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Product Implementation and complex system integration for an American Life Insurance Company which enabled the client to market and administer the products successfully

Product Implementation and complex system integration for an American Life Insurance Company which enabled the client to market and administer the products successfully

Client: A leading Life Insurance Company in North America.

Business Challenge

Client has a vision of becoming market leader in Variable Annuities by 2010 and identified that building comprehensive, innovative and diversified portfolio of products and riders to customers to meet their ever changing needs. Client has also recognized that offering various types of Living and Death Guarantee Riders has led to a significant increase in VA sales for companies offering these benefits. With this strategy, Client has launched and continuing to launch different types of Variable Annuity products with different types of Living and Death Benefit Guarantees.

Complexity

Implementing these products and their enhancements into a complex system was a challenge, especially when there were multiple applications on different platforms with different technologies. Most of the applications are home grown applications of the Client. Variable Annuity implementation is done on one major Policy Administration System written in Accent language on VMS operating system along with multiple other systems to support different functionalities like Premium Processing, Exchange Processing, and Death Claims System etc.

HCL Solution

HCL was chosen as the Application Development Partner for the Client and HCL is engaged in implementation of various Variable Annuity Products launched by the Client. HCL has experience of implementing more than 4 products Also HCL has implementation experience of unique Group Annuity Product for large Wirehouses covering their clients who have invested funds with them.

Benefits to Client

In order to meet the ever changing needs of its customers, the Client had to design products and riders laden with numerous benefits, complex business rules and regulations. The partnership with HCL to develop and enhance suitable applications and configure these products and riders paid rich dividends to the Client. Time for the designed products to reach the market was amazingly quick. These enabled the client to market and administer its envisaged Annuity products and riders successfully.

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