Property & Casualty
Challenges you may be facing
Although the maturity of insurers varies according to geography, HCL observes some common trends among them. These include:
- Focusing on enhancing customer experience to retain existing customers and save on retention costs
- Reducing the claims cost by reducing the number of associated processes
- Controlling underwriting leakage
- Streamlining processes and increasing efficiency by replacing existing systems
- Cross- and up-selling products through agent/broker networks
Insurers are also looking at business aligned technology solutions that can help with business growth, increased profitability and cost optimization, agility, flexibility and ensuring superior customer experience. With underwriting becoming a key focus area as a means to achieving operational efficiency in the long run, companies are budgeting for core systems transformation in policy administration, underwriting and claims, and making dedicated technology spends in Insurance business analytics. When used appropriately, STP, SOA, and Web-based services offer more benefits than risks and PC insurers are looking in the direction of new/niche markets, geographies, channels, and acquisitions as a means to grow.
How HCL can help
HCL serves more than 50 insurers across the globe and significant services are being delivered to the world’s Top 10. HCL offers business aligned solutions that are helping them achieve both their business and IT goals.
- HCL provides transformational and cost optimized IT services for Greenfield insurers, claims management initiatives, policy admin system rationalization and consolidation, sales and distribution automation initiatives, and platform development and IT support for product launches.
- Through relationships with leading industry analysts, HCL can provide industry-wide thought leadership and best practices ranging from expense management to direct marketing programs.
Why should you consider HCL?
- HCL’s insurance practice has more than a 1000 professionals providing technology solutions across the PC landscape, and a dedicated Business Analyst Academy (BAA) with over 450 certified Business Analysts serving more than 10 clients for nearly a decade.
- HCL’s solutions are being leverages by leading General Insurance Companies, Specialty Insurers, and Workers’ Compensation Insurers across the globe
- HCL has comprehensive partnerships with industry-leading solution providers such as CSC, GuideWire, Oracle, SAP, Filenet, Prima, SFS, and others. For example: HCL has completed 7 claims systems transformations with GuideWire and is currently engaged in several others.
- HCL is the only India-based service provider to have won the Excellence in Education Award from LOMA for six consecutive years, demonstrating our commitment to domain excellence.
- HCL has built a set of hugely successful IPs and solution accelerators, such as:
- InsureWrite - a Commercial Lines Policy Administration Tool
- InsureFace - an Agency Portal
- Insurance Policy Migration Tool, Insurance CXO Dashboard, Web Portal Maturity Framework, Package Implementation Toolkit