Policy management system for a global retail insurance brokerage and risk manager
The client is a global retail insurance brokerage and risk management services company, serving clients and policyholders principally through directly owned global distribution networks. Its worldwide distribution system provides insurance brokerage, risk management, human capital consulting, and insurance underwriting services. Risk and insurance brokerage services help clients design and develop their risk management programs. Human capital consulting services provide advice and services to corporate customers for employee benefits and compensation. Through its insurance underwriting segment, the client provides specialty insurance products, including supplemental accident, health and life insurance.
The company wanted Infosys to develop a policy management system (PMS) that could handle all its business needs spread across several locations in the US.
There are several challenges to the project:
- The PMS has 8,000 users spread across 70 offices in the US
- The client has 230 different business lines
- Five million transactions are processed every year
- Missed deadlines have severe financial ramifications for the client
- The user scalability requirements range from 50 to 1000+ person offices
Infosys was selected by the client to be accountable for end-to-end delivery of the application. Utilizing its Global Delivery Model, Infosys delivered all the requirements of this complex multi-user, multi-location, highly scalable system over a two-year timeframe. The key activities managed by Infosys that directly led to this success included:
- Defining the process for and gathering the business requirements from this diverse population
- Designing and developing the technical architecture frame
- Designing and developing the application
- Developing and managing a complex plan which included:
- Proof of concept development
- Rapid screen prototyping to support business requirements gathering and clarity
- Phased functionality delivery plan
- Interim application deliverables for high-need areas
- Utilization of over 50 (100 peak) highly skilled systems developers
The PMS developed by Infosys delivered the following benefits:
- The robust architecture of the PMS helped the client enhance productivity and cut costs.
- Manageability of the system was improved because Infosys consolidated various systems into a single homogenous entity. This lowered maintenance costs and ensured lesser downtime.
- All the data residing on disparate systems were combined and put into a single database. Access was also enhanced and all users could get complete access to any data required, any time. Consolidation of data also led to higher customer service levels and reduction in customer query response times.
- The application catered to the needs of the users all over the US and this standardized the administration process.
- The PMS has also been deployed successfully in the UK and Canada. The client found that using the same application globally led to lower costs and higher productivity.
- Many of the tasks that were earlier being handled manually were automated, presenting significant efficiency benefits to the client's operations.
- The automated flow of data between the databases belonging to the two separate modules was transparent and seamless and this also contributed to lower costs.