P&C Insurance
Like every other industry, P&C Carriers are grappling with rising customer expectations as well as digital technologies that enables leverage of the ever-expanding sources of data, to gain intelligence that can aid actionable insights.
The challenging trends pose an opportunity for carriers to focus on a business value driven digital transformation enabling improvements in core outcomes like Customer engagement, profitable growth, improved loss ratio, improved Underwriting profit and loss mitigation.
With deep Industry Expertise working with leading carriers and Customer Experience focused Engineering DNA, HCLTech delivers Digital Transformation for P&C Carriers.
Business Situation
- Significant cannibalization in New business due to a saturated market
- Industrywide focus on profitable growth - underwriting improvements, Loss Mitigation and expense reduction
- Increasing focus on personalization fueled by digital technologies including IoT/Telematics, Analytics and AI/ML
- Pricing pressures and premium amount still being a key differentiator
- Technology and “Tech” Insurer disruptions beginning to create impact
- Increasing regulatory requirements
HCLTech Solution
Core System Services
Product implementation, Migration, Version upgrade, Testing and ongoing maintenance services across multiple products like Guidewire, Duck Creek, eBao and others that significantly reduce effort and timelines through leverage of HCLTech’s suite of tools and accelerators, specifically designed for these COTS products
- Conversion suite – frameworks for policy, billing and claims data mapping, extraction, reconciliation and data quality
- Implementation accelerators – A comprehensive suite of accelerators that address core functions , upgrades, conversions and integrations
- Testing automation framework – A Codeless approach for Guidewire testing automation
Digital Claims
An Integrated solution suite that targets both loss and expense reduction while providing a flexible way to administer automation in no touch, low touch and high touch scenarios. The key components of this suite are
- iAuto – A Guidewire Claim center based automation framework
- iDo – Intelligent document automation solution
- Claim Genius – Industry leading Claims AI functionality and Accuracy
- Daisy intelligence – Fraud solutions using Outlier detection and Fuzzy Logic
- Digital process automation – enabling process automation to deliver last mile value
Accelerated Underwriting
HCLTech’s Accelerated Underwriting solution comprises the following key components:
- Portal driven digital business transactions providing the ability to request, receive and process inputs like risk information, insured history etc through intelligent automation coupled with manual oversight as required by Underwriters
- “What If” tool for Underwriters to optimize price based on historical data of premium and claims
- Automatic generation of Quote letter, appropriate dynamic notes and Policy
Personalization
Personalized Marketing, product offers, pricing and customer engagement is a major trend in attracting new customers and retaining existing ones. HCLTech personalization solutions include
- “Name your price” – An auto insurance pricing personalization solution
- “Coverage bundling” – A coverage bundling framework for personal and commercial lines
- “Product recommendations” – To offer personalized products based on location risks, claim history and “similar customer preferences”
Power Insurance - Microsoft Dynamics CRM and Power Apps based offering for Insurance to enable
- Customized customer journeys
- Cross sell/Upsell
- 360 degree view of individual, corporate customer and Agent
- Proactive engagement
- Integration of disparate data sources
Collaterals
White papers
White papers
An Underwriting Pricing Optimization Approach for PC - Download Whitepapers
An Underwriting Pricing Optimization Approach for PC - Download Whitepapers
Impact of COVID 19 on P&C Insurance- An HCLTech Point of view
Impact of COVID 19 on P&C Insurance- An HCLTech Point of view
Auto Insurance - Of Covid, Personalization and Disruptions- Download whitepaper
Auto Insurance - Of Covid, Personalization and Disruptions- Download whitepaper
Insights
Insights
HCLTech recognized as a leader in the everest group peak matrix™: l&p insurance digital peak matrix™ assessment 2019
HCLTech recognized as a leader in the everest group peak matrix™: l&p insurance digital peak matrix™ assessment 2019
HCLTech rated as a leader in zinnov zones for iot services
HCLTech rated as a leader in zinnov zones for iot services
HCLTech positioned as a leader in everest group’s talent readiness for next- gen it services peak matrix® assessment 2020
HCLTech positioned as a leader in everest group’s talent readiness for next- gen it services peak matrix® assessment 2020
Success Story
Strategic Partner for innovation and Tranformation
ADM and Analytics offerings
Business Problem:
More than 40% of claims involving suspicious or fraudulent behavior would be manually referred to Special Investigation Unit (SIU) which is cumbersome.
