“We chose HCL as a strategic partner to help us manage our existing applications and implement new technologies. HCL has been responsive to the needs of the IT group and our customers, and has been committed to delivering high-quality services with a level of flexibility required by our business."
Pensions & Annuities
The Pensions industry has several challenges that will influence how it evolves over the next few years. A few of these challenges are change in focus from accumulation to decumulation, regulatory changes that introduce standards for guided advice, fragmentation of the value chain, WRAP platform and the emergence of direct channels. Also, the changing demographics and the increasing number of aged pensioners imply the need for introducing new products for this segment.
The transformation of the Pensions industry is driven by factors such as technology to support direct channels, integration into wrap platforms and back office processes, replacement of legacy systems to include SOA and Web Services, STP and regulatory changes. More often than not, it is the inflexibility of the existing old Policy Administration System which hinders any operational changes to face the new market realities.
HCL Domain Expertise
- Experience in executing business critical processes such as implementation of New Pension Law Regulations and administration of market rate correction for pension funds
- Mature engagement with a large TPA, providing Pensions administration and Payroll services to more than 150 major organizations. The customer serves over 2 million pensioners across 189 countries. Developed a Proof of Concept to re-engineer the pension administration platform
- State of the art technology in offering STP (Straight Through Processing Capability) for accepting New Business applications enabling faster processing of paper applications for Fixed and Insurance Products
- Data storage and Data migration capabilities addressing annuity and pension service providers data and technology issues
- Structured data validation model for pensioners personal details used in pension administration system
- FSA regulated Insurance Business Unit in UK. 1200+ people manage more than 4.6 million policies for marquee clients. Specialist provider of closed book administration services
- Proprietary ALPS (Advanced Life and Pensions System) platform developed on Sungard’s AMARTA Tool Kit. The platform has Extensive Database with sophisticated data model and is functionally rich, supporting over 3000 products/plans. Over 220 business processes are implemented currently supporting over 4 million policies
- High end reporting mechanism for pension services for optimizing performance results through Thin Client Object Model