Policy Administration

Insurance companies incur significant expenses in this area and are constantly seeking to reduce these while enhancing the service quality to its customers.

HCL has worked with its global Insurance customers to help them achieve this objective. HCL maintains a host of policy administration systems, like Vantage and DSS and home-grown applications.

Representative Engagements

Restructuring the Policy Administration system

Streamlining Policy Administration System

HCL's Policy Data Migration Solution

It is a policy enabled solution, with robust and well-tested methodology, which has been used to deliver conversion projects for several HCL customers.

Phase-1 — Feasibility Study: HCL team performs a high-level analysis of the source and target systems to assess the feasibility and cost of conversion. HCL prepares a business case, which considers the cost of conversion, cost of ongoing maintenance for as-is scenario and converted scenario to calculate the pay-back period.

Phase-2 — Gap Analysis: This involves a detailed gap analysis of source and target systems to identify functional gap between the two systems, identify the enhancements that need to be done in target system and the data mapping and transformation requirements.

Phase-3 — Update Target System: This phase includes the analysis, design, coding, and testing of the changes and enhancements required to the target systems to support the books of business to be converted from the source system.

Phase-4 — Data Migration: Data migration is done in parallel to Phase-3 and includes data mapping, data cleansing, data transformation, coding of validation routines and exception handling. HCL team configures and fine-tune the tools for enabling rapid conversion.

Phase-5 — Migration Rehearsal: Migration rehearsal involves testing of data migration process by migrating increments of policies, and verification of data by generating reports, and performing batch processing cycles in the target system.

Phase-6 — Integration Testing: On successful completion of migration rehearsal, complete end-to-end integration testing of the target system, including online, batch processing, upstream and downstream interfaces is performed. Parallel testing is done on source and target systems and reconciliation of various control totals is done to ensure the accurate processing of policies in the new system.

Phase-7 — Implementation: The production implementation is typically done over the weekend, and the system is monitored for a period of 2-3 weeks to ensure correct functioning of the system.

Benefits of HCL's Policy 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