Stiffer competition, rising costs, fleeting customer loyalty, and slowing premium growth are exerting significant pressures on margins and revenue. Revenue growth is also being affected due to high insurance penetration and density, increased commoditization of products and price-sensitivity. As a result, insurers are forced to protect their customer base, seek out innovative product and pricing strategies, improve customer service capabilities and achieve higher operational efficiencies.
In this environment many carriers are working on improving their policy processing function to create a stable and reliable operating platform which will enable brand differentiation by building business agility and creating market-leading business capabilities in the policy processing area.
Our core policy processing services for property and casualty insurers help innovate, implement and industrialize through our proven framework and strategy.
Our professionals are experienced in leading strategy formulation, helping clients build a business case for core policy transformation, crafting detailed implementation roadmaps and selecting solutions and vendors. Capgemini also can help build new core platforms, whether that involves implementing off-the-shelf packages, modernizing legacy systems, or developing customized solutions.
From gathering requirements to design, build and test, Capgemini offers a full range of development capabilities, and can tap into a global network of delivery resources, as well as seasoned program and project managers on the ground at client, offshore and near shore locations. Our teams keep core policy processing systems running at full speed as well, with proven skills in application maintenance, business process outsourcing and Software as a Service. Read more about our core policy processing services.
A Business-driven Capability-based Approach
Capgemini believes the best way to address the policy processing technology challenge is to take a business-driven approach to core policy transformation that ensures business outcomes are achieved and targeted benefits are realized. Such an approach significantly reduces risk, increases capabilities per dollar of IT spending and, importantly, enables the carrier to optimize its operating cost as a result.
By aligning information technology with business capabilities throughout a policy processing transformation, companies can ensure they are building systems that will deliver specific, concrete business value at three levels:
- Leveraging commercially available capabilities for industrialization
- Architecting the policy processing solution in a way that drives operational agility
- Enabling the business with capabilities to support its brand differentiation
Reducing Risk and Speeding Results
Capgemini reduces its insurance clients’ risk related to core policy transformation initiatives and accelerates results with its robust portfolio of proprietary tools and assets that include:
- Strategy templates such as business cases, roadmap, and implementation plans that facilitate and speed decision-making and implementation planning
- Insurance capability model and Reference Architecture
- Property and casualty requirements, use cases and test repository to reduce the effort and complexity of integrating new core processing systems with the existing architecture
- Customized package implementation methodologies that leverage the best practices in program and project management
These tools and assets can accelerate implementation of new or enhanced core processing systems while ensuring all business requirements are fully addressed and reducing the risk of a failed implementation. In fact, Capgemini’s policy administration tools reduce requirements gathering, design and development time of new innovations by 25 percent to 40 percent.
However, there is much more to Capgemini’s approach to core policy processing transformation than fast, low-risk implementations.
- Through increased efficiencies, for example, in operations and the customer contact center, insurers can reduce expense ratios and obtain operating expense reductions of up to 35 percent.
- With our help, insurers can shorten time to market with product enhancements and rate revisions. In certain cases, we have seen rate changes shorten from months to weeks and weeks to days, often improving responsiveness by 50 to 60 percent.
- Insurers realize increased capabilities per dollar of IT spending from two perspectives: Shifting more spending from running the business to innovation, and ensuring that each dollar spent yields more capabilities
- Insurers can improve their combined ratios through data-driven product and underwriting decisions, often shaving several points off their loss ratio.
Experience and Expertise
Capgemini is a recognized leader in the property and casualty market with:
- Over 400 insurance clients with 12 of the world’s 15 largest insurers
- 21,000 professionals serving financial services clients across the globe including over 5,000 dedicated to insurance and more than 1,500 insurance testing professionals
- Experienced insurance leadership that averages 15 to 20 years of property and casualty industry experience
- Strong alliances with Guidewire®, Pegasystems®, HP®, Oracle®, Thunderhead® and Business Objects®
- Capgemini won the 2011 Pega Partner Excellence Award for Customer Centricity and the Guidewire Partner of the Year Award in 2011
Contact Us Now!
To understand how you can realize the benefits with our Core Policy Processing services, please contact email@example.com.