From complexity to compliance

Industry

Banking, Financial Services, and Insurance (BFSI)

Challenge

Secure the portfolio, improve customer satisfaction, and comply with regulatory frameworks

Solution

Iron Mountain Intelligent Business Process Management (iBPM)

Value

Achieve 70% signature rate on customer addendums, an all-time high and twice the industry average

A mutual insurance company in Europe aims to help customers live more confidently and securely.

In support of that purpose, the company recently launched a comprehensive initiative across all its entities, covering its entire portfolio. The goal? To securitize the portfolio and strengthen alignment with legal and reinsurance regulatory requirements for millions of European customers.

The insurance company faced many challenges to achieve this goal, including workflow complexity, confidentiality, and security risks. The company’s bold, broad initiative needed industry-specific expertise, strong security, and regulatory know-how, and a customizable solution.

Iron Mountain’s Intelligent Business Process Management (iBPM), a managed service that includes people, processes, and technology, was deployed to tackle this large-scale, complicated project. With iBPM in place, millions of existing insurance customers were sent updated addendums to sign. As a result, the insurance company achieved a 70% signature rate, a first-ever record high for the organization and twice the industry average return rate.

Navigating complex challenges

Faced with serious challenges and risky project elements, the insurance company started with a pilot before scaling to full deployment. That allowed the company to navigate dual and parallel workflows using digital and paper mediums and leverage Iron Mountain’s expertise. For example, the company needed a solution to span capabilities such as electronic signatures, publishing, electronic reminder letters, and more.

Moreover, the company needed a group-wide standardized process that accommodated the different functions and practices of each of its 15 entities. To do so, the insurance company adhered to the laws and regulations covering both investments and insurance.

Achieving 100%

Despite the project’s complexity, the insurance company wanted to ensure that every investment was protected and compliant with legal and reinsurance regulations. The company securitized 100% of its portfolio, gathering various financial assets, like mortgages, car loans, etc., into a single collection. That pool of assets was then converted into a tradable financial instrument or security.

Securitization mandated updating and mailing about 1.5 million addendums to all entities. Iron Mountain’s iBPM team devised a sophisticated workflow, managing the project’s intricacies and scale with total accuracy while tracking each paper and digital document, its status, and the signature rate. The overarching project success metric is the 70% signature rate, a new historical record.

Iterating to success

In hindsight, piloting the project before scaling was crucial to its success at scale. The complexity of the solution and workflow revealed several issues during the pilot. That transparency allowed these problems to be solved proactively and effectively with the lowest possible impact. Specifically, technical challenges were solved with specialized operational resources; a change in governance facilitated a quicker incident response time; increased reporting and monitoring helped detect issues early and provide quick fixes.

Learn more about Iron Mountain Intelligent Business Process Management.