Insurance

HCL's Global Insurance Practice offers business-driven technology solutions to the insurance industry worldwide. Our in-depth experience and competence in domain, technology, tools and test methodologies helps our customers cope with today's complex business challenges in the Insurance world.

The Global Insurance Practice of HCL has a long tradition of providing market leading solutions to leading insurance companies. What distinguishes us from other providers of similar services is the breadth of our insurance offerings - providing relevant services to address multiple areas of need in the industry. This end-to-end concept: from assessment to planning to implementation to maintenance support - with business relevance foremost in mind, has been of great value to our current customers and to our success in the insurance industry today. Gartner has also assessed HCL at their highest rating of "Mature" with respect to HCL's capability to deliver ITO services to both Life Insurance and P&C Insurance customers.

With the acquisition of Liberata Financial Services (LFS) , HCL is now able to leverage the additional scale and capabilities to provide best-of-breed services to existing and new clients in the life and pension space.

As Insurance carriers leverage a global sourcing model for step-change improvements in their business, HCL is uniquely equipped to deliver superior value and innovation with the industry's broadest service offerings, domain depth and innovative engagement models.

Highlights

• Expert team with rich experience servicing over 30 clients across the Insurance landscape globally in areas of Sales and Distribution, Underwriting, Policy Administration, Annuities, Claims Management, Actuarial and Regulatory Compliance
• HCL pioneered the concept of setting up an independent Insurance Solutions Development center and has successfully completed over 100 major insurance assignments spanning across Life Insurance, P&C Insurance and Reinsurance
• Solution Accelerators for increasing efficiency, reducing process cycle time and costs. Some examples being:
  • E-Signature - Three Signature Modes (Full with bar-code, Small footprint signature w/watermark and Initials w/watermark ) are the salient features available in the product designed, developed and implemented by HCL
  • Package Implementation Tool kits:
    • Data Migration - Mapping accelerators, Financial reconciliation tools
    • Integration design patterns
    • Testing Repository - Test cases/scenarios
  • SOX Compliance reporter - Used for Regulatory Reporting and provides an interface to read mainframe system logs. Replaces expensive third party tools like OMEGAMON and CA Log Analyzer
• Quality Focus: SEI CMM Level 5, ISO 9001:2000, BS7799 certified
• Strong commitment to building domain depth. Awarded "Excellence in Insurance Education" for 5th year in a row by LOMA and over 50% of Professionals enrolled in leading Insurance certification programs: LOMA, IIA/ CPCU, CII
• Strategic partnerships forged to deliver end-to-end Insurance solutions with SFS, SAP and eBao. HCL is a leading implementation partner for Guidewire Software's Claims Center, a leading provider of claims solutions to property and casualty insurers
• Innovative engagement structures and value based integrated services delivery to provide business benefits to customers

HCL is one of the few centers in India who have been authorized to administer online examinations for both Life (LOMA, USA) and Non-Life (AICPCU, USA).

HCL is also one of the select companies worldwide, awarded in five consecutive years with "Excellence in Education" by LOMA, USA.

Why HCL?

• Ability to deliver ITO, BPO and Infrastructure Managed Services
• Global Leadership team with Insurance Industry experience
• Certified insurance industry experts
• Commercial flexibility and transparency
• Penstock IP program - Development of insurance industry relevant solution accelerators and frameworks
• Centers of Excellence for industry leading insurance solutions
• Partnerships with leading package vendors
• Centers of Excellence for horizontal technologies and platforms used by leading insurers
• Risk sharing partnership model from 'FTE to Outcome based pricing'