The existing system required channel partners and brokers to manually fill out PDF forms and submit it to providers to onboard new customers.
Customer Pain Points:
- Manual onboarding process using paper and PDF forms took valuable administration time.
- Labour intensive and prone to human error
- Rigid outdated Systems
- Data quality and security issues
- Customer dis-satisfaction due to long onboarding times
Digitalised Customer Onboarding Processes
Cagan Tech replaced a slow, laborious and costly manual onboarding system with a fully integrated digital platform.
With an agile project based methodology, the team embarked on a digital journey, cutting time and costs of business processes across the organisation and 3rd parties.
Key Features of the System:
- We digitalised the process, wrapping rigid core legacy systems with modular cloud architecture and API’s, resulting in immediate activation with current systems
- Replaced the restrictive and slow Microsoft Dynamix system reducing applications processing from 1 hour to 10 minutes
- We enabled end customers and channel partners to onboard themselves in real time directly onto the new portal from the website
- Automated verification of ID and bank accounts details via integrations to 3rd party systems enabled the onboarding process to be complete in real time
- The digitalised underwriting module facilitated different paypoints, resulting in faster and more secure processing of rules based activation processes.
- Digital underwriting enables check rules of company wide specific schemes and products
Reduced application processing time per customer from 1 hour
New digital onboarding process, eliminated manual capturing for onboarding new customers. Reduced interaction time from 7 days to 30 min
Underwriting rules checking in real-time from a manual 24 hour process
Cagan Tech’s use of digital solutions transformed the way customers onboard onto the business’s existing platform.
Integrating with 3rd party software and underwriting systems in real-time contributed to the massive reduction in time taken to onboard a new customer from 7 days to minutes per client.
Future-proof solutions mean further digitalisation of the customer journey is both cost-effective and streamlined.Get in Touch
Lowered operating costs
- Customer applications are processed in real-time, enabling higher onboarding rates
- Better customer experience in a competitive market
- Efficient onboarding process
Increased Sales Conversions
- The solution is a low cost implementation
- Significantly lower cost per conversion
- Reallocation of resources to back office increasing productivity
- Reduced costs of storage and processing by using cloud integrations