HCLTech Solution:
- To identify, capture and store fraud rules that will refer a loss systematically
- To provide capabilities for SIU to access referral, accept or decline referral, create and assign investigation, document investigation details, complete the final resolution details and close the investigation.
- To provide on-line capabilities to SIU to View, select, enter, associate, maintain and delete Internal and External Investigators.
- To Provide SIU the ability to utilize the work management capabilities
Client Benefits:
- Effective increase of 97% referrals comparing to previous year
- Project benefits are associated with increased operational capacity to distribute, handle and status investigations, and overall Revenue
- The projected total tangible benefits for the 3 years are USD 23.6M
ADM partner for core systems and COTS products
Objectives:
- Reduce time for loss reporting by process improvement
- Enhance customer service by integration with service providers
- Increase claims handling efficiency
Solution:
Configuration:
- Data Model enhancement
- New Screen development
- Business Rules development
- Activity Patterns
- Work-Flow Development
Integration:
- Integration point between ATLAS and mainframe systems, Contact Center, CCC etc.
- Batch server
- Creation of Web services
- Enabling Messaging and processing
Client Benefits:
- Improved Time-to-market through “follow-the-sun” model. Up to 30% improvement in cycle time.
- Better work distribution for accelerated implementation
- Reduced Total Cost of implementation – Up to 50% cost efficiencies with optimal offshore leverage.
- Flexibility and scalability – Manage workload variations/spikes, attrition risks
- Leverage Industry best practices – Learning's from other HCLTech implementations
- Utilize IP and frameworks like DICAT for improvements in speed, quality and time-to-market.
- Year-on-year efficiencies through productivity improvements, reusable components and knowledge management
Strategic partner for Core systems, integrations and ADM Services
COTS implementation, upgrades, Data Migration, Integrations
Objectives:
- Workers Compensation Claims System currently running on legacy to be replaced by Claim Centre and the interfaces to redeveloped accordingly
- Current Pain points of customer:
- No Business agility
- 'Ease of Maintenance' is low in the legacy application
- Unable to incorporate new business rules without changing core code
Solution:
- Complete migration from Legacy system to claims
- Configured Claim Center application screens and database
- Client system rules configured into Claim Center
- Client system organizational structure built into Claim Center
Client Benefit:
- Benefit in terms of cost and time on business requirement change adoption
- SOA based approach provides smooth transition to the desired state
- ClaimsDataMart as central point for all analytical reports
- More reusable and loose coupled services provide business agility
Strategic partner, Core systems, upgrades, Portal and data initiatives
Context:
- US based stock insurer, is a property and casualty insurance company with experience insuring American businesses since 1912
- "A" rated (Excellent) property and casualty insurance company licensed in all 50 states of the US for Commercial Lines
- Insurer's Special Risk Solutions (Loss Sensitive Program) provides flexibility in terms of Risk and Credit assessment to cater the most profitable clients
Solution:
- Perform On-Demand Retrospective Premium Adjustment Calculations on-the-fly
- Automated Retrospective Premium Calculation System
- Automatic Retrospective Premium Adjustment System
- Automatic Invoice Generation for the Retrospective Adjustments
- Various Reports and Integration feeds to downstream system
- Dashboard for various users defined as per the system
- Perform On-Demand Retrospective Premium Adjustment Calculations on-the-fly
- Data Conversion from existing system to the new system
Client Benefit:
- 100% Removal of manual effort in Credit Analyst (CA) billing system
- 100% Automated calculation of complex Retro Rating Algorithms for Retro Analysts (RA)
- >90% of Retro Analyst’s time saved to focus more on Credit Risk Analysis & Business Development activities
- 100% accurate Financial Ledger for Subject & Non-Subject premiums
- User friendly & Flexible Drilled-down Search and Navigation options through Dashboard
- Faster refund & Instant response to inquiries improves overall Customer satisfaction
- Manual Retro Adjustment process (120 days) replaced by On-Demand process
