Insurance Industry | Insurance Services and Solutions

Overview

The modern world is prone to perennial disruption. With the advent of social media and connected devices, we’ve seen radical changes in how people work and live. For businesses, this means having to cope with constantly changing customer behaviour and consequently, customer expectations. The insurance industry isn’t immune to this trend. They have no choice but to be “Future-Ready”. A future-ready insurance business needs to acquire a dynamic understanding of their customers, gain insights into potential risks, and build the capabilities to innovate new services and solutions. This makes them more effective in promoting safety, protecting health and income, and developing resilience in the face of unforeseen disruptions. HCLTech’s Insurance Business Services specialises in enabling insurers to embrace technology transformation and pursue innovation and agility as an integral part of their ethos. Our extensive expertise across domains, such as data and analytics, AI, connected devices, and more, empowers insurers to address their end-customer’s objectives. We help insurers become future-ready so they can monitor the evolution of risk, bolster value-added services, and access new markets for their services in trustworthy and relevant ways. As a technology partner, we strive to help insurers serve their customers as a “future-ready” business.

Our Strength

18+ years of experience in the Life and Pensions domain

600+ industry professionals

1 MN policies in force

4 global delivery locations

3600+ product variants developed

30+ system migrations undertaken

Why only a future-ready insurance business will survive in the new normal

Being There

With HCLTech’s insurance offerings, businesses can prioritise customer engagement. By transforming their own value chains, insurers can offer their customers bundled solutions that are driven by empathy and trust. This means offering intuitive digital services such as self-service portals for retail customers and partnering with institutional end-customers as a valued consulting partner. The development of omni-channel customer services can help insurers connect with their customers and offer real-time services. By adopting design-thinking-based automation transformations, insurers can not only help customers easily access services, but also improve their operational processes. Moreover, the use of intelligent automation in the back and middle offices increases claims processing accuracy and reduces costs, which further adds to the customers’ delight.

Being Credible

HCLTech Insurance Business Services is an FCA-regulated UK&I Life and Pensions administrator that offers end-to-end services for the insurance industry. For over 18 years, HCLTech has serviced insurers in the Life and Pensions domain with a wide assortment of BPM experiences and a full range of digital services. We bring the talent and expertise of more than 600 industry professionals to our clients.

HCLTech offers insurers a flexible operations model comprising of a proprietary policy administration platform (ALPS – Advanced Life and Pensions System), an award TOSCANA work management system, and a seamless onshore-offshore delivery model. Currently, HCLTech has over 1 million policies in force, across 5 distinct client blocks, handled from 4 global delivery locations – Preston and Romford in the UK and Chennai and Lucknow in India. We have also developed over 3600 product variants and undertaken over 30 system migrations.

Being Relevant

We offer insurers end-to-end visibility into their customer experiences, so that they can anticipate both end-customer and institutional needs. By augmenting the best of human talent with machine capabilities, insurers can develop relevant and personalised solutions for their end-customers.

Being There

With HCLTech’s insurance offerings, businesses can prioritise customer engagement. By transforming their own value chains, insurers can offer their customers bundled solutions that are driven by empathy and trust. This means offering intuitive digital services such as self-service portals for retail customers and partnering with institutional end-customers as a valued consulting partner. The development of omni-channel customer services can help insurers connect with their customers and offer real-time services. By adopting design-thinking-based automation transformations, insurers can not only help customers easily access services, but also improve their operational processes. Moreover, the use of intelligent automation in the back and middle offices increases claims processing accuracy and reduces costs, which further adds to the customers’ delight.

Our Solutions

lucy chatbot

Lucy Chatbot

Structured inputs like voice calls are first processed by chatbots followed by bot-assisted agents. With bot-support, agents gain a 360-degree view of the stakeholder and can offer real-time interventions, using a speech analytics engine.

toscana

Toscana

This next stage of processing leverages our TOSCANA solution, which links the workflow to the platform. This helps in automated allocations, escalations, and notifications to increase speed and reduce errors.

exacto

Exacto™

Unstructured queries via email or posts are handled using EXACTO™, which leverages AI and machine learning to support remote underwriting and faster claims workflow.

fusion

Fusion RPA

Our RPA solutions free up the human workforce by undertaking monotonous, repetitive work while allowing them to focus on higher-order tasks. This system emulates rule-based tasks across transactional and administrative areas while also being capable of operating other applications for greater productivity and efficiency.

impact analytics

iMPACT Analytics

We use the continuous flow of process data and feedback to enable constant improvements and a deeper analysis of the process, which helps close loopholes. This approach optimises the overall process via workflow automation, automatic work distribution, prioritisation, case management, and SLA management – all of which drive efficiency and agility.

The true power of our solutions and offerings

We see our clients’ challenges as our own. HCLTech Insurance Business Services customise and personalise technology-driven solutions so that our clients are best-equipped to focus on the needs and priorities of their end-customers.

Generating actionable business intelligence

The combined power and expertise of HCLTech’s Analytics offerings help insurers acquire actionable insights that can be quickly operationalised. The solution provides easily accessible, real-time insights on an interactive and visual medium. The insights generated are dynamic and transparent, which allow decision-makers to drill-down and identify the root cause of issues. By deploying HCLTech’s Analytics solution across the enterprise, insurers can capture more nuanced customer insights and be better positioned to personalise products, optimise pricing, ensure faster claims processing, reduce customer attrition, advance risk management, and foster better customer acquisition.

Enabling an omni-channel vision while delivering superior customer service

We help insurers create a secure portal that allows customers to safely store and access their documentation. Such a solution accelerates processing and turnaround time by reducing the leg work required of the insurance specialists to collect and enter data into the system. HCLTech can develop such a robust solution in as little as 8 weeks. This solution enhances the experience for the end-customer and, by digitising the claims processing pipeline, reduces the burden on the insurance enterprises’ back office operations. Such a solution can be aligned with closed-book products as well, which helps re-engage legacy customers.

Taking customer engagement to new heights

With HCLTech’s Toscana Business Process Suite, insurers acquire a powerful technology platform that leverages advanced technologies to make the most of the vast amount of customer data that is accessible to the business. This allows organizations to implement content integration, process orchestration, dynamic case management, predictive analytics, enterprise mobility, and collaboration, with greater ease than ever before.

Enabling employee productivity and operational efficiency

HCLTech addresses these challenges through automation tools that relieve the pressure on human workers and eliminate “workarounds”. HCLTech’s Robotic Process Automation solution helps insurers relegate repetitive and tedious rule-based work to robots. This allows insurers to focus on building a high-growth, responsive business while optimising costs. By offloading a substantial share of transactional and administrative tasks to RPA bots, insurers can reduce time-to-market, enhance service delivery, reduce costs, minimise human intervention, and increasing business stability.

Lowering employee stress and enable productivity with Artificial Intelligence

HCLTech EXACTO™ can help enterprises lower employee stress while also enabling higher productivity. EXACTO™ offers insurers innovative features that leverage AI, computer vision, machine learning, and cognitive intelligence. It is powered by a natural language processing (NLP)-based engine that interprets and extracts valuable information from structured and unstructured sources with a near 100% accuracy rate.

Optimising investment in customer service

HCLTech’s Chatbot solution uses AI and NLP to help insurers create a conversational experience with their customers. The most sophisticated tool within this solution suite is DRYiCE Lucy, an AI-enabled, cognitive virtual assistant that can be used in various capacities. Lucy can not only effectively resolve customer queries and complaints, but also be deployed to promote products and services. In fact, Lucy can also be deployed to support human workers by offering them an assisted and guided interface that works with other systems.

Client Success

Case Studies

EXACTO™ enables smart data extraction to accelerate invoice processing. HCLTech implemented the EXACTO™ product for the client’s finance department that leverages Deep Neural Networking and Natural Language Processing to automate the data extraction in the processing of invoices.

Case Studies

EXACTO™ Kicks automation into overdrive for Swedish motorbike manufacturer. The EXACTO™ product was seamlessly built into the client’s existing workflow alongside the Toscana Business Process Suite that enabled it to track the progress of the invoices.

Testimonial

Derek Shaw talks about how IT has played a crucial role in the transformation journey of Land O'Lakes, a member-owned agricultural cooperative focusing on the dairy industry based in Minnesota.

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