Core Insurance and Platform Transformation
Insurance companies are struggling to increase business revenue from the sales of their core insurance products. For instance, the premium sales growth in the US market is down to single digits.
Most enterprises struggle with inefficient, outdated and manual business processes and systems that are unable to provide business agility, meet market needs and be responsive to customers and agents. These systems are present across product development and introduction, sales/marketing, distribution, new business and underwriting, policy administration, and claims departments. While the existing technology footprint comprises of archaic systems that are rooted in legacy mainframe architecture and cannot support real-time processing, the lack of integration across these systems inhibits the seamless flow of information. Such system architecture is incapable of delivering a superior experience to customers, agents and service representatives.
Insurance companies need to integrate their disparate policy administration systems and decompose monolithic policies with sound architectural strategies. However, there are several concerns:
- How do we transform core insurance processes and technology platforms across the insurance value chain while building modern capabilities based on emerging technology trends?
- How do we modernize and decompose policy administration systems to meet the customer and market demands for superior products and service?
- How can we design flexible and responsive business processes enabled by technology based on service oriented architecture (SOA)/business processing management (BPM)?
- What is the business case and strategy for the core insurance platform transformation?
Today, insurance organizations must focus on optimizing their insurance value chain to deliver a seamless customer experience. This involves identifying, targeting and engaging the right customer segments using diverse distribution channels.
Infosys Consulting provides a business capability-led approach to transform core capability and platforms with a clear roadmap to business value realization.
The Core Insurance and Platform Transformation Solution analyzes critical business and technology dimensions such as:
- Business strategies, newer business models and distribution channels
- Product introduction and business process design
- Technology footprint, desired business and technology capabilities and simplification and modernization strategies
- SOA-BPM-enabled architecture, package evaluation and implementation
- Policy administration system replacement and conversion along with business process outsourcing
Our solution has helped clients realize significant benefits across the insurance value chain. These include:
- Increased agent productivity
- Reduced not-in-good order (NIGO) rates
- Enhanced operational efficiencies through improved employee productivity and reduced unit cost
- Reduced acquisition and underwriting costs
- Reduced cycle times
- Reduced time-to-market
- Enhanced agent and customer retention and satisfaction
- Decreased operational and compliance risks
Our partner services improve efficiency, effectiveness and harmonization of dedicated insurance core processes and cross-functional processes such as finance and accounting operations, thereby helping clients define and implement a shared service center organization.