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Digital Transformation in Insurance: A Case Study of Menora Mivtachim
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
Menora Mivtachim, one of Israel's largest pension fund and insurance carriers, was facing a significant challenge due to demographic trends in Israel. The growing rate of retirement planning and services was putting unprecedented pressure on the already strained insurance sector. The pension claims process was bottlenecked with complexities, bureaucracy, and errors. Menora Mivtachim's existing pension process was heavily manual and spreadsheet-based, requiring a team of 10 full-time employees to manage. The process involved gathering applicant information, conducting personal surveys, compiling bank information, and finalizing agreements. To leverage the growing opportunity in the retirement sector and position themselves as innovative insurtech leaders, Menora Mivtachim needed to digitalize their process, streamline the claims experience, and reduce quote times through automated processes.
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, the company specializes in life and pension, as well as general and health insurance. As of September 2021, Menora Mivtachim manages more than $20.60 billion in assets. The company was described by The New York Times in 2018 as 'one of Israel's largest financial institutions.' Due to demographic trends in Israel, the company was facing a growing demand for retirement planning and services, which was putting unprecedented pressure on their existing, manual, spreadsheet-based pension process.
The Solution
Sapiens provided an innovative digital platform that met and exceeded Menora Mivtachim's challenges. Deployed in eight months, the solution digitalized the pension process into a single, scalable, self-service customer journey that unified all communications and enabled flexible integration. Sapiens designed and developed all the automation within the core system, allowing for automatic execution of pension claims from the moment they emerged from the digital process. The solution utilized customer journey templates, omni-channel communications, conversational UI, and BOT modules. This automation resulted in a dramatic improvement in straight-through processing and a better customer experience by eliminating long phone calls and 'ping ponging' between customer service agents. The solution had a significant impact on pension-eligible retirees, increasing interactions among clients over the age of 60 by 30%, and reducing claim calls and processing time six-fold.
Operational Impact
Quantitative Benefit
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