Life Insurance

Business problem:

• Longer time taken for launching new products
• Business validation took more time during roll outs, especially with state specific deviations
• High cost of configuration and maintenance of vendor product (ALIP)
• User interface for application process was lengthy
• Regression testing for state roll outs was a painful process
• The normal timeline for launch of new products was a minimum of 2 years

HCLTech Solution:

• Personalization – Suitability & Quote –Need Analysis was built to do a cursory assessment to check whether the customer is suitable for the product
• Re-engineer Process changes – Redundant acquisition processes were simplified
• Faster Go to market of launching new products
• Developed Digital Sandbox to quickly create and test multiple products and multiple versions of products; Created process functions by real time integration to PAS systems to accelerate product launch
• PTW Automation - (Product Test Workbench) was created that takes care of the regression testing whenever there is any configuration or rate changes

Client benefits:

• Successfully rolled out ‘New Product’ to 50 states and having sold $12M worth premium within 3 months of implementation
• Benefited greatly in terms of customer experience and usability where 10% of policies issued on “No touch” basis
• Same day policy Issuance improved to 20% in acquisition rates
• Approximately 30 existing processes were re-engineered
• The expertise built on vendor product capability aspect has improved the pace of product launch from 25-30 months in the legacy system, to 7 months with the support of HCLTech in configuration aspects

Business problem:

The insurer had built up a backlog of around 60,000 divorce intimations that needed to be handled and administered in the group pension administration system. Some of the key challenges includes:

• User has to navigate through ~195 screens to fulfill a single case
• 4 Applications touch points (2 Web, 1 mainframe, MS Word)
• > 45 critical business rules
• Lack of functionality in current tools/applications for accurate divorce benefits calculations

HCLTech Solution:

• Backlog of divorce intimations were processed by the robots
• Eligibility amounts were calculated by the bots
• Ensured required data entry in the back end system

Client benefits:

• BOT is provided as a service and so can be called by any application via SOAP request
• Removal of standard human steps
• Eliminated dependency on a third-party tool
• Proactive Savings of 115 FTE
• Approximate Savings of 2078769 EUR
• 85% reduction in Cycle time
• Inclusion of additional business rules to overcome the current application issues

Business problem:

• Lack of experts available to throw light on the legacy system
• Lack of process or system documentation
• No enhancements to system for a decade
• Early 90's database with unique SQL requirements
• Physical tables do not have key and no normalization in structure
• Data errors had no validation checks on capture
• Manual steps in every process/transactions

HCLTech Solution:

• Detailed assessment of as-is state
• Well defined data migration approach
• Data migration of few selected products (MVP) to new Platform as part of PoC
• Successful migration of all products based on PoC experience

Client benefits:

• Successfully migrated Individual Life policies to modern Platform
• Captured data quality errors and process gaps
• Single source of data
• Ability to build digital solutions around the new Platform

Objectives:

• Point of Sales with
  • Financial Needs Analysis and Needs based Advisory Solution
  • Benefit Illustration & Quotes Summary
  • Proposal Submission & Service requests
  • Multiple Products Sale as a Single Transaction
• Solution enabled in Mobility (iPads & Tablets) and Agent Laptops
• Revamping of Product Engine component
• Solution to be available Offline as well

HCLTech Solution:

• State of art technology to enable faster data synchronization between off-line and on-line components
• Modular solution for proposed BIPS Product engine with configurable features enabling reduced TAT for product set-up and launch
• Point of Sales system (New EMAS) availability for all Channels – across all Product Lines – Life, Health, Retirement, Investment & Key-man etc.
• UI design with high usability experience for end users – Life Planners and Channel partners
• Common Repository for Questions and Dynamic construction of Questionnaires and Forms
• Compliance to all functional, regulatory and statutory compliance requirements as outlined by customer
• Reuse of Needs Analysis Reports, Forms, Questionnaires, Quotes, E-Signatures, Reports for Multiple Sales of products for a client

Client benefits:

• Reduced product configuration time, flexibility to configure new products and speed to market
• Reduced time in implementing changes in Questionnaires and Forms
• Introduced advanced mobility capabilities catering to 3000 + Tied Agents, Brokers and Bancassurance channels
• Implemented E-Signatures & e-Submission capabilities to enable complete paperless
• Increased Channel Efficiency by reuse of Forms/Questionnaires/Signatures in case of Multiple Sales for a single client/family

Objectives:

• To create robust, scalable, flexible, secure & cloud enabled modern platform
• Configurable workflow based architecture
• To overcome the difficulties of finding resources with legacy-technology skills
• To overcome the data capturing in multiple systems

HCLTech Solution:

• Single Core Platform
• Omni-channel capabilities
• Business Process Automation
• Better User Experience
• API-fication
• Design Thinking
• Cloud enabled

Client benefits:

• Cost reduction & improved operational efficiency through automation
• Reduction of technical debt
• Customer self-service options
• Single view of data for customer transactions
• Cross-sell/Up-sell products and leverage better customer relationship
• Adheres Legal and Regulatory frameworks
• Improved standardization