Client Challenges Today
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. Policy administration systems are the engines that make the back office business run. Capgemini has successfully delivered system consolidation and modernization initiatives to help insurers improve efficiency and customer satisfaction, optimize operational and support costs and reduce cycle time.
Proven, end-to-end solution to achieve product, operational, and cost leadership
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, operational, and cost leadership by accelerating time to market, streamlining business processes, reducing conversion and project risks, outsourcing closed book operations, and reducing cost per policy and total cost of ownership through legacy platform consolidation. Using our proven experience with the world’s leading life insurers, Capgemini has developed proprietary solution accelerators including tools, utilities, templates, checklists, and best practices help our clients reduce risks. Our comprehensive and differentiated solution is comprised of five components:
- Assessment and Transformation Roadmap: Transformation strategy beginning with evaluation services to assess the alternatives of enhancing or upgrading existing policy systems versus system replacement
- Build: Design architecture, transformation governance, package development, testing and integration services using proven methodologies, assets and accelerators
- Convert: Comprehensive set of software tools built for insurance-centric projects that provide a roadmap for successful data conversion projects
- Maintain: End-to-end application management services using 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
- Outsource: Open and closed book operations outsourced using a state of the art platform that address business processes with a focused approach and “Migrate and Land” transition
Proven Experience from a Leading Provider
Our policy administration services have consistently set higher standards for gaining competitive advantage in today’s market. We have supported 14 million customer insurance policies on more than ten application platforms, converted over 10 million policies, and worked with more than 15 source and target systems including both homegrown and industry standard platforms. We have proven expertise managing and implementing legacy and third party policy administration systems. Our conversion specialists have in-depth knowledge of life insurance products and platforms and use our comprehensive end-to-end solution for conversion and consolidation of policy administration systems.
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
- Over 30 years experience delivering application management services
Capture competitive advantage with performance-driven policy transformation by contacting us at email@example.com or connect with one of our insurance experts.