Philippines completes transformation of core systems in record time!
EastWest Ageas (EWA) completed the comprehensive transformation of its core system in less than a year with very few disruptions to the business, even though this represented a substantial overhaul of its existing system in favour of something that will better serve its customers in the future.
The seamless transfer from the old to the new highlights the continues efforts of the entire workforce that was involved throughout the journey.
This complex project required a migration to a new core insurance solution, the replacement of legacy financial systems, the implementation of new portals for both the agency and bancassurance channels and staff, and a change in the document management system.
Project Discovery, as it was appropriately named internally, aimed to improve profitability and speed-to-market, boost employee productivity and effectiveness, and give a better customer experience.
Customer service has improved significantly, with the time it takes to issue a policy reduced from three days to one and the initial application process lasting only 30 minutes. Customers benefit from having real-time information on their accounts. New products now take two months to reach the market, and product duplication takes less than a month.
The frontline sales team, on whom EWA relies to engage with customers, is now in a much better position to seize new prospects, armed with digital tools for quicker onboarding of new customers. EWA’s efficiency has also been enhanced as a result of the system change, with basic system costs reduced by 65%.
Project Discovery has received widespread attention in the insurance market, with its transformative systems programme selected as one of the 2023 finalists in the Insurer Transformation category of the World’s Digital Insurance Awards.
