Canada Life automate their Annuity Quote Process to deliver cost savings and an enhanced customer experience.
Background
Canada Life were facing a rising demand for annuity quotes, that they were unable to handle efficiently using their existing process.
Challenge
Canada Life were struggling to manually process their annuity quotes requests, due to increased customer demand. The existing process was manual and complex which resulted in a long average handling time per quote request. As demand increased to an average of 100-150 quote requests a day, versus the team only having capacity to process 40-60 a day, the business was soon faced with massive backlogs and significant inefficiencies.
Solution
Nexbotix engaged with Canada Life and completed a Discovery Audit to establish which tasks within the annuity quotes process could be automated. From that it was established that they could reduce 80% of manual effort by automating it using a combination of automation, AI and RPA technology.
The software and management platform was subsequently tested and deployed, and quickly began to deliver significant results.
Results
“This was a complex solution with multiple systems and board-level exposure. The timescales were incredibly tight in order to quickly resolve the growing manual workload. The Nexbotix team was dedicated, professional, and responsive to our demands, ensuring a successful outcome for Canada Life. The new processes offer efficiency, speed, and the elimination of backlog and errors.”
Pat Cox – Director of Change, Transformation & Governance
