COMPANIES THAT INSPIRE
Customer
MEDVida is a life insurance company with a very innovative business model, based on the purchase of savings and life portfolios and efficient management.
The challenge
During 2024 , 3 portfolios were acquired from CNP Vida in Spain and Italy, Metropolis and Sa Nostra Vida, which have been added to the existing MEDVida portfolio.
Following these acquisitions, they were faced with a diverse, redundant and complex technology ecosystem, which represented a major challenge to business efficiency. 15 IT employees were required to manage 95 IT vendors, 8 cores, 29 supporting applications, 10 document management systems, 4 financial solutions and 4 data centers.
MEDVida could not scale with so much weight, they needed a new platform model.
The solution
To achieve this perfect platform, MEDVida defined a strategy based on 3 principles:
- Search for SaaS solutions in the market. The company would not develop or manage the infrastructure. This meant a great effort to identify critical operational needs for the operation of the business and to avoid redundancies between systems that fulfilled the same function.
- Reduction in the number of partners. They chose to select the leaders in each technology and create long-term alliances. They increased the reach of each partner, thus reducing integration efforts.
- Choice of platforms with pay-per-use models to index and optimize the costs of portfolio growth.
In some areas, such as customer communications, they have integrated all the services they had with 10 providers into one, MailComms Group.
And the rest of CORE Insurance, Financial and Investments, Actuarial, Billing, DATA and AML, Infrastructure and Security services have been grouped into 7 key areas.
The results
- In 80% of IT costs are reduced by moving from 14 to 5 strategic suppliers.
- The migration to the new platform has allowed MEDVida to significantly reduce the cost per policy from 40 to 23 euros.
- MailComms Group’s Omnichannel Communications Hub has enabled them to redesign their interaction and communication processes with policyholders in record time.
- The cost of each new policy has also been reduced to minus 5 euros due to the redesign of the signature, issuance and document management process. By facilitating the digital signature of policies, a higher signature ratio has also been achieved, resulting in greater legal certainty for the signature.
- More than 1,200 document layouts have been streamlined for clients.
- Control and consistency of information and brand image care.
- MailComms Group provides special protection for sensitive documents with personal information, especially important in life and health insurance.
- By unifying access to a single platform, documentation management has become more efficient.
“In a life policy it is very important to have the health declaration signed and certified and to control access to it. It is also very important to be able to certify the signature of a cancellation of a Life Risk policy.
We now have the peace of mind that these processes are under control”.
Jorge Nicolau. Senior Advisor MEDVida.