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Policy Administration

The Situation Today

The imperative to reduce costs without increasing premiums, to leverage new distribution channels in an agile market, and to find new ways to retain customers and brokers — these are just some of the challenges insurers are facing. Many carriers, however, are saddled with legacy IT systems that make it hard to manage costs aggressively, take advantage of new communication and distribution channels, and create and disseminate new offerings. And they’re seeing the consequences in both their top and bottom lines.

How HCL Can Help

HCL’s PAS Transformation integrates best-of-breed products, proprietary insights, tools, methodologies, and service competencies to deliver a distinctive, tailor-made solution that translates into tangible business outcomes. 

The solution combines advisory and consulting services (PAS process capability assessment, PAS package selection), package implementation, custom application modernization, and managed services. It also leverages assets such as iPAS (a proprietary tool for process capability assessment), iPAC (a proprietary tool for package evaluation), a package implementation framework, ADE methodology, ASM methodology, a managed services framework, and — perhaps most important — HCL’s partnerships with some of the world leaders in PAS transformation.

What You Can Expect

Through a flexible business model that allows carriers to adapt to their changing marketplace, HCL helps customers reduce their expense ratios, underwriting expenses, IT intensity, and the cost of policy management and retention; improve their quote-to-bind cycle time; and increase their customer acquisition capability. Our PAS Transformation solution delivers both quantified and qualified value:

Quantified value:

  • Reduced Expense Ratios
    • 2% to 3% reductions in underwriting expenses
    • 20% reductions in quote-to-bind cycle time
    • per-policy reductions in IT intensity
  • New Behavior
    • Increase in self-service options for customers and agents through the availability of multiple channels
    • Huge reductions in customer transaction costs through the use of interactive channels
    • 10% increase in acquisition rate
  • Reduced Cycle Time
    • Up to 20% reductions in turnaround time through the use of straight-through processing (STP)

Qualified value:

  • Improved underwriting effectiveness (more objectivity and informed decision making)
  • Improved efficiency in policy acquisition, management, and retention

What We’ve Done For Others

HCL has delivered significant value to customers in the financial services industry by helping them transform their business operations across enterprise IT initiatives. In particular, we have

  • enabled better business governance, reduced per-policy costs, enabled faster go-to-market for new products, improved first call resolution time, and provided a better assessment of revenue leakage and fraud (all through an end-to-end services engagement) for one of the largest P&C insurers in the Asia Pacific region, with over 10 million customers, a network of over 1,000 offices, and over 16,000 employees
  • enabled the availability of critical business systems by 99.9%, availability of key business systems by 99.5%, and first call resolution at the help desk by 85% for a leading P&C insurer in Southeast Asia
  • facilitated faster go to market and improved retention (improved customer experience and optimized costs across the value chain through process efficiencies) for a leader in workers’ compensation

What Customers say

“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."

- CIO, Fortune 15 insurance company


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