Insurance
The insurance industry is challenged by stiff competition, profitability pressures, a shortage of skilled human capital and frequent regulatory changes. As a result, insurers are increasingly recognizing the need to transform or redesign their business operations to improve customer experience.
To help you make this vital transformation, we offer strong domain and technology capabilities and customized integrated business solutions that enhance market competitiveness. We apply smart and inexpensive technology utilities/accelerators to optimize process efficiencies and reduce your overall cost of doing business.
We have 800-plus, Insurance-certified professionals (LOMA, AICPCU, ACCORD & FP1) providing domain leadership and alliances with all of the best-in-class platform providers. This expertise is complemented by a 9000-person strong insurance technology team skilled in BPO services, that helps you gain further savings.
Our offerings cover a spectrum of processes across the Life, Property and Casualty, Retirement Services and Annuities value chain, including:
- Product Development: Actuarial support, market segmentation, campaign support, and product support
- Marketing & Distribution: Agency licensing, sales planning, commissions accounting, and customer segmentation
- New Business & Underwriting support: Enrollment and fulfillment, underwriting support, and inspection back-office
- Policy Administration: Policy changes, closed book processing, billing & collections, premium audit, and loan processing
- Claims: FNOL, claims set-up and assignment, adjudication, payment & settlement, and subrogation
Also Finance & Accounting, Data analytics and Customer Service solutions
Focusing on results
- BPM point solutions and technology accelerators in agency licensing, policy administration, FNOL, and subrogation providing transformational benefits during transition:
- 35% effort reduction in processing change amends to auto policies for a leading U.S. P&C company
- $8m increase in the annual recovery potential, by increasing the addressable space for a subrogation customer
- 28% reduction in call volumes and incident reporting in claims technical helpdesk in under 120 days through the use of a self-service portal
- Quality professionals (Lean Six Sigma, eSCM) driving operations excellence to deliver sustained year-on-year productivity:
- Upstream savings of $1.2m for a P&C client by increasing the straight-through processing rate from 75% to 86% for cancellations, policy issuance and renewals