Pensions & Annuities
Challenges you may be facing
Life and Pension/Annuity companies have to deal with an increasing amount of direct expense due to the current Life &Annuity(L&A) policy administration platforms and the Insurance business processes and services that they support. A plethora of new technologies on disparate IT systems is resulting in increased IT support costs, high compliance risk issues, and a duplication of functionality that is increasing business as usual (BAU) and manpower costs. The total cost of ownership (TCO) of obsolete technology is also difficult to maintain.
The transformation of the pensions and annuities industry is being driven by factors such as technology support to channels, integration of back-office processes, the replacement of legacy systems and the inclusion of SOA, Web services, and straight through processing (STP). Therefore, to remain competitive, these companies need to rationalize their IT strategy around pension services and leverage the full potential of their technology investments to decrease time-to-market for new products while extending their platforms across new age policy holder and producer channels.
What we can do for you
For pensions and annuities industry,HCL leverages domain based capabilities to deliver value across:
- Product & Marketing
- Enabling faster go-to-market and insights into existing product performance that facilitates faster product launches
- Policy Administration & Claims
- Simplifying operations through policy administration system migration and consolidation – HCL reduced 13 life systems into 5 for a leading European insurer
- End-to-end Operations
- Reducing cost and improving back-office function efficiency - HCL reduced the per policy cost by 40% for a leading U.S. insurer and committed to a per policy cost reduction of 30% for a leading UK based life and savings provider
- Customer Experience Management
- HCL provides a multi-channel integration framework that enables self-service for customers and channels; ‘Integrated Customer’ across marketing, sales and service, with interaction management; Customer Data Management for a single customer view across channels and fact-based customer relationship models; Customer Behavior Analytics across channels (Social, Contact Center, Online, etc.) and Customer Behavior Monitoring
Why should you consider HCL?
- HCL is the only company in the world to win the “LOMA Education Excellence Award” 8 times
- HCL is the single sourcing partner for the world’s Top 2 listed life insurers
- HCL is an FCA regulated entity and among the Top 5 BPO companies in the UK administering Closed Book Operation
- HCL has over 15 years of successful experience in delivering large and complex platform transformations
- HCL’s tools and frameworks include specific accelerators that can be directly leveraged by agents and producers
- HCL has platform capabilities in CSC, Amarta, homegrown Mainframes and other systems
- HCL has converted and migrated over 10 million policies; managed over 3 million policies and billing records for customers
- HCL has over 1000 certified SMEs with Life & Annuity Insurance expertise
- HCL has acquired one of the largest life insurance closed book operations