HCLTech NOVUS NextGen Enabling solutions
Business situation
Enabling solutions: Opportunities to seize
39%
25%
29%
53%
35.4%
2%
HCLTech solution
Distribution management solutions
Support the distribution management solutions covering
- Hierarchy
- Compensation
- Performance management
- Financial management
Enabled by HCLTech insurtech partner ecosystem
Core system services
Implement, upgrade, and maintain core systems - Guidewire, Duck Creek, eBao, and Snapsheet
- Develop, maintain, and consolidate - legacy product and homegrown systems
- Portfolio conversion/migration services
- Powered by 50+ accelerators from HCLTech to support partner products
Sales, service, and distribution solutions
Agent and customer 360 to enable:
- Contact management
- Account management
- Omni channel
- Sales management (Mobile insurance sales toolkit)
- Marketing management
- Reports and dashboard
Illustration solutions
Powered by HCLTech and partner offerings
Success Stories
For a leading global insurance organization
Objective
Consolidation of multiple producer and compensation management systems to a modern robust ELC platform required reverse engineering of rules, validating and redefining user requirements made tough due to limited availability of functional SME and application SME.
HCLTech Solution
- Automation of workflows for manual touchpoints and processes
- Real time integrations for batch processing
- Web Enabled Business Intelligence for Back-end IT Support
- Transparent Commission Calculation with forward and backward tracing
Key Benefits Delivered
- Improved Time to Market by 70% in Product set up
- Real time integration with NIPR for license and appointments
- Reduced dependency on IT resulting in 30% decrease in IT Costs
- Operational users generate most of the ad-hoc reports using WEBI with no dependency from IT
For a leading sustainable insurance company
Objective
To expand distribution channel and optimize cost and effort via implementation of DTCC IPS services, automate Licensing and Appointment requests thereby reducing the cost on operations and processing data in straight through paper-less process thereby reducing dependency on manual operations
HCLTech Solution
- Building a system to accept the new Agent data from B/D thru EDI process
- Building a system to process Agent data to undergo business rule validations and configurations with minimal user intervention
- System to appoint new Agents and change demographics of existing Agents
Key Benefits Delivered
- First of its kind implementation providing opportunity for customer to expand their distribution channel
- Automatic appointment of reps at state with help of SIRCON, enabling reps to do business immediately
- Improved Operational Efficiency by automation of Licensing & Appointment Process
For a leading global insurance company
Objective
To build the next-gen distribution Platform to transform the life insurance sale process and to serve consumers, agents and distribution partners across all channels in an efficient manner
HCLTech Solution
- Event Driven Functionality via the technology platform RabbitMQ
- Content Management using AEM
Key Benefits Delivered
- Improved TAT for App submissions from 50 days to 10 days
- eSignature, voice signature features available
- Single view for the Agents for all the policies procured including the commission details, view commission statements, view reports and view/download product/marketing training material
For the oldest insurance company in India
Objective
Customer is the oldest insurance company in India having 30,000 strong distribution arm consisting of agents, brokers, bancassurance arrangements and strategic tie-ups with Auto dealers/PoS entities. Onboarding new agents and agency management became a complex process with increasing number of agents.
HCLTech Solution
- HCLTech custom developed significant amount of functionality on top of core basic functionality available on eBao COTS platform
- Extended core system (eBao) functionalities across value chain for connecting with both internal and external stakeholders
- Exposure of Core Insurance APIs for enabling UW channels to integrate with external systems for Quote generation, straight through policy issuance (Auto UW), renewal and more.
Key Benefits Delivered
- 50+ brokers / aggregators on-boarded that generated large business volumes
- Real time data availability by synchronizing Policy record with government database