Skip to main content Skip to main navigation Skip to search Skip to footer

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. There is also the necessity for customer-centric processes and regulatory compliance. Many carriers, however, are saddled with legacy IT systems, long product development cycles and high maintenance costs, all of which are making it harder for global insurers to manage costs, take advantage of new communication and distribution channels, and create/ disseminate new offerings. Due to this, insurers are facing the consequences in both their top and bottom lines. They need to transform their Policy Administration Systems (PAS) for faster time-to-market, efficient business processes, and for an augmented customer experience.

How HCL Can Help

From building a robust business case to chalking out a strategic implementation roadmap, HCL’s PAS transformation mission involves the integration of best-of-breed products, proprietary insights, tools, methodologies, and service competencies that will deliver a distinctive, tailor-made solution translating into tangible business outcomes. HCL’s PAS transformation services take a holistic approach with a view of the client’s operational environment coupled with a clear vision for technology transformation and implementation.

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 insurers reduce their expense ratios, underwriting expenses, IT intensity, and the cost of policy administration, management and retention; improve their quote-to-bind cycle time; and increase their customer acquisition capability. HCL’s PAS transformation 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
Site Section: 
SIW Optimized: 
SEO Optimized: 
Contact Us
Uploaded file should not exceed 15 MB. Allowed extensions are.pdf, .doc, .docx, .rtf., ppt, .pptx , .xls, .xlsx & .xps (Max 4 files)

Downloads

What Customers Say

“Throughout this project HCL was responsive and adaptable to the various changes that occurred, while remaining focused and productive. Additionally, HCL has a sharp understanding of our business processes and technology environment, which has offered us the added benefit of not disrupting our own staff during this important integration.“

- CIO, New Jersey based P&C carrier

We are pleased with HCL’s implementation approach in a global delivery model leveraging the proposed solution accelerators in areas of data conversion, integration and reporting related to claims.”

- CIO, A Leading Mutual Insurer in US