≫ Development of Smart Siebel CRM Product by Cubastion for the Insurance Sector




Landscape of the Insurance Industry


The dynamics of the insurance industry are complex. The industry has turned extremely competitive in the last few years. Gone are the days, when paying commission to the brokers on time, and an emphasis on service delivery was enough for insurance firms to manage their customers. There are multiple challenges ahead like market penetration, government regulations, accounting principles and grievance redressal. In this respect, CRM (Customer Relationship Management) software exactly caters to the increasing needs of the insurance industry and makes market penetration easier along with streamlining of the entire operational workflow.
This case study explores how Siebel CRM developed by Cubastion Consulting for the implementation in an insurance company becomes a successful event.


Client Background


The company is in the insurance sector, with a huge network of CSC’s, Branches and Lateral’s across the country to cater to a large client base and offer a range of policies for home, vehicle, travel, health and many more. The company is currently employing more than 10,000 employees on a pan-India basis.


Need of CRM Transformation
The India-based company Cubastion Consulting has helped innumerable clients in the past to meet their needs of CRM transformation with minimum hassles. Since new digital technologies are making their way into the market, insurance companies are also opting for CRM transformation to keep themselves in a tandem with the changing times. Evolving market needs and an urge to deliver customer-centric services also play a major role in opting for a CRM transformation. Being the Gold partner of Oracle Siebel since more than five years, Cubastion Consulting offers robust Siebel CRM software as a part of its technology services.


Deployed user-friendly Siebel CRM program

When an insurance company approached Cubastion for its CRM transformation process, the skilled professionals spare no time to spring into action and transform a pilot Siebel CRM application into a full-fledged program. As Siebel CRM is extremely user-friendly with its easy navigation and interface, the developed CRM program too turns out to be easy to use without any significant requirement of training.


Fast processing of insurance policies and claims



The deployed CRM program effectively speeds up the processing of insurance policies and claims with 10000 live users and more. The insurance company offers varied types of policies to the customers like the Auto insurance, Travel insurance, Home insurance, Health insurance, and many more. This makes the manual processing of such policies a herculean task. The same goes with the settlement of claims as insurance companies now strive for achieving and maintaining a healthy claim settlement ratio. The CRM program makes everything automated while adhering to all the strict laws and regulations. This, in turn, results in successful processing of over 4000 claims on a daily basis leading to an improved customer satisfaction level.
Regarding Policy Renewal, this Siebel CRM software aggregates renewable data and empower sales team with already identified opportunities. It also tracks the deals efficiently and thus, accelerates the renewal process of insurance policies and claims to a considerable extent.


Brilliance in multiple account handling
The integration with a backend accounting system – Oracle Financials ERP helps the CRM program to efficiently handle not only policy receipts, but also claim recovery and general ledger. This was done keeping in mind the specific need of the insurance company. The CRM program also keeps an excellent track of the account history and is integrated with online policies as well as a robust online payment gateway system. All these facilitate multiple accounts handling to become a hassle-free affair. We have also incorporated a comprehensive settlement mechanism for partner organizations.


Multiple Benefits of Custom Siebel CRM
Our Siebel CRM program aids in the processing of insurance policies and claim settlement to a great extent by automated report generation, eliminating chances of human error and providing a host of mobile solutions too for a better communication with customer anywhere anytime. It also assists in providing better field service, a dedicated help desk for the customers and a call center too. The CRM allows an automatic response to all customer emails and an excellent management of workflow within the organization. Thus, there is no scope for any confusion or unnecessary delays in dealing with insurance policies and claims by the agents. They can retrieve any information about company products or services within a matter of few seconds by the efficient CRM program and this reduces the idle time significantly.
Moreover, Cubastion has the expertise in delivering and deploying customized Siebel CRM program as per different rules and regulations of insurance firms across the world. Power of an innovative technology is harnessed to deliver a tailor-made solution. In short, Cubastion succeeded in addressing the client issues and enriching the experience of both customers and staff members of the insurance company.

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Cubastion is among a very small number of specialized Siebel CRM Oracle Gold Partners in SME.