Presently, insurers are facing numerous challenges, chief among them being cost reduction without an increase in premium. They also need to introduce customer-centric services and conform to regulations. Due to high maintenance costs, insurers are unable to take advantage of the communication and distribution channels and create new offerings. In order to run their businesses efficiently, insurers have to transform their Policy Administration Systems (PAS).
HCL’s PAS services integrate best-of-breed products, proprietary insights, tools, methodologies, and service competencies towards building powerful business cases and presenting strategic implementation roadmaps. With its holistic approach, it gives a clear vision for technology transformation and implementation.
HCL’s PAS transformation services solutions is a combination of advisory and consulting services which include process capability assessment, package selection, package implementation, custom application modernization, and managed services. It also leverages assets like iPAS and iPAC. HCL makes use of its technology expertise and domain capacity to help clients build an operational insurance policy administration system.
With a flexible business model, HCL works towards helping insurers reduce their overall expenses, improve their general cycle time, and bolster their customer acquisition capability. In terms of quantified value, HCL’s PAS transformation curtails expense ratios, reduces cycle time, and introduces new ways of enhancing performance. While it improves underwriting effectiveness and refines productivity in policy acquisition, management, and retention under its qualified values.
HCL has helped its customers in the financial services industry by transforming their business operations completely. With efficient time management and a sharp reduction in policy costs, HCL has allowed better business management. It has helped one of the largest P&C insurers in the Asia Pacific region to improve management as well as assess revenue leakage and fraud.
For a leading P&C insurer in Southeast Asia, it has increased the availability of critical business systems, key business systems, and first call resolution at the help desk by a huge margin. Apart from these, it has improved customer experience and revised costs for a leader in workers’ compensation.