Life Insurance implementation at Clal Insurance
As a leading player in the market, Clal is constantly looking for ways to improve its competitive advantages and product offerings, and yet maintain the highest level of service to its customers.
The Challenge
Due to increasing competition in the Israeli life insurance market, Clal was seeking for an advanced software solution that will:
- Help the company gain competitive advantage through fast launch of new insurance products to the market
- Improve the company’s service level, while driving down the operational associated costs
- Introduce operational flexibility in order to adapt to an ever fast changing and evolving life insurance market.
The Solution
In phase-I ALIS was selected as Clal’s software solution to launch rapidly a product line which was new to the market. Within nine months time ALIS allowed us to go live with our new product offering.
Based on these excellent results, we then expanded the use of ALIS to cater for all our new products through all our branches and subsidiaries. We were able to define all our new products, mainly by setting parameters, almost without the need for coding.
In phase-II ALIS was chosen to manage the full range of our legacy business and existing products: Investment as well as Risk products, both individual and collective, and health insurance.
Moving forwards, We plan to make ALIS available on the internet to our agents for on-line quotations, new-business and underwriting, and at the same time, migrate the remainder of our legacy products to ALIS.The Result
- Thanks to ALIS we manage to lead the market by providing host of new products long before our competitors
- Our ALIS-based portfolio, managed by 250 Clal employees, includes today 120,000 contracts. By the end of the year it will handle our entire life insurance portfolio: 900,000 clients with 650,000 active contracts and 450,000 paid-up or cancelled policies.
"We are satisfied with the system, and with FIS' support staff. We consider ALIS as a strategic system for Clal Insurance that continues to guarantee for us a competitive edge towards our competition, especially in relation with the prompt release of new and sophisticated products."
Mr. Dan Cahal
Deputy General Manager& Manager Life Insurance Division
Clal Insurance Company