A global breakdown has prompted the life insurance industry to alter its business and operating models to successfully navigate the realms of operational efficiency, regulatory compliance, and sustainable competitive advantage. Driven by consumerization and the emergence of alternate sales and distribution channels, life insurance services and products are undergoing significant changes globally. New challenges pertaining to book management, underwriting services, and legacy technologies are also cropping up, compelling insurers to adopt data and analytics driven business decisions while reinventing their sales and distribution strategy.
For over a decade, HCLTech has been assisting insurers across the globe in effectively conducting their business operations and revamping their sales and distribution strategy. As they keep churning out new products and services to stay competitive in the market, faster time-to-market has become the key objective. HCLTech adequately supports these new products on existing systems and helps procure new technology systems to maintain and manage them.
Over the years, insurers have acquired several policy administration systems and this lack of comprehensive integrated systems is hindering a single view of the customer and a unified experience across channels. Moreover, the maintenance costs of these traditional systems/platforms can far exceed the budget. HCLTech enables insurers to develop alternate distribution channels to maximize their customer reach, and modernize and align their life insurance systems and software platforms to meet unique enterprise-level business needs.
Our business benefits include-
- Enabling faster go-to-market and insights into existing product performance that facilitates faster product launch
- Simplifying operations through policy administration system migration and consolidation
- Reducing the cost and improving the efficiency of back-office functions
- Boosting customer satisfaction by creating a relationship based single view of the customer.
HCLTech has been a transformational partner to several leading insurers, efficiently managing over 3 million policies and billing records. Our expertise in handling Greenfield implementations and experience in integrated and multi-service delivery are being leveraged by customers across the globe.