Client Challenges Today
Life insurers today must balance rising costs against increased competition. They need to reduce the cost of administration while improving business agility and enabling variable business volumes; address compliance without slowing down processes to impact customer satisfaction; and maintain legacy systems while dealing with the obsolescence of older technologies. These disruptions are forcing insurers to take a new look at established models and processes. In this difficult environment, Capgemini helps insurers launch new products quickly and efficiently through the use of preconfigured, ready-to-use product templates and highly flexible, business rules-driven system configurations.
Solution and How We Work
Capgemini has partnered with InsPro, the first enterprise platform which supports group and individual life, voluntary/worksite, health, annuities and hybrid products, We have a proven track record of improving operational performance for insurers and administrators. Our platform lets insurers consolidate multiple systems onto a single, web-based platform, and, with over 300 pre-built web services, the system easily integrates data with other applications. InsPro supports the entire enterprise from marketing to operations, spans the entire product and policy lifecycle from development to claims, and offers integrated support for all channels, all policies, and all users. We can support:
- Whole Life
- Term Life
- Final Expense
- Universal Life (2014)
- Indexed Universal Life (2014)
- Hybrid Products
Our platform-based, full-service administration is available to life insurance carriers across all 50 states in the U.S. Our service delivery model incorporates cost of application, infrastructure, people, and processing. It is designed to enable carriers to evolve from a fixed cost to a variable cost model. In effect, it equips our customers with multiple payment options including per member, per month (PMPM), cost per policy or cost per claim. Over the last two decades, we have developed significant expertise across a broad spectrum of plans.
Capgemini delivers administration services for closed blocks, open blocks and new blocks through a highly efficient and automated workflow and imaging system which drives the paperless office. Our administration system can issue and adjudicate policies based on pre-defined business rules.
The Capgemini difference
Capgemini has a proven track record of success supporting our life insurance clients. We’ve helped them reduce overall administration costs, improve member and agent experiences, and decrease time to market for new products using our administration services.
In recognition of our successful and innovative programs, Capgemini’s administrative services unit won the second annual Case In Point Platinum Award for Overall Case Management Program in 2011. Our highly qualified and experienced staff of underwriters and claims processors are supported by a network of registered nurses, actuaries, care managers, and customer care center staff. To help insurers manage costs, we provide flexible variable pricing models including cost per transaction, per member, per month (PMPM) and percentage of premium.
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