Life Insurance | HCLTech

Life Insurance

Life and Pensions

Life insurance companies across the globe are looking at fast and secure digital solutions to meet customer expectations. Establishing a single platform for customers using modern technologies in life insurance, improvising legacy systems, increasing efficiencies, and reducing costs are the primary objectives of many insurers. Life insurance services and products are undergoing significant changes globally due to the technological advancements driven by intelligent automation - Artificial Intelligence, IoT, Blockchain, OCR, NLP, Omni Channel, RPA, etc. This helps insurers to move toward data and analytics driven business decisions. The pension and annuities industry is rapidly changing with the advent of new technologies resulting in cost reduction, non-duplicating functionalities, and high compliance.

HCLTech has been assisting life insurance companies across the globe in effectively conducting their business operations. HCLTech helps them revamp their strategies on new product introduction, delightful customer services, automation of the business processes, and modernize the legacy platforms to meet enterprise-level business needs. Our expertise in handling Greenfield implementations and experience in integrated and multi-service delivery are being leveraged by customers across the globe. HCLTech has over 20 years of experience in delivering large and complex platform transformations in the life insurance and pensions space.

Business Situation



  • Personalized customer experience
  • Flexible product solutions
  • Proliferation of data and connected devices, particularly wearables in shaping customer health
  • Information collected from external sources and devices to proactively assess risk
  • Life insurance companies moving toward “one-touch” underwriting
  • New business function uses digital-hybrid solutions by incorporating robo-advisors, video conferencing, and web chats
  • From 2015 to 2019, unit-linked premiums rose $76 billion globally, with European life insurers accounting for 2/3rd of global growth
  • Flexible offerings, which allow the consumer to adjust coverage throughout the life insurance policy
  • Closed-block specialists, whose scale facilitates lower costs per policy, have proven themselves to be effective operators
  • Declining public pension replacement rates and rising healthcare expenditures
  • Global middle class is rapidly expanding, bringing higher incomes and heightened risks to manage

HCLTech Solution









Success Story

US based Fortune 500 Financial Services Firm
US based Fortune 500 Financial Services Firm

New Product introduction

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
Europe based Multiline Insurer
Europe based Multiline Insurer

Digital Solutions - RPA

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
A US Based Multiline Insurance Carrier
Leading global Multinational Insurer

Migration capability

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
Leading Life Insurer of APAC
Leading Life Insurer of APAC

POS solution

  • 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
Closed book Management
Closed book Management

ALPS capability

  • 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