Success Stories
Restructuring the Policy Administration system
Customer: Global Top 10 European insurer.
Business Context
The Company was in the process of restructuring, following a revamp of its organization structure with an aim to make the organization more customer-centric. The restructured model had five Service Centers and four Marketing & Sales units to service customers and distribution partners.
Each Service Centers and Marketing & Sales have the responsibility to manage all their individual IT systems within the Company's business and IT framework.
- Respond effectively to competition by introducing new products.
- Enhance efficiency in operations like Marketing and Sales, Intermediaries, Policy administration, Correspondence, Customer help desk through LIS
- Provide transparency to customers/intermediaries by sending customer friendly notices/letters, etc
- Enhance LIS to support product features already being marketed
- Enhanced ability to quickly modify IT systems in response to regulatory changes/government policies
Project Description
The customer's Life Insurance Policy Administration System manages 80+ different products, related to Universal Variable Life policies. It is a complex system, which interfaces with different systems like Financial Applications, Payouts, Reporting, Intermediary systems, Centralized Customer database etc.
Solution
Customer will deliver a collection of functional designs (work packages) in a mutually agreed template. Using the functional designs, HCL will perform the following activities
- Technical design
- Coding & Unit testing
- System testing
- Support during User Acceptance Testing (UAT) and production implementation to resolve issues and defects pertaining to the work items delivered by HCL
- For releases, a warranty period of 1 month will be provided against defects attributable to work created by HCL
- Consolidation of business system as envisaged in IT blueprint and restructuring
- Ability to shorten the time required to make a product available to market.
- Enhanced efficiency in operations
- More transparent operations from the customers angle
- Quickly modify IT systems in response to regulatory changes/government Policies
