Life insurance policy servicing is one of the most important applications in an insurer’s application landscape. Modernizing policy administration is complex due to several customizations and integrations over the years. Insurers typically spend huge sums of money to license top-of-the-line commercial off-the-shelf (COTS) applications. This is followed by an intensive phase of implementation, validation, user training, and rollout. During the time taken to implement this, the insurance business may change in unexpected ways requiring further modification to the newly implemented system. Insurers try to mitigate these challenges by selecting the most robust, flexible, and future-proof technology-based solution that they can afford. However, the modernization process need not be so complex and challenging.
Infosys Policy Servicing Platform, powered by Newgen's low-code platform, can be easily integrated with a wide host of existing applications. Our solution offers most of the benefits of digital transformation faster than and at a fractional cost of typical large-scale policy servicing system modernization initiatives. By leveraging Newgen’s powerful low-code platform, we can create robust as well as flexible applications that work well within client-specific technological and business constraints to infuse agility cost-effectively. This gives clients the ability to respond quickly to changes in the business environment. The platform offers all the benefits of technology modernization, drives efficient operations, accelerates response times, and ensures accurate data integration.
With an ever-growing array of automation and digital capabilities, the Infosys Policy Servicing Platform, powered by Newgen is propelling insurers into a future where policy servicing becomes a customer-centric and well-managed operation.