“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."
HCL's micro vertical practice offers business-driven technology solutions to the insurance industry worldwide. The end-to-end solutions built on in-depth experience and competence in domain, technology, tools and test methodologies help the customers cope with today's complex business challenges in insurance world.
In the Policy Administration area, insurance companies want to reduce the expense and plan to provide more service quality to its customers. HCL fulfils the need through its competency and technology expertise in the domain.
HCL and its alliance partners provide a broad range of solutions around Policy Administration System implementation – from full project ownership to providing critical solution accelerators. HCL answers to industry challenges and opportunities through the effective solution accelerators. With robust and well-tested methodology we bring in more value to conversion projects.
HCL has a robust Policy Data Migration methodology to suit the technological and business imperatives of the insurer.
Benefits of HCL's Policy Data Migration Solution:
- Shorter time-frame for conversion
- Cost-effective solution through the use of proven processes and tools, and judicious use of offshore/ onsite model
- Most of conversion activity is done offsite, reducing the demands on the insurers' resources
- Experience and knowledge of data structures of many vendor products
HCL has a vast experience in maintaining 3rd party insurance products in policy administration areas, wherein for a leading US global insurer HCL has been providing application maintenance and support for policy admin platforms and also supporting the customers home grown PAS applications.
With the acquisition of Liberata Financial Services, HCL is now able to provide end to end services in Policy administration: Platform migration and business process outsourcing in the Life, Pension and Annuities space.
HCL's offerings in Policy Administration System get further strengthened by its solution accelerator - InsureWrite system. The system helps in consolidation of multiple administration platforms into one or two platforms. The solution replaces legacy policy administration systems by automating the entire underwriting process from needs analysis, quote issuance to underwriting and policy issuance with the focus on flexible workflow redesign and business rules management to manage the risk and address the business need.
Through its Policy Administration System services HCL empowers insurers:
- Eliminate system redundancy and cost
- Establish the business process flexibility you require
- Manage compliance rather than letting it manage you
- Accelerate new PAS deployment and stretch your Policy Administration System project budget
- Concurrently deploy web-enablement
HCL's SOA based System
SOA based automated Policy Underwriting System featuring pre-configured industry-related content and robust configuring processes.
- Developing a commercial lines policy administration system for an IT service provider for a group of US insurers