Case Study: Canara HSBC Life Insurance achieves faster claims processing and lower costs with MongoDB Atlas

HSBC cuts policy issuance turnaround time by 60% with MongoDB

Canara HSBC Life Insurance, a joint venture between Canara Bank and HSBC, faced challenges with its outdated, on-premises infrastructure. Its monolithic applications and rigid relational databases prolonged development timelines and hindered its ability to process data in real time, impacting customer experience and business speed. To modernize and attract talent, the company partnered with MongoDB to migrate to a new architecture using MongoDB Atlas.

By implementing MongoDB's fully managed Atlas database platform, the company transitioned to a microservices architecture. This solution provided a flexible data model, scalability, and real-time analytics capabilities. The results were significant: straight-through processing surged from 37% to 60%, policy issuance turnaround time improved by 60%, and operations saw a 20% cost-saving per policy. MongoDB's solution also enabled the integration of AI and machine learning tools for future growth.

HSBC