Whatever is insured by ABS is called a "risk" in insurance parlance. Therefore, all insurance policies are taken out by clients in order to insure them against a particular "risk". In short, a policy insures a risk.

Potential customers seeking to take out insurance policies follow the following procedure:

• Potential customers first need to identify the "risk" items they want insured. ABS marketing/sales team could help the potential customer in identifying the "risk" items. They can also give them estimated premium amounts for the "risk" items they need insured. An insurance policy could cover more than one risk or a part of the risk as well (for example: a car stereo only).
• For "risk" items selected by the customer complete, correct details of the "risk" items need to be submitted to ABS. ABS would then issue a quotation to the customers with a rupee figure as a premium amount. For example: If the "risk" item is a vehicle, the customer needs to submit details such as: vehicle make, model, registration, details of driver etc.
• If all terms, conditions in the quotation are acceptable to the customer, a ABS representative converts a quotation to a policy. Policies are issued on a monthly, quarterly, half yearly and yearly basis. All insurance policies issued are governed by regulations. These need to be considered when issuing policies. Regulations are as follows:
• What is being insured
• Sum for which it is insured
• Payments and conditions under which payments need to be made
• Terms, Conditions under which ABS is obliged to cover the items even if premiums have not been paid

PROBLEMS ENCOUNTERED

• When a quotation needs to be converted to a policy avoidable duplication of data, procedure takes place. This is because the customer needs to submit details of the risk item for which an insurance policy needs to be made. These details are similar to the details the customer had submitted while filling the quote
• ABS Inc. Reps. spend excess time, effort, resources in collecting, assimilating payments on time from customers. This is because payment options are multiple and interaction with ABS reps is still very traditional i.e. face-2-face, phones, faxes.
• ABS Inc. Sales Reps also spend excess time, effort, resources in collecting quotation details, converting quotations to policies, issuing policies since the interaction means are again traditional.
• Business Managers at ABS want to use the Sales Reps for following genuine leads rather than doing the mundane job of answering client queries, routine inquiries. But sales reps are unable to take out time since they are already busy doing other mundane jobs like collecting/issuing policies, answering inquiries.
• ABS Inc. is looking at newer, innovative ways of packaging insurance. For example if a potential customer is looking for vehicle insurance he could also be offered additional insurance to cover injuries. At this point such innovative packaging happens depending upon skill of sales rep. This needs to be made person independent.

PROPOSED SOLUTION

• Automate the entire existing process of Insurance at ABS described above.
• Resolve all existing problems encountered as mentioned above in the existing insurance process.