-in robust scalability, performance and security capabilities of the underlying ServiceNow platform
Solution Capabilities
Lead Management - Integrate with Bank’s existing CRM – SFDC, CRM Next across channels – Email, SMS, WhatsApp, Missed Calls. It allows bulk upload, allocation, distribution and assignment of leads for follow-ups and closure providing complete customer and lead visibility.
Product Management – allows you to create, customize and manage various insurance products. It allows you to define product parameters, features, coverage options and pricing structure. You can seamlessly navigate between different products and categories to find right product. You can do a suitability analysis based on customer profile and an AI powered recommendation engine can suggest the most appropriate fit. Quotes can be generated and payment gateway is integrated.
Customer 360 view – supports real time/end of day CRM update for policy issuance and renewals, policy linking to Customer ID of the Bank, capture of policy data, back end reconciliations of total insurance holdings of a customer and so on
Specified Person (SP) Management – Create Master Specified Person File with periodic updates, tagging SPs to multiple branches and vice versa, admin rights for data upload, audit trail recording for admin activities, maintain SP Register as per IRDAI norms, auto-tagging of SPs in pre-underwritten and underwritten products as well as SP Master and LG Master as Services/API for tie-up partners
Insurance Distribution Dashboard – can capture monthly sales growth, average profit margin, sales targets & opportunities, quote to close ratios, product performance, sales by contact method, lead-ti-sales %, average cost per lead, retention & churn rates and so on
Notification Management - notifications module can be easily configured during logins, lead tracking, quote generation, journey drop-offs to engage user in campaigns /ads and during various stages of sales and post-sales journey. We integrate with Twilio for missed call notification, ServiceNow for Email notification and Gupshup for WhatsApp, SMS and Facebook notifications.
Features
- End-to-end digital journey for the customer from lead to policy issuance
- Built on scalable and reliable ServiceNow platform for high volume processing and high uptime
- Keep track of all audit trails and history for compliance check
- Ready integration with all leading insurers for quick time-to-market
- Mobile first approach along with rule-based eligibility criteria for appropriate comparison across insurance products and personalised product matches makes life easy for your RMs
Business Value
Accelerate Go-to-Market through ready integrations with all leading insurers (current count 13), 2-3 weeks’ time to on board new product and easy configuration of new products and variants.
Reduce mis selling and improve customer experience through guided product comparisons and recommendations based on eligibility criteria.
Improve selling efficiency by improving RM productivity up to 70% by making available relevant product information, comparisons and benefit illustrations
Enhance Compliance – full compliance with IRDAI guidelines and extensive audit trails for all transactions.
by leveraging the enterprise grade ServiceNow Platform for 99.95%+ uptime, high security and performance
All banks and NBFCs struggle with integrating with different insurers, KYC providers, payment gateways, credit bureaus, and other service providers. Smart Aggregator, purpose-built on ServiceNow Workflow Data Fabric and the Lo-Code/No-Code App Engine, makes integration quick and easy with end-to-end API management and seamless data communication.
Problems & Solutions
- Problem
Banks suffer from delays in new insurance product introductions resulting in time-to-market opportunity losses
- our solution
Smart Aggregator cuts down new product introduction time from months to couple of weeks
- Problem
Banks have no control product introductions and configuration changes
- our solution
Smart Aggregator allows Bank’s admins to make configuration changes for product variations without depending on the aggregator platform provider
- Problem
Challenges of integrating with different Insurers systems and APIs due to differences in technology standards and data formats.
- our solution
Smart Aggregator utilises RESTful and SOAP APIs for integration with insurance platforms. We have adopted standard protocols like JSON, XML and FHIR which are well documented and version controlled
- Problem
Concerns around data security and privacy while sharing sensitive customer information between Banks and Insurers
- our solution
Smart Aggregator provides end-to-end encryption, SSL/TLS protocol and API authentication for high data security
- Problem
Traditional Aggregation Platforms slow down or break under high volumes
- our solution
Underlying ServiceNow Workflow Data Fabric ensures scalability, consistent performance and high availability
Solution Capabilities
Easily integrates with Bank’s existing front-end systems – enabling lead sharing. This includes lead data capture, product suitability matrix, agent details, lead redirection and payment details
Tracks lead status – by Customer details, Product details, Specified Person (SP) details
Tracks KPIs – both business KPIs like lead conversion – lead to quote, quote to closure and technical KPIs like API hits by state, journey stages, branches/zones and so on
Tracks system utilization – user logins, usage frequency and utilization
Optimises Costs and improve performance – by selectively caching data without the need to access Insurer’s API for every transaction
Data Quality Management – through clear standards for data quality, validation and enrichment and by tracking for data accuracy, completeness and consistency
Features
- Cut time-to-market – for new insurance products by up to 80%, from months to a couple of weeks.
- Quick Customer On-boarding – ready 40+ KYC integrations for Aadhar, PAN, GST etc as well as Mutual Funds, Credit Bureaus and so on.
- Full SaaS architecture – easy integration with new and different categories of service providers.
- Robust scalable platform – can handle business spikes comfortably, being built on the enterprise grade ServiceNow platform
- Ready Integrations – Currently 13 Insurers across Life and General are already along with 50+ Insurance products across Life, ULIP and Health Insurance already onboarded
Business Value
Cut time-to-market – for new insurance products by up to 80%, from months to a couple of weeks.
Full SaaS architecture – easy integration with new and different categories of service providers.
Robust scalable platform – can handle business spikes comfortably, being built on the enterprise grade ServiceNow platform
Tailored Solutions for Banks and NBFCs
Bid goodbye to the complexities of Gold Loan Origination System. Right Prompt GL-LOS offers streamlined workflows for complex processes like fragmented customer identification, identity and document validation and compliance with operational & security restrictions and maker-checker rules
Additionally, gain operational efficiency and cost reduction through document intelligence and Agentic AI for image inference, latest gold rates, competitive schemes, accurate gold valuation and loan-to-value (LTV) compliance
Problems & Solutions
- Problem
Banks suffer from fragmented customer identification processes with reliance on multiple customer identifiers
- our solution
Right Prompt GL-LOS provides streamlined workflows that reduces manual effort and turnaround time by 30% to 50%
- Problem
Banks suffer from validation overload with multiple sources to be verified for staff, professions, hot list etc
- our solution
Right Prompt GL-LOS provides automatic validations that are regulatory compliant and reduce risk exposure
- Problem
Gold loan process from renewal complexity of OD/CC
- our solution
Right Prompt GL-LOS uses intelligent logic for renewals and top-ups
- Problem
Security operations challenge of capturing correct image & weight
- our solution
Right Prompt GL-LOS uses powerful AI engine for inference of gold ornament image and weight and maintain audit trail
- Problem
Back-end dependency on OPD Maker-Checker, Business Rules Engine
- our solution
E-Signing, auto-recovery and token management reduce back-end dependency
Solution Capabilities
Supports diverse Gold Loan categories - for Personal, Agriculture, Business purposes as well as GL Renewal & Closure, GL Part Release, TopUp GL
End-to-end Digital journey – for the customer from on-boarding and validations to create a single customer identification to document validations all the way to loan disbursement.
Appraiser Onboarding Workflow – provides mobile app to the Appraiser for gold ornaments valuation.
Seamless back-end integration – including Power of Attorney (POA) onboarding workflows, e-signing and other document services
Extensive Agentic AI usage – for multiple purpose like inferencing gold images (including Hall Mark, precious stones), checking competitive product comparisons and IBJA Gold Rates
Support for Indian Languages – Gold Loan agreements can be drawn up in major Indian languages for easy customer understanding and acceptance
Reports & Dashboards – for branches, zones and departments with actionable insights
Business Value
Easy and quick product introduction – with highly configurable products, product policies and workflows. Product introduction time can be reduced by 80%
Complete digital journey for customer – from onboarding to document validation to loan disbursement
Tailored for Indian Banks, NBFCs and Insurance Companies
Routing, scoring, prioritizing and managing leads from multiple sources has always been a grunt work for the bank’s overworked staff. And so has been the subsequent on-boarding process involving myriad document verifications, KYC checks, maker-checker approvals and compliance to stringent regulations.
Problems & Solutions
- Problem
Managing leads – scoring, routing, assigning and follow-ups remain mostly manual, cumbersome and time consuming
- our solution
Right Prompt Customer Onboarding solution automates all steps like scoring, routing, assignment and follow-up and create a central repository
- Problem
Management have limited visibility of lead performance metrics
- our solution
Provides comprehensive dashboards to track parameters like volume trends, lead conversions, SLA compliance, RM Productivity and so on
- Problem
Customer onboarding challenges include high operational effort, fragmented systems and stringent regulatory requirements
- our solution
Automates document upload, capture, validation and integration with external service providers. It highlights discrepancies.
- Problem
Expectation mismatch with customer expectation of fast, seamless and fully digital onboarding experience
- our solution
Provides seamless onboarding experience for both retail and business customers including declarations, consent and undertakings
- Problem
Adhering to tight security and regulatory compliance norms
- our solution
Identifies risks like AML & PEP and route cases for enhanced due diligence, capture compliance approval or rejection
Solution Capabilities
Comprehensive Lead Management – including lead capture across channels like portal, email-to-lead, virtual agent conversation. Lead Deduplication is implemented by using business rules, matching of email, mobile, PAN and enrichment is implemented by integrating with CRM like SFDC. Lead scoring and qualification is based on defined business rules, criteria based like geography, lead classification – hot, cold etc. For assignment & routing the solution uses algorithms like round-robin or workload based
Lead workflow and lifecycle management - track SLAs and interactions using Activity Stream, Auto follow-up using Flow Designer, email logs using Activity Formatter, meeting and call logs using Work Notes
Search & Filter Capabilities – using workspace global search and supports advanced filtering by status, RM, score, product
Application & Product Configuration – supports multiple product types like Current Account, Savings Account, Overdraft (OD) and Cash Credit (CC) Accounts, different product variants, mode of operation, branch, RM
Document Management and Validations – including document upload, data extraction using OCR with confidence levels and mismatch highlights. The solution supports external integrations for – PAN, Aadhar, DL for individual, GSTIN, CIN, UDYAM for business verifications. It also supports Declaration, Consent and Undertakings by triggering FATCA, OD/CC declarations automatically.
Maker and Checker Operations – maker ability to review and correct extracted data, highlight discrepancies, mark exceptions, version control and checker ability to approve, reject or send back applications with reasons, restrict data edits and maintain audit trail
Compliance & Risk Review – The solution identifies AML, PEP risks, route cases for enhanced due diligence, capture compliance approval or rejection. It also tracks exception types and reasons, controlled rework cycles between makers & checkers and maintain historical versions & remarks
Business Value
Cut manual lead management effort – automate the whole process of lead sorting, routing, assignment and follow up and reduce manual effort by up to 60%
Support Omnichannel interactions – capture leads coming from multiple channels like Email, Portal, Virtual Agent and Walk-ins
Full auditability and compliance – audit trails of all customer interactions and maker-checker approvals are maintained. Regulatory compliance reports are automatically generated
Flexibility – by quick customization to support a wide variety of account types – Current, Savings, OD/CC or by Individual or Corporates
Intelligent Document Management – reduces manual effort and turnaround time by 50%