OPAL helps leading UK insurer to launch a new product in less than 90 days

Case Study: OPAL helps leading UK insurer to launch a new product in less than 90 days

One of the world's leading insurers wanted to bring a new 'whole of life' insurance product to the market very quickly, whilst maintaining its high quality standards and brand image. The client was aware that time-to-market would play an essential role in the product's success, as a number of new entrants were expected to enter this already competitive market very soon.

As a result, OPAL's client decided against trying to develop the necessary technology and administrative platform internally, and instead chose to work with a business partner who could offer specific expertise in this area. The market leading insurer selected OPAL, since OPAL has specific expertise in the rapid development of technology, as well as the ability to administer whole of life products.

OPAL HAS THE INSURANCE MARKET COVERED

Following a meeting with the insurer’s management team and a comprehensive review to determine the product's basic concept, features, marketing objectives and targets, OPAL provided the company with a set of technical and business specifications, including a detailed outline of suggested customer communications strategies, procedures and service standards.

At the same time, OPAL assigned an experienced, dedicated team to manage and oversee all of the client's stages of the project leading up to the launch date and beyond. The system was then built, tested, and ready for launch in accordance with the timescales and product specifications agreed by both parties.

Following a highly successful launch, this new insurance product continues to be marketed via a combination of direct mail campaigns, telephone contact and the Internet. To minimise the handling of large volumes of paper, all of the printed applications received directly from customers are processed through OPAL's workflow system, along with all of the telephone and online applications, which are uploaded via secure data transfer. This ensures that policy documents can be issued and sent to customers within 24 hours of policy set-up.

GOING FROM STRENGTH TO STRENGTH

In less than 90 days, OPAL was able to produce a robust new insurance product that met all of the company's requirements, with the product's administration now entirely managed by OPAL.

Since the product's launch, OPAL has processed thousands of applications for this new insurance plan, which has quickly become one of the leading products of its type within the UK market. Beneficiaries can typically expect to receive proceeds from a claim within just a few days of notification, providing all stages are complete and in order.

OPAL's Client Relationship Manager, together with the rest of OPAL's client dedicated team, has made sure that its client's brand has been represented correctly and that all service standards are consistently achieved. With OPAL consistently meeting these key service level agreements, its client can be confident that business critical activities such as new business processing, call handling, general administration communication and management reporting are all achieved according to agreed company guidelines, and that OPAL is performing independent quality and quantitative checks for each process.