Life insurance powered by digital

A scientific risk/reward approach

Who needs it

Organizations facing challenges with:

• Legacy IT in a customer-centric world
  
• High IT and operational costs and inefficiency
• Multiple platforms with technology obsolescence risk
• Integrating with modern digital technologies

How we help

• Analyze your legacy system architecture and identify problems, opportunities and platforms
  
• Rationalize and modernize your applications portfolio to meet business needs with low total cost of ownership
• A scientific, risk/reward analysis methodology for deciding on platform conversion
• Analyze four risk areas: technical feasibility, product considerations, business and IT confidence
• Analyze seven reward areas: revenue scalability, revenue cost, speed to market, customer centricity, functional adequacy, usability and application availability

What you gain

• Clearly identify and score benefits and risks involved in platform conversion
  
• Obtain valuable data-points for creating a business case and gaining stakeholder buy-in
• Ensure business-IT alignment for your platform conversion program

Improve channel efficiencies

Who needs it

Organizations facing challenges with:

• Poorly trained/skilled channel participants
  
• Mismatched channels and target customer segments
• Misalignment of channel participants’ performance measures to business goals
• Lack of sales tools and information to rapidly close sales

How we help

• Focus on providing channel participants with ability, motivation and required tools
  
• Use a KPI-driven framework that helps informed decision making in key areas such as channel mix/growth, segment mapping, sales process standardization and technology & tools enablement
• Deliver a 4-part solution: Distribution Planning Strategy, Agency Recruitment Strategy, Onboarding & Life Cycle Management and Performance Management

What you gain

• Up to 25% cost savings in distribution-related operations
  
• Gains of up to 10% in advisor efficiency, increasing client-facing, revenue-generating activities
• Savings from reductions in call volume and branch support costs

Rationalize and modernize

Who needs it

Organizations facing challenges with:

• Multiple applications with overlapping functions and low business and technical value
  
• An application portfolio that is misaligned with business strategy
• Legacy applications that slow response to business demands 
• High cost of operations

How we help

• Rationalize your application portfolio by creating a retain/retire/modernize strategy for each application
  
• Aligns your rationalized portfolio to your business 
• Meet your business needs with the lowest TCO and highest flexibility

What you gain

• "Run Better" with leaner, modernized applications, resulting in lower costs and improved agility 
  
• Achieve alignment between business and IT
• Create a business case for modernization
• Gain a complete modernization roadmap, including quick wins

Gain process and cost efficiencies

Who needs it

Life insurance organizations facing challenges with:

• Multiple legacy applications causing inconsistencies in processing and delays in servicing
  
• Complex product launches with high time-to-market challenges 
• Compliance issues during audits due to lack of process discipline
• Poor quality of processes, with excessive defect ratios, rework, turnaround time, workforce overload
• Limited process documentation, with to high key-person dependencies
• Large number of reports and manual handling in processes
• A vague action plan to improve efficiency and ROI

How we help

• Redesign your business processes and recommend an operating model based on Cognizant’s proprietary PRIME approach
  
• Provide a Future State Vision & Target Operating Model by comparing your current processes with industry best practices and process benchmarks
• Use business process maps as an analysis tool 
• Determine gaps, provide BPR recommendations and help you gain quick wins

What you gain

• Up to 20 days shorter plan setup process
  
• Up to 20% in operational cost savings in new business processing
• Up to 10% efficiency gains in agent workforce time and workflow streamlining
• Improved operational effectiveness in policy servicing

Gain actionable insights

Who needs it

Organizations facing challenges with:

• Lack of clarity on ROI and business benefits on application of analytics 
  
• Inability to align in-house and outside data to derive actionable “out of box” insights 
• No proven method to identify cross-selling and up-selling opportunities
• Vague execution of analytics due to low data quality

How we help

• Use insurance KPIs and metrics for comparison and trends analysis
  
• Leverage data mining to identify root causes from which to derive fact-based insights 
• Provide actionable recommendations to improve business value

What you gain

• Customer-channel segmentation and analysis
  
• Better fraud reduction and prevention 
• Potential new businesses opportunities with new and existing customers

Meet your OIPA objectives

Who needs it

Carriers who wish to:

• Realize high business benefits from a best-in-class Oracle administration platform 
  
• Stay up-to-date on Oracle Insurance Policy Administration (OIPA) to leverage most recent functionalities 
• Standardize and consolidate multiple legacy platforms to OIPA 
• Leverage OIPA as a strategic admin platform for go-forward business

How we help

• The only Oracle Platinum Partner with OIPA specialization
• Services: product advice/consulting, platform-based solutions, implementation, maintenance and upgrades
• Experience: 350+ OIPA professionals; 2.5 million policies supported
• Frameworks: OIPA implementation, version currency, conversion, consolidation, maintenance
• Accelerators: 25+ tools across advisory and delivery capabilities
• TPA Services: 700,000 policies in production  

What you gain

• Reduce cost to quality via rapid, consistent OIPA implementation 
  
• Satisfy near-term regulatory requirements and strategic business goals
• Speed product innovation and time to market
• Lower cost per policy and TCO
• Reduce transformation risk, eliminate compliance risk