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ADM services for a leading Fund Manager in Australia

ADM services for a leading Fund Manager in Australia

Business Need

The client wanted to increase Insurance Policy Penetration by introducing a new channel for their Insurance Business. The Financial Advisers were to sell to HNIs, using this channel. The channel needed to be created at minimum costs and by optimum utilization of existing IT Systems.

Business Objective and Challenges

  • Launch nine Life Insurance products on the Wrap Platform for Superannuation and Investment Wrap Investors
  • Consolidation of the Insurance Product with existing products and Integration of Advisers across Wrap and Insurance functions
  • Integration of the Wrap Platform with discrete systems, viz. Quotation System and Policy Administration System
  • Creation of a Core Engine for Insurance Premium Collection and Commission Distributions
  • Generation of new Reports and Statements, Analysis of existing Reports and Statements and their modification
  • Resolve changes in Business Accounting and Reconciliation Process

 

HCL Solution

 

  • Requirements gathering from scores of Stakeholders and Managed Business Users, Operational Users and Product Managers across four different client business functions
  • Design and development of the solution
  • System Testing and UAT Support
  • Delivery of the bug–free solution
  • Warranty Support

 

HCL Value-Add

 

  • Lower costs due to HCL’s ownership of total (end-to-end) project (including the cost of the client’s resources)
  • Dilution of the client’s risk due to the fixed bid mode of project and project ownership by HCL
  • Optimum utilization of HCL’s domain expertise resulting in considerable benefits to the client
  • Minimum system impacts due to functionality re-use by HCL
  • Savings of close to $1 million to the client due to off shoring
  • Implementation of WS Security, SOA-based solution and SSO
  • Creation of a talent pool of Programmers and Developers for TRUST and Wrap solutions
  • Metrics-based Quality Controls to ensure least possible deviation from the targets
  • Flexibility to suit the client’s comfort – the relationship advantage

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