“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."
Our pre-built life insurance solutions and frameworks help several leading insurers to revamp their IT Governance and roadmap, effectively conduct and operate their business and modernize their sales and distribution strategy.
The global life insurance market stood at US$ 2.4 Trillion by the end of 2009 and is likely to register single digit growth in 2010. Insurers, exploring new avenues of growth, will churn out new products in the market e.g. variable annuities in the European market, annuities in the Asia-Pacific market. Time to market being the key, there is an overwhelming need to support new products on existing systems or procure new systems to maintain and manage these products.
Over the years, insurers have acquired several policy administration systems due to the need for faster time to market. As a result, there is no single view of the customer. The maintenance spend is enormous; sometimes as high as 30-40% of the maintenance budget. Moreover insurers are facing intense competition and the need of the hour is for developing alternate distribution channels to maximize the customer reach.
For the last ten years HCL has been providing transformational services to life customers across the globe. These encompass policy admin system rationalization and consolidation, sales and distribution initiatives, platform development and IT support for product launches.
The business benefits that we have delivered include:
- Enabling faster Go-to-Market and insights into existing product performance that facilitate faster product launch
- Simplification of operations through policy administration system migration and consolidation –Reduced 13 life systems into 5 for a leading European insurer
- Cost reduction and improved efficiency in back-office functions: enabled per policy cost reduction by 40% for a leading US insurer and committed to per policy cost reduction of 30% for a leading UK based life and savings provider
- Improved customer satisfaction through creation of a relationship based view – Single Customer View
We offer differentiated services that are being leveraged by our customers across the globe:
- Managing over 3 million policies and billing records for customers across the globe
- Transformational partner to several of our customers; experienced in Integrated and Multi Service Delivery as well as in enabling Greenfield implementations
- Vast third party product expertise for Customers ranging from ‘Advice to Execute’ to ‘Quote-to-claims’