Enabling Solutions | HCL Technologies

Enabling Solutions

HCL NOVUS NextGen Enabling solutions

HCL NOVUS is a suite of offerings that provide point solutions as well as end-to-end business transformation offerings to enable optimization of current models while enabling new models. NextGen enabling function offerings address initiatives around data, architecture, and orchestration that deliver flexible engagement for the distribution and billing functions, typified by

  • Flexibility
  • Speed of change
  • Reduced cost of operations
  • Increased revenue opportunities

Business situation

Enabling solutions: Opportunities to seize

39%

Global life tied agents – 2018

25%

Global life brokers – 2018

29%

Global life bancassurance- 2018

53%

Global P&C tied agents- 2018

35.4%

Global P&C brokers – 2018

2%

Global P&C bancassurance - 2018

HCL solution

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Success Stories

US based Fortune 500 Financial Services Firm
Modernize & multiple system consolidation

For a leading global insurance organization

x
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.

HCL 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
Europe based Multiline Insurer
Automation of licensing and appointment services

For a leading sustainable insurance company

x
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

HCL 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
A US Based Multiline Insurance Carrier
NextGen Distribution platform

For a leading global insurance company

x
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

HCL 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
Leading Life Insurer of APAC
Agency management feature

For the oldest insurance company in India

x
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.

HCL Solution
  • HCL 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