REIMAGINE INSURANCE
See P&C through a digital lens
80% faster customer quotes
By launching a mobile insurance platform, a leading carrier transformed its CX and accelerated sales in a competitive market.
Leading P&C carriers rely on continuous digital innovation to create value.
INSURANCE ECOSYSTEM
Targeted solutions
Insurance capabilities
Cognizant offers myriad services to help you digitize claims processing, reimagine and streamline the underwriting process and envision new, digitally focused business models.
Streamline claims for a digital future
Who needs it
Organizations facing challenges with:
- Digitizing claims operations to accommodate future growth
- Suboptimal use of claims data to influence claims outcomes
- Paper-based intake of claim forms and documents
- Manual processes, including segmentation and adjustor assignment
- Complex, partially automated workflows
- Inadequate fraud detection
How we help
- Business consulting—defining the future of claims operations through scenario modeling, reimagining digital processes and identifying big bets (technology, skills and partnerships) to future-proof the claims organization’s operating model
- Data and analytics consulting—defining a roadmap to generate value from claims data and recommending high-impact areas to leverage advanced analytics, AI and machine learning
- Process consulting—claims process reengineering, RPA assessments, process consulting for workflow-based implementation and claims system envisioning
- Technology consulting—automated claims processing, insurance platform evaluation and application rationalization of claims portfolios
What you gain
- Influence claims outcomes and reduce claim costs
- Reduce cycle time through streamlined and intelligent processes
- Reduce work/case load balance across claims teams in different LOBs
- Increase claims auto-adjudication of simple cases
- Configure rules-based intake and processing
- Improve the customer claims experience and net promoter score (NPS)
Reimagine financial risk management
Who needs it
Organizations facing challenges with:
- Manual handling of complex submission forms and data
- Improving straight-through processing of standard risks
- Task management and submission routing to underwriters
- Improving quote acceptance rates
- Handling new sources of data and emerging risk information in risk analysis
How we help
- Business consulting—defining the future of underwriting software through scenario modeling and identifying key shifts in underwriter roles, skill sets, decision-making tools and capabilities needed to achieve insurance digital transformation
- Process consulting—processing reengineering, RPA & IPA assessments targeting specific parts of the underwriting value chain and workflow-based process redefinition
- Data and analytics—identifying decision-making using areas where advanced analytics, AI and machine learning can make a difference across the underwriting software value chain
- Technology consulting—insurance platform modernization and evaluation, and application rationalization of the underwriting portfolio
What you gain
- Free up underwriters’ time to focus on whole account solutions and portfolio management
- Increase straight-through processing in handling standard risks
- Speed response to demanding agent/broker submission requests
- Improve underwriter effectiveness through better risk selection
- Improve the customer, agent and broker experience
Envision new business models with digital tech
Who needs it
Carriers looking to:
- Accelerate business outcomes through rapid innovation
- Bridge the time gap between having a great idea and implementing it
- Navigate the future using emerging technologies
How we help
As the innovation arm of Cognizant’s Insurance practice, we help insurance companies innovate rapidly via a three-pronged approach:
1. Envision: Identify new business opportunities based on possible future scenarios, emerging technologies and disruptive business models. Ideation and opportunity identification typically take two to four weeks, leveraging tools such as:
- Future State Scenarios—encourages business leaders like you to poll a list of intentionally extreme future scenarios and arrive at a list of shared business priorities.
- Insurance Navigator—helps identify innovation opportunities at the intersection of exponential technology and business model disruptions. Shows how the global insurance industry is changing and helps identify innovation opportunities.
2. Experiment: Access our repository of storyboards and templates to accelerate concepts. Follow a structured prototyping process using agile product development and work with our full-stack engineers and technology specialists to build solutions. This phase of building prototypes takes six to eight weeks.
3. Expand: Leverage a ready-to-use IT environment powered by scalable assets and partnerships and integration with the application environment. Measure customer adoption rate and ROI from pilot to production.
Business transformation capabilities
From digitizing the customer experience to improving channel efficiencies to optimizing Guidewire and Duck Creek implementations, Cognizant offers multiple ways to help you transform your front and back offices.
Enhance agility and improve operating ratios
As a Global Premier Partner for the Guidewire PartnerConnect™ program, Cognizant has solutioned and delivered some of the most complex implementation and digital transformation programs for P&C carriers. Our SAFe-based delivery methodology—enabled through Cognizant Guilds, Communities and Pods—helps insurers realize faster returns from their Guidewire investment.
Drive digital growth
As a Platinum Delivery Partner of Duck Creek Technologies’ Global Alliance Program, Cognizant provides Duck Creek customers with trained and certified professionals, ensuring comprehensive product knowledge and consistent delivery for Duck Creek on-demand (SaaS) and on-premises implementations of the Duck Creek suite of P&C insurance software. With Duck Creek and Cognizant working together, insurers of all sizes can take advantage of a broad array of digital implementation services that enhance the capabilities of Duck Creek’s software suite.
Bring your CX up to speed
Who needs it
Organizations facing challenges with:
- Suboptimal ROI from digital sales assets (mobile, web and aggregator insurance platform)
- Poor self-service volumes and high servicing costs
- Limited, incomplete online capabilities
- Inability to leverage digital distribution presence as a competitive differentiator
- Inability to attract millennial customers
How we help
- Focus on key aspects such as digital strategy and innovation, digital marketing, digital operating model, digital technology enablement and integration, digital content, interactive and industry-centric digital solutions
- Provide a detailed evaluation on functional and architectural components of digital assets
- Deliver a future state road map for all stakeholders
What you gain
- Align an enterprise digital sales and servicing strategy with your business objectives
- Drive growth and improve effectiveness for customers, channel partners and employees
- Achieve up to 2X agent productivity with enhanced web capabilities
- Save up to $50,000 for every 10,000 customer service queries
- Improve productivity and accommodate changes in business
Follow the customer
Who needs it
Organizations facing challenges with:
- Low net promoter score (NPS) or customer satisfaction scores
- Lapses in new business and renewals
- Cumbersome, disjointed processes with errors and omissions
- High customer turnover
- Damaged brand value
How we help
- Design a customer engagement model that’s analytical, uses social science, and enhances customer and partner experiences
- Identify and create target user personas
- Remove bottlenecks in the customer journey and define future state journey maps
- Define the minimum viable product (MVP—target segments, target capabilities) and value hypotheses
- Validate the capabilities necessary to develop the MVP
- Leverage and optimize digital channels
What you gain
- Better insights into online customer behavior
- Up to 60% cost savings in digital transformation
- Up to 25% increase in customer engagement
Improve channel efficiencies
Who needs it
Organizations facing challenges with:
- Poorly trained/skilled channel participants
- Mismatched channels and target customer segments
- Lack of sales tools and information to rapidly close sales
How we help
- Deliver a four-part solution: Distribution planning strategy, agency recruitment strategy, onboarding and life cycle management, and performance management
- Provide channel participants with the necessary capabilities, motivation and tools
- Use a KPI-driven framework that promotes informed decisions in key areas such as channel mix/growth, segment mapping, sales process standardization, and technology and tools enablement
What you gain
- Up to 25% cost savings in distribution-related operations
- Up to 10% gains in advisor efficiency, increasing client-facing revenue-generating activities
- Savings from reductions in call volume and branch support costs
