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Insurance Business IT Process Outsourcing Services & Solutions

Challenges you may be facing

The global insurance industry is undergoing a significant change, triggered by market and regulatory drivers. The result? Both traditional and commonly accepted business models are now being challenged. In recent years, insurance companies have realized they need to be flexible and agile when it comes to customizing their operating and business process models to cater to changing customer demands. In this context, insurers consistently face operational challenges, including improving expense ratios while ensuring that their pricing remains competitive.

What we can do for you

HCL's Insurance business process outsourcing (BPO) services provides global insurers with high touch consultative services, and is widely recognized as a "Partner-of-Choice".  We leverage our deep domain expertise to develop reliable and scalable platform-based solutions customized for your business processes. Our solutions are aligned with industry best practices, and our metrics-based quality norms help reduce operational costs and improve efficiencies. When you partner with HCL, our focused investment in client relationships through "skin-in-the-game," innovative and customized engagement models, as well as flexible commercial constructs (such as price per policy, and more), help you create a significant business impact.

Our Services

HCL's Insurance BPO services cater to the requirements of major global insurers by offering end-to-end portfolio management services across property and casualty (commercial and personal lines), life, pensions and annuities.  

  1. Services and solutions across the Insurance Value Chain

    Property Casualty

    • Agent Servicing
    • New Business/Underwriting
    • Policy Owner Services (PoS)
    • Policy Administration
    • Claims Management Services

    Life, Pension Annuities

    • Agency Commission
    • New Business /Underwriting
    • Policy Admin Servicing
    • Policy Exits (Surrenders/ Transfers)
     

    Shared Services

    • Finance, Billing, Collections Accounting Services
    • Business Intelligence Analytics  / Reporting Services
    • Contact Centre Services
    • Mailroom/Scanning/Indexing Services

    Specialized Services

    • Actuarial Finance Services
    • Process Advisory/ Enterprise Transformation Services
 
  1. Technology Enabled Differentiated Solutions

    • Claims assessment and management including fraud detection, review and analysis

    • Closed book administration on proprietary Policy Admin System (PAS): Platform/workflow integrated managed services model. HCL has a functionally comprehensive Life Pensions policy administration system, ALPSTM .

    • Business Process Management (BPM) solutions:  Our award-winning proprietary platform-independent business process management tool, TOSCANA-OpEXTM (recognized by WfMC, UK) improves workflows and productivity, automates tasks, modernizes legacy system interfaces and creates a framework to enable continuous improvement

    • HCL's proprietary Enterprise Function as a Service model (EFaaS™) offers insurance enterprise business function services as a utility. This enables business transformation and upfront  cost savings,  creating agile business operations

  2. Solution Enablers
    • Integrated Global Delivery Model (IGDM) demonstrating our capability to support round-the-clock, "follow the sun" operations across geographies

    • Proprietary ASSeT™ methodology for risk-free and seamless transition

Why should you consider HCL?

  1. Dedicated insurance domain and practices group comprising experienced, multi-skilled SMEs and insurance domain specialists. Our vast domain understanding stems from insurance BPO consulting and process re-engineering engagements with global insurers, a network of industry veterans and certification programs such as LOMA/ CII/ CPCU/ LLMIT

  2. "Skin in the game" engagement models and flexible commercial constructs, including build–operate–transfer (BOT), virtual captive, managed hybrid, equity based JV structure, assisted captive, and carve-outs which provide the flexibility to invest in innovative deal structures

  3. Strategic product partnerships with product providers like Guidewire, Ebaotech and others meeting outsourcing insurance service requirements

  4. Global strategic alliances with the "Big Four" consulting partners, and leading platform vendors

  5. Experienced in managing over 1.2 million policies, approximately 1.7 million annual transactions (front and back office, including complaints), over USD 421 million of annualized regular premiums and approximately 850 thousand payments totaling USD 2 billion for five U.K - based LP insurers

  6. Leading provider of insurance outsourcing business solutions, facilitating enterprise-wide transformational and collaborative, platform-based process design, implementation and delivery

  7. Management consulting and process advisory experience:

    • Consolidated and standardized the business functions of a Latin American Fortune 50 multinational PC insurer across 14 countries, reducing operating costs by 30 percent

  8. Robust insurance BPO delivery and implementation experience:

    • Implemented an automated a fraud detection system using predictive models and business rules engine for a Fortune 100 U.S - based personal lines insurance service provider, helping them realize benefits of USD 23.6 million

    • Enabled five U.K. based LP insurers realize 40 percent savings (25 percent through operational excellence and 15 percent through Business Process Re-engineering)

    • Handled insurance managed services for five U.K.-based LP insurers with end-to-end closed books management on the proprietary Policy Admin System (PAS) for more than 12 years, and managed 1.2 million policies on a fully monetized price per policy model

    • Helped a Fortune 100 U.S. based personal lines insurance service provider achieve "zero defects", sustain a 100 percent quality level, and receive an award from the Quality Council of India (QCI) for operational excellence

    • Improved the rate of new business acquisition for a U.S.-based insurance and financial services company by up to 40 percent (when compared with the control group in select segments) with HCL's customer analytics

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