As the industry undergoes significant consolidation, life insurers are rethinking policy administration processes to increase customer centricity, enhance product development capabilities, and comply with regulatory changes In an ever more competitive market where profit margins are under pressure and operational costs are increasing, opportunities to maximize product, operational or cost leadership lie in increasing policy administration efficiency and effectiveness.
Capgemini's Life Insurance Policy Transformation solution helps insurers combat market pressures, drive greater value, and realize strategic advantage. Our end-to-end solution covers the life insurance value chain and enables insurers to achieve:
- Product Leadership - Accelerate time to market for new products and rapidly respond to changing market and business conditions
- Operational Leadership - Streamline business processes, reducing conversion and project risk and outsource closed book operations
- Cost Leadership - Reduce cost per policy and total cost of ownership through legacy platform consolidation and reduced complexity
Using our proven experience with the world's leading life insurers, Capgemini has developed a comprehensive and differentiated solution comprised of five components:
- Assessment and Transformation Roadmap: Capgemini provides transformation strategy beginning with evaluation services to assess the alternatives of enhancing or upgrading existing policy systems versus system replacement
- Build: We provide design architecture, transformation governance, package development, testing and integration services. By employing appropriate methodologies, assets and accelerators, you'll be assured of a smooth transition to the proposed system.
- Convert: Our proven track record and extensive software package knowledge bring a holistic approach to analyzing, understanding, scrubbing and converting all required data. You'll achieve faster, higher quality and cost effective conversion by employing appropriate methodologies, assets and accelerators. Our comprehensive set of software tools (built for insurance-centric projects) provides a roadmap for successful data conversion projects.
- Maintain: We provide end-to-end Application Management Services through flexible engagement models, managed by service level agreements and supported by industrialized assets. The application management services include application development, help desk, production support, application maintenance, enhancement and modernization — ensuring hassle free functioning of the business.
- Outsource: Our policy administration solution provides outsourcing of open and closed book operations including a state of the art platform that address all the business processes with a focused approach and "Migrate and Land" transition.
Proven Experience from a Leading Provider
Our policy administration solution has consistently set higher standards for gaining competitive advantage in today’s market. Typical results for insurers working with Capgemini include:
- Reduced cost per policy by 30 to 40%*
- Lowered customer acquisition, service delivery and operations costs including license and back-up costs
- Decreased total cost of ownership up to 35% or more
- Shortened requirement, design and development time from 25 to 40% with our Policy Administration Frameworks
- Increased automation and expedition analysis and integration of system interfaces by 25 to 30%
With deep life insurance expertise and proven experience with industry best practices, Capgemini leads with:
- 4,500 professionals working in the insurance domain and 800 dedicated to life insurance
- 350+ Insurance/Loma certifications
- 200+ professionals trained in industry packages
- Proven industry-based business intelligence and data management capabilities including more than a 99% successful track record converting thousands of policies and over 100 references in data management
- 30 years experience delivering application management services
Capture competitive advantage with performance-driven policy transformation by contacting us at firstname.lastname@example.org.