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.

Transforming Life Insurance Policy Servicing With Infosys Policy Servicing Platform Powered by Newgen

A new generation of insurers will benefit from the Infosys Policy Servicing Platform powered by Newgen

Transforming Life Insurance Policy Servicing With Infosys Policy Servicing Platform Powered by Newgen

Solution Highlights

  • Digital automation platform to implement the envisioned customer journeys and personas
  • Built on a low-code, highly configurable, and flexible platform for rapid development of frontend UI and backend workflows
  • Using Newgen’s Intelligent Business Process Suite (iBPS) on Cloud, it provides a scalable, secure, and reliable way to access all features of an intelligent BPM platform without significant capital expenditure on IT infrastructure
  • Leverages inbuilt standard integration methodologies based on web services, Rest APIs, JMS, invoking URLs, SAP Archive Link, and BAPI for integration with the insurer’s enterprise ecosystem
  • Enables multi-channel consumer engagement and persona-specific journeys

Challenges & Solutions

  • Seamless digital interaction: Our solution offers easy integration with customer-facing websites, an intuitive workflow, and customizable screens, automation capabilities, and user-friendly experiences that enable customers to be in control
  • Self-service empowerment: With an intuitive online experience and a powerful business rules engine that improves straight-through processing, customers gain autonomy in managing their policies and payments leading to higher trust and satisfaction

  • Improved efficiency: The platform enables insurers to streamline operations, automate workflows, boost customer retention, and optimize employee experiences, leading to higher profitability and reduced operational costs
  • Actionable analytics: With the ability to generate analytics-based reports and dashboards, clients can make informed decisions, thereby enhancing overall operational effectiveness

  • Process revamp: Our solution helps reimagine business processes, improve policy servicing workflows, and standardize data flows to reduce manual efforts and increase efficiency
  • Strategic growth: Client can automate and optimize ‘lights on’ activities and increase focus on growing the business
  • Automated efficiency: Leveraging the power of robotic process automation (RPA) and document automation capabilities, clients can reduce manual effort and mitigate the cost of errors