Core PAS | HCL Technologies

Core PAS

HCL NOVUS NextGen Core PAS

HCL NOVUS is a suite of offerings that provides point solutions as well as end-to-end business transformation offerings to enable optimization of current models while enabling new models.

NextGen Core PAS offerings address initiatives around data, architecture, experience, and intelligent automation that deliver significantly differentiated and superior value for a carrier, distributor, and customer, typified by:

  • Reduced turnaround time and cost
  • Improved personalization
  • Optimized pricing
  • Risk assessment
  • Increased revenue opportunities

Business Situation

Core PAS: Opportunities to seize

$6.29 T

World life and non-life insurance DWP - 2019

$2.46T

US life and non-life insurance DWP - 2019

14.1%

Acquisition, field supervision, general expenses for underwriting US P&C carriers – 2019
Source: 2021 Insurance Fact Book – NAIC, S&P Global Market Intelligence

HCL solution

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Success Stories

US based Fortune 500 Financial Services Firm
ALIP implementation

For a Fortune 200 US insurer

x
Business Objective

Customer wanted to adopt ALIP but faced challenges like data not converted to ALIP for audits, inconsistency in converted data, information loss in conversion. Additional requirements like chassis for a new type of product, new enhancements in base product which required code change and transition from waterfall to Agile to SAFe methodology were also in scope.

HCL Solution
  • Creation of in-house product and business configuration capability
  • Product Test Workbench (PTW) automation to increase pace of validation during any configuration changes
  • Process alignment and Automation to ensure faster Issuance (from weeks to same day in some situations)
  • Enabled introduction of self-service acquisition
Key Benefits Delivered
  • 70% of products configured inhouse. 60% Accenture cost savings
  • Increased agility – faster time to market - Average time reduced from 15 months to 7 months
  • 30% Improved response to service customers with faster cycle times
  • Death claim process simplified and estimated saving of $400K per annum
Europe based Multiline Insurer
PAS Consolidation

For an American multinational insurance company

x
Business Objective

Customer wanted consolidation of the IT applications due to merger of different companies along with simplified integrations with mature SOA and simplified data architecture with few data stores

HCL Solution
  • Reduced the IT application estate from 210 to 130 by consolidation / enhancements
  • Migration of existing SOAP web services from the existing middle ware to a cloud based OPEN API
  • Ensuring no stoppage of services of existing applications using the SOAP web services
  • Redesign of API structure
  • Reduction of Core Policy Admin systems from nine to six
Key Benefits Delivered
  • Sunset of proprietary products saves huge licensing cost
  • The maintenance cost of home-grown systems was reduced
  • Reduction in the total IT costs because of reduction in the number of applications
  • Removal of redundancies brings flexibility to current and future initiatives
  • Via app integration, the customers also received benefits and conveniences of online platforms
A US Based Multiline Insurance Carrier
Delivered hyper-personalized bundle as a single policy

For Africa’s leading insurer

x
Business Objective

The Insurer is the largest general insurance group in Africa, with one million plus policyholders who range from individuals to commercial players to specialized business owners and institutions, largely driven by brokers and agents, almost 2700+ intermediaries who service a complex, hybrid Market. There was a need to give a very flexible, market segment driven, hyper personalized products for the large consumer group

HCL Solution
  • Two customizable package products were designed.
  • Product bundling, a success model was built, one for personal lines and one for commercial lines.
  • Each package policies have offerings with multiple variants having different pre-configured sections.
  • Pre-configuration of variants based on market segments and agents servicing such segments will automatically get pre-configured selection
Key Benefits Delivered
  • Conventional insurance gross written premium growth of 5%
  • Agency Segmentation improved quote conversion and time to market by 12%
  • Increased claims processing efficiency by 7%
Leading Life Insurer of APAC
Policy and billing replacement initiative

For a leading worker’s compensation insurer

x
Business Objective

The customer sought a policy and billing replacement initiative with challenges like extreme automation requirements for many core functionalities, complex rating requirements like Emod, historic data, continuous inflow of changes and new requirements and resistance to change in As-Is processes to adopt to GW OOTB features and best practices.

HCL Solution
  • Use of Benefit Realization Framework to track outcomes
  • Daily internal scrums for individual tracks and Weekly Scrum-Of-Scrums with all Work stream Leads and PMO team
  • HCL Guidewire COE SME team involvement throughout the implementation phase
  • Plan Sprint Demos and Retrospective sessions with Key stakeholders after each sprint completion.
Key Benefits Delivered
  • 100% self-service option for policy holders
  • 70% of agency submissions completed online
  • 80% of audit orders are business rule driven
  • 40% of coverage reinstatements and 50% of construction credit applications automatically managed
  • 15% reduction in time from audit order to receipt, 25% reduction in manual processes
Leading Life Insurer of APAC
Migration of legacy PAS to GUI based PAS

For a Fortune 200 US insurer

x
Business Objective

Client was using home grown mainframe-based PAS, causing significant delays in going to market with new product launches. The client embarked upon an ambitious journey to migrate from legacy system to modern GUI based PAS to fulfill its digital ambitions and to improve operational efficiency and provide better customer experience across the entire value chain of insurance operation.

HCL Solution
  • Migration of legacy PAS to new GUI based PAS
  • Product CoE set up for new PAS
  • New product launches across Life, Annuities and Health insurance space on the new PAS system
  • Provide system support post migration
Key Benefits Delivered
  • Immediate annuity products launches, across all 50 states
  • New product launches planned for Deferred Annuity, Life Insurance and Health Insurance products
  • Effective Project Management – Via creation of a single view for activities in Jira
  • Data cleansing performed to do away with data inconsistencies
  • Automation of regression testing for state roll outs
Leading Life Insurer of APAC
AI based process transformation

For a US based B2B IT service provider

x
Business Objective

Customer was looking for a technology-based solution to automate insurance contracts processing. Issues like error prone and time taking identification of relevant information from documents and arduous processing of long insurance contracts resulted in longer wait time to get claims and requests processed for the customers.

HCL Solution
  • HCL’s own patented AL and ML based Exacto was suggested as the solution.
  • Exacto provides the following features -
    • Metadata captured from insurance contracts along with confidence scores.
    • Images captured and classified as logos, stamp seal, reference number, premium rate etc.
Key Benefits Delivered
  • Structured storing of information from insurance contract yielding reduction in AHT.
  • High accuracy of 83% at field level
  • Reduced SLA time by 23%