Achieving scalability and automation in insurance operations

The Client

Our client, a prominent global insurance company headquartered in APAC, specializes in underwriting property and casualty lines of business. With operations spanning across Australia, New Zealand, and five countries in Asia, they manage billions of premiums annually, offering insurance under several leading brands.

Business Challenge

The client faced the task of integrating acquired underwriting businesses in Australia and New Zealand, along with a highly successful 10-year distribution partnership channel. Their challenges included:

• Need for an efficient mechanism to process policy life cycles across various products.
• Manual underwriting activities requiring automation.
• Reduction of processing delays and late submissions.
• Development of a scalable platform for multiple distribution channels, seamlessly integrating with legacy systems.
• Provision of the capability to build rating algorithms with pricing.

Coforge Solution:

To address these challenges, we devised a robust strategy:

• We developed and implemented a scalable business process management solution using the PEGA platform. This solution efficiently manages all product-specific transactions while preserving configurable pricing and rating mechanisms within the same system.
• Furthermore, we seamlessly integrated the complete lifecycle policy platform with the client's existing legacy systems, ensuring smooth operations across the board.

Results:

• Highly reusable and scalable full policy lifecycle platform/framework, ensuring long-term adaptability and efficiency.
• Introduction of a pricing portal, enabling business users to upload new rates and conduct bulk testing and streamline pricing operations.
• Multi-channel accessibility through the web, contact centre, and brokers ensuring seamless customer engagement across various touchpoints.
• Streamlined underwriting processes with pre-configured business rules enhancing efficiency and accuracy in decision-making.
• Empowerment of business users to dynamically launch marketing campaigns using the application with minimal IT support, facilitating agile and responsive marketing strategies