The insurance industry is undergoing change with significant consequences to risk factors. These risks pose both challenges and threats to the Insurance carriers. At Coforge, we see these challenges as opportunities for our clients to grow written premiums or improve policyholder and agent Net Promoter Scores (NPS). For every opportunity, we have a solution. Our suite of solutions leverages known core policy, underwriting, and claims platforms to deliver next-gen solutions for our clients. Co-engineered with our partners, our solutions incorporate our deep technical and industry knowledge. Let our domain-led Advisory organization show you how we address your opportunities.
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Life & Annuities -
Property & Casualty -
Lloyd's and London Market
Agility and speed to market are critical for life & annuity carriers to gain and maintain a competitive advantage. Facing disruption by InsureTechs, insurers must innovate their product offerings, customer engagement, and distribution models to stay ahead of the competition. Insurers, saddled with a complex legacy application landscape, have an imperative to modernize their platforms and position themselves to fully embrace digital, advanced analytics and artificial intelligence. Coforge's core platform transformation services coupled with insurance customer-centric experience method helps insurers accelerate their modernization journey.
The insurance industry has been plagued by challenges of legacy systems, outdated processes, lack of innovation, and stringent regulatory requirements. With the entry of tech-savvy InsurTech companies, traditional insurers must up their digitization process. At Coforge, we understand the complexities and unpredictability of Property & Casualty deals and the challenges to automate the processes. With years of experience, we’ve enabled our clients to optimize their processes with RPA, AI//ML, NLP, and workflow automation – delivering the best digital experience and business value.
The Lloyd’s and London Market, is a unique ecosystem of U.K. insurance and reinsurance industry and global marketplace for complex risk. Amidst the digital revolution – accelerated due to the pandemic - the vision for Future of Lloyd's has leaped from Blueprint One which was focused on Simplification, Efficiency, and Reduction of risk to Blueprint Two – which will offer the opportunity to innovate and serve their customer better, faster, and cheaper. With our deep understanding of commercial insurance, we bring the synergy of data and technology to:
- Enhance User Experience
- Improve customer outcomes
- Lower costs
- Gain higher efficiency
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Cloud Services -
Digital Transformation -
Blockchain -
AI/ML -
IoT
Cloud is enabling as-a-service models for insurers. Combined with Coforge’s digital portfolio of solutions, the cloud can be leveraged to achieve agility in launching new products and building next-gen digital capabilities.
- CapEx reduction on core systems
- Expense ratio reduction through cloud efficiencies
- Launch new product & capabilities in days compared to months
Digital transformation marks a radical rethinking of how insurers use technology to fundamentally change processes for the tech-savvy consumer. Laying the foundation for such a set-up requires a digital partner that understands.
- Complex workflow of the insurance value chain
- Stringent data privacy & compliance requirements (e.g. HIPAA)
- Industry standards for insurance such as ACORD
Fraudulent claims, data breaches, slow processing of claims, inefficient handling of multi-party transactions are plaguing insurers. Blockchain, with features like decentralization, smart contracts, data integrity, and immutable ledgers is disrupting the insurance industry by providing solutions for:
- Timely fraud detection & risk prevention
- Automated real-time data collection, analysis of claims, and reserve calculations for reinsurance
- Automated 'smart contracts' for quick claims settlement
Artificial Intelligence (AI) and machine learning (ML) solutions are disrupting the entire insurance value chain – from sales & distribution of insurance products to adjudication & payment of claims. Our AI/ML solutions can help you enhance customer experience, improve service efficiency, reduce costs, and boost sales.
- Group pricing optimizer using ML
- Natural language processing (NLP) based digital assistants for policyholder servicing
- Extraction of insights from health history documents using computer vision & NLP to improve underwriting and claims processes
The emergence of the Internet of Things (IoT) is redefining the insurance industry and creating new opportunities across Personal & Commercial, Life & Annuities, and reinsurance markets.
- Life & health insurers improve recovery time for short term disability claims using wearables
- Auto insurers launch usage-based auto insurance using telematics
- Property insurers reduce losses (e.g. water-related claims) using leak detection devices
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Core Transformation -
Digital Experience -
Next-Gen Application Support -
Legacy Relief -
ONE Insurance -
QE in-a-box -
Journey to Cloud -
Compliance & Security
Core platform transformation & consolidation changes
Core Platform Transformation and Consolidation has surfaced as a top priority for many Property & Casualty and Life & Annuity carriers.
Coforges’s experience in Core Platform Modernization and Transformation is an integrated and industry-focused framework and set of services that deliver business outcomes while optimizing costs and providing the latest functions to the business. Including:
- Consolidation Strategy, Assessment & Roadmap
- Core System Implementation Services
- Core Systems –Transform & Modernization Services
- Duck Creek Platform Upgrade Services
- Quality Beyond QA Services
- Decommissioning
Over 50% of insurers are planning on replacing or enhancing their portal capabilities. Where are you in the race to achieving digital efficiency?
Portal technologies enable digital distribution & collaboration with Agent Portals, Broker Portals, and Underwriter Workbench. Coforge’s Insurance Digital Portal services help Insurers achieve the goal of ease of distribution and increasing underwriter efficiency while providing intuitive experiences based on the different user personas and their journeys.
70% of global insurance businesses still run on legacy applications, especially mainframe applications. Are you among the organizations dealing with operational inefficiency and high IT costs?
Coforge's mantra of "Intersect with Emerging" paves the way for an innovative solution for application support and maintenance.
We call it - NextGen ASM.
- Ready-to-deploy repository of smart and cost-effective accelerators to reduce cost.
- Latest RPA and AI-based solutions to accelerate your cost optimization efforts.
- Optimize knowledge resource and expertise allocation.
- Reshape IT budgets
Legacy relief for Life & Annuities carriers
Every insurance organization's legacy system pose unique modernization challenges. With 15 years of domain experience, Coforge understands the modernization programs for Life & Annuity carriers.
To ensure smooth transformation journey, Coforge's Legacy Relief services offer:
- Innovation programs for insurers of all sizes.
- A Consolidated Strategy for the transformation journey.
- Support and engagement at each stage of transformation lifecycle.
- Help build a customer-focused future-ready insurance landscape.
One-insurance: Bringing it all together
Whether it is to gain a competitive advantage or to enter a new market, Mergers and Acquisitions (M&A) are a strategic growth avenue for any insurance carrier. An inevitable consequence of this inorganic growth is a disproportionate increase in the number of core insurance systems, data, and applications.
Coforge’s One Insurance Offerings is the swiss army knife for insurance carriers in navigating the integration challenges of an aggressive M&A strategy or working seamlessly with a complex web of vendors and services. Be it our seasoned enterprise architects who will help you pick the best integration patterns based on your specific circumstances or our cadre of system professionals with deep expertise covering the full spectrum of market-leading insurance platforms to niche vendor offerings, Coforge’s services will provide you with the crucial edge over your competition.
Moving from QA to QE
Customers' expectations in today’s world is not just Quality Assurance, but Quality Engineering which is building quality from the foundation itself.
As an IT services organization provides a complete solution to Quality Engineering across the Insurance Industry sub-domains & platforms. Adopting shift-left practices, Coforge delivers QA-in-a-Box – a complete Quality insurance solution. Right from inception of the program to product support, QA-In-A Box Services provides:
- Reduction of Cost of Quality to the customer
- Testing New Product Rollouts and Revisions across all platforms
- Integrating quality into systems from the inception stage
- Digital Testing services in the areas of UX, Cloud, Mobile, API, Micro services, Data & Analytics
- · Testing of Commercial off-the Shelf (COTS) Insurance platforms such as Duck Creek, Wynsure, and other market dominant L&A platforms
In a world, where technology is becoming an enabler for business growth, Cloud is truly transforming the way carriers can take advantage of as-a-service models to innovate. Cloud, combined with Coforge’s digital portfolio of capabilities, can serve the full spectrum of your business and delivery channels.
Coforge’s Journey to Cloud is an integrated, industry-focused, application and infrastructure enabled set of services that helps Insurers move their businesses swiftly and safely to the cloud. Our solutions integrate at every stage of the 360-customer lifecycle and accelerate your cloud transformation through robust industry frameworks and proven methodologies across public, private and hybrid cloud solutions. We provide:
- Cloud Strategy, Assessment & Roadmap Services
- Core Systems –Transform & Modernization Services
- Cloud Transformation & Migration Services
- Cloud Management & Optimization Services
The increased focus on embracing newer client interaction models through digital channels and being nimble to adopt new business models means that strong cybersecurity compliance and discipline is now important more than ever!
Coforge helps businesses prepare, protect, detect, respond and recover along all points of the security lifecycle – creating a holistic secure footprint for an ever-evolving digital economy. Our clients benefit from:
- Integrated compliance and security solutions
- Cohesive security environment
- Ready-to-install processes for quick
- Real-time preventive and detective response capabilities
Partners with Aflac to Create A Digital Strategy Using Technology to Make it Easier
Rich Gilbert, Chief Digital and Information Officer, Aflac
Coforge and Aflac partner during Covid to transform Aflac's Physical environment to a Virtual environment overnight.
Rich Gilbert, Chief Digital and Information Officer, Aflac
Coforge is about Trust: Rich Gilbert discusses the Trust he has in Coforge as Committed Partners.
Rich Gilbert, Chief Digital and Information Officer, Aflac
We’ve had a long-standing partnership with Coforge. It’s amazing to see the evolution and how Coforge has become a system integrating partner for our full suite of solutions
Mike Jackowski, CEO of Duck Creek Technologies,Duck Creek
Case Studies
White Papers
Point of View
Data Sheet
Blog
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Agile implementation of Duck Creek policy administration system to drive business growthA nationally recognized insurer was looking to automate its manual customer onboarding process. Selling Massachusetts commercial auto, only the client’s quoting process was automated. Coforge implemented and migrated their onboarding systems to the Duck Creek PAS system.
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Enabling Intelligent Operations – Expanding the Digital Platform to Improve Business Operations, Customer Centricity and GrowthCustomer service transformation has ranked among the top 5 initiatives for most insurers. Insurers are focused around two inter-related goals: Customer experience improvement and Cost reduction and optimization
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Delivering Fast and Accurate Reports for a leading insurance firm, it offers insurance and reinsurance productsThe client sought an effective enterprise information management system to bridge the gap between an organization's strategic aspirations and reporting capabilities. Coforge delivered a future-focused system that enabled the client to make informed decisions
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Be Nimble, Be Quick - Driving Agility in InsuranceThe insurance landscape is evolving rapidly and is fraught with challenges. Insurance providers are required to deliver swift, effortless engagement, ensure enhanced user experience and timely responsiveness, and adapt to match fluctuating market demand. Add to this, the increasing regulatory and compliance environment. Dealing with these issues requires astute business acumen, innovation, and agility. While reports indicate that insurers are investing in development methodologies, flexible infrastructure, modern applications, and operational excellence to improve business dexterity, the urgency to up the ante and reinvent strategies, products, and services cannot be overstated.
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Reinvent Insurance with Cognitive Computing - Reap Attractive MarginsInsurance sector is at the forefront of the march towards cognitive computing worldwide. Coforge, with a proven track record of multiple successful cognitive computing implementations for many insurance clients, offers claims management solutions that ensure faster time-to-market, higher agent effectiveness, lower customer acquisition costs, improved sales, and enhanced customer experience.
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De-risking Cyber Threats with InsuranceManagement of risks is an integral part of the insurance industry. Companies have succeeded in identifying and managing risks; however, the nature of risks has changed. Today, cyber-risks can destroy the business and its reputation because of rapid growth in the number of cyber attacks. Organizations need ways to manage cyber-risks outside of their risk appetite. Beyond providing insurance, insurance companies are using best practices and following regulations to strengthen insurer defenses against cyber attacks.
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Radically Improving Property Appraisal and Underwriting Through a Cognitive ApproachAssessing the value of a property right before underwriting is critical and time-consuming especially in High Net Worth cases. The process is riddled with inherent challenges as it is expensive to send an appraiser to every property and a manual appraisal is slow and incomplete while the appraisal results vary widely. There is hence a high likelihood that the current method of appraising properties for underwriting is inconsistent and not cost-effective.
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Duck Creek Platform Data Migration Challenges - 12 Ways to Mitigate and Deliver EfficiencyDuck Creek Technologies is a software suite that is configurable, scalable, and upgradable. The client faces challenges due to oversights in due diligence of business requirements and configuration of the Duck Creek platform. This whitepaper talks about the data challenges and the approach insurers must adopt to identify and resolve them.
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Maximizing Returns from Digital InvestmentsCoforge recommends that insurers look at the customer experience from both an outside-in and an inside out perspective. Our conversations with insurers indicate the results are often a mixed bag. Some insurers report that the number of inbound calls is not reduced as much as they forecasted, while some say they still receive a significant percentage of service requests or applications by paper.
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Legacy Rescue : Rewriting Your Company’s FutureIt is well established that technology changes dynamically every year. This is also true with insurance industry software. Technology advancements are pushing insurance companies to evaluate their current state technology acapabilities and how those capabilities are either holding them back in the market and dragging down meeting financial goals or are moving them forward. Time is of the essence.
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Shaping a Sustainable Digital Strategy with User Experience AssessmentHow well do you know your users? Do you have the elements of a great UX strategy in place? Coforges' User Experience team can help enterprises understand customers closely, design a consistent and efficient experience, and enhance customer satisfaction by delivering highly personalized interactions.
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Legacy Systems : Surviving a Burning PlatformCoforges' Insurance Practice has helped leading large- and mid-sized insurance companies by providing a dual-shore execution model, deep domain knowledge, centers of competence, and data conversion tools and quality processes. We have assumed full end-to-end responsibility for maintenance, support, consolidations, upgrades, enhancements, process automation, and increased system interoperability for more than 15 years now.
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A quick glance at how Artificial Intelligence is driving transformational change to Client ExperienceAt Coforge we are focused on the application of Artificial Intelligence within our Domain, Customer Experience & Data and Analytics practices to build predictive models to help deliver business impact. We strongly believe that it is increasingly important that businesses have solutions that use Artificial Intelligence to augment how they communicate with their customers, especially through this chaotic world of COVID-19.
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Stuck with Stagnation in Your Insurance Business? – Reinvent and Regrow with Cognitive ComputingThe worldwide industry is embracing cognitive computing to embed native intelligence into digital solutions and the insurance sector is right at the forefront of this refreshing trend. With the help of machine learning, deep learning, image recognition, reasoning, and many other cognitive automation technologies, cognitive computing is making a huge difference to claims management for insurance carriers.
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SEZ Developer Unit
Plot No. TZ-2 & 2A, Sector Tech Zone,
Greater Noida, UP 201308, India
Ph: +91 (120) 459 2300
Fax: +91 (120) 459 2301