Transforming Pension Claims Process: A Case Study of Menora Mivtachim Holdings Ltd.
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Finance & Insurance
- Telecommunications
Applicable Functions
- Product Research & Development
Use Cases
- Leasing Finance Automation
- Usage-Based Insurance
Services
- System Integration
The Challenge
Due to demographic trends in Israel, retirement planning and services are growing at a record rate, causing unprecedented pressure on an already challenged insurance sector. The pension claims process is often bottlenecked with complexities, bureaucracy, and errors. Menora Mivtachim needed to digitalize their manual, spreadsheet-based pension process and streamline the claims experience.
The Customer
Menora Mivtachim
About The Customer
Menora Mivtachim Holdings Ltd. is one of Israel's largest pension fund and insurance carriers. Founded in 1935, they specialize in life and pension, as well as general and health insurance. They manage more than $20.60 billion in assets.
The Solution
Sapiens provided an innovative digital platform that digitalized the pension process into a single, scalable, self-service customer journey. The platform utilized customer journey templates, omni-channel communications, conversational UI, and BOT modules. The automation resulted in a dramatic improvement in straight through processing and a better customer experience. The solution also provided a significant impact on pension-eligible retirees, increasing interactions among clients over the age of 60 by 30% and decreasing claim calls and processing time by six-fold.
Quantitative Benefit
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