Bupa Online Life Insurance Application
Case Study
Falling margins and increasing competition for insurance broker business led Bupa to look for ways to reduce their cost of sales while improving the levels of service provided to brokers and customers.
Through a combination of technology and business change, Practiv delivered significant results to Bupa. Bupa’s protection business had increased by 45% within six months, and had doubled inside of two years. At the same time the average turnaround time for an insurance application had reduced by 50%.
Practiv improved the broker’s application and underwriting process with a browser-based software solution. This was simple to use and greatly improved the accuracy of their applications. This, combined with quicker receipt of commissions through shortened application approval times, significantly increased Bupa’s broker-led business.
In parallel, automated and streamlined backend processing led to significantly reduced processing costs.
This simultaneous increase in volume and reduction in cost was critical in order deliver the financial results Bupa were targeting.