Challenges you may be facing
The life insurance industry is slowly recovering post the global meltdown. In need of a makeover, this industry is compelled to alter its business and operating models to successfully navigate the realms of operational efficiency, regulatory compliance, and sustainable competitive advantage. Consumerization and the emergence of alternate sales and distribution channels are also driving the shift in products and life insurance services being offered globally. Additionally, there are inherent challenges surrounding book management, underwriting services, and legacy technologies, making insurers think of adopting data and analytics driven business decisions while readjusting their sales and distribution strategy.
Companies that are able to successfully navigate these challenges will have an edge over competition and be better prepared to leverage and exploit the huge market opportunities.
How HCL can help
HCL’s life insurance services, solutions/frameworks are helping leading insurers across the globe govern and revamp their IT roadmaps to effectively conduct and operate their business while modernizing their sales and distribution strategy. To tap into the huge market opportunity, insurers are exploring new avenues of growth and churning out new products and services, e.g. variable annuities in the European market and annuities in the Asia-Pacific market. Faster time-to-market being the key, HCL can help support these new products on existing systems or procure new technology systems to maintain and manage them.
Over the years, insurers have acquired several policy administration systems. As a result, there is a lack of integrated systems and processes which is leading to disparate, multiple applications, restricting a single view of the customer and a unified experience across channels. Maintenance costs of these traditional systems/platforms can be as high as 30-40% of the total IT support and maintenance budget. HCL can help these insurers develop alternate distribution channels to maximize their customer reach, and modernize and business align their life insurance systems and life insurance software platforms to meet unique enterprise-level business needs.
Why should you consider HCL?
For over a decade, HCL has been providing transformational technology-based life insurance services to insurers across the globe, including policy administration system rationalization and consolidation, sales and distribution initiatives, life insurance software and platform development, and IT support for product launches.
The business benefits that HCL has delivered include:
- Enabling faster go-to-market and insights into existing product performance that facilitates faster product launch
- Simplifying operations through policy administration system migration and consolidation – Reduced 13 life systems into 5, for a leading European insurer
- Reduced the cost and improved the efficiency of back-office functions - per policy cost reduction by 40% for a leading U.S. insurer; committed to per policy cost reduction of 30% for a leading UK based life and savings provider
- Improved customer satisfaction through the creation of a relationship based view - a single view of the customer
HCL provides differentiated life insurance services that are being leveraged by customers across the globe:
- HCL manages over 3 million policies and billing records for global customers
- HCL is a transformational partner to several customers; is experienced in integrated and multi-service delivery; efficiently handles Greenfield implementations
- HCL has vast third party product expertise from ‘advise to execute’ and ‘quote-to-claims’ processes