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Sales & Distribution

INSURANCE SALES DISTRIBUTION

Dynamic environmental, operational, and technology changes have led to the development of multiple distribution channels in the insurance industry.  Insurers today no longer rely solely on conventional channels like insurance agents and brokers, but also on an increasing internet population and alternate digital channels.

Changes in customer buying patterns and preferences have also undergone a systemic shift when buying insurance products, which in turn is acting as one of the key drivers of the rising alternate sales and distribution channel. Through this, insurance advisors can project a product’s benefits, shorten the customer response time and enable real time product comparison.  Such new and alternate channels are helping increase sales and distribution volumes while keeping costs at a minimum.

HCL offers a broad range of technology solutions across insurance distribution systems and channel management – from full project ownership to providing critical solution accelerators. HCL’s offerings in the insurance distribution space are further strengthened by its newly developed insurance distribution software which is a web-based front-end extranet solution, Insureface that connects PC Insurance carriers with their users at an enterprise level. The solution enables carrier agents with centralized access to all of the business information, service applications and tools that they need in order to conduct business in the most efficient and simplest way possible.

Channel Automation (Life and PC)

HCL’s channel automation is a versatile offering that acts as a “Single point of entry” for the entire client servicing as well as self-servicing needs of a producer. It spans all activities from a series of hand-offs to end-to-end customer servicing at the point of sale.

Channel Automation - Key Modules

Client Servicing

  • New Business Management
  • Policy Bind and Issuance
  • Policy Servicing
  • Renewal Processing
  • Claims Submission and Status Check
  • Premium Billing and Collection
  • Enquiry Services

Self-Servicing

  • Sales Support (Marketing and Product Information)
  • Lead Management
  • Commissions Management
  • Client Management

Built on SOA, these modules provide a single unified view of the customer’s various relationships with the insurance carrier. The solution aims at transforming a technological environment from a standalone, poorly integrated insurance distribution system to a highly service oriented environment.

With data quality services, strong integration support and security architecture in place, it provides multi-channel, multi-product, multi lingual, and multi-currency support from a single interface.

HCL’s "Channel Automation" solution automates the entire client and self-servicing requirements of a producer that can be completed anytime, anywhere.

These are the key advantages in the distribution environment:

Makes it easier to do business with:

  • Speed – Automation, turnaround time, downloading
  • Reach – Anywhere access, synchronization
  • Flexibility – White labeling, partner-specific experience, customizability

Creates a unified customer view

  • Single truth - Ties all customer activities to customer level PL
  • Customer experience – Identifies customer preferences; do what-if analysis
  • Predictive analytics – Ties risk factors, customer info and financials into profit management capability

Improves nimbleness

  • Market intelligence – Anticipates market changes via customer activity and demographics
  • Shorter time to market – Configures and releases new products easily

More cost efficient

  • Self-service benefits – Fewer phone calls
  • E-Portal distribution of policies, marketing and risk management information
  • New products – Business rules driven
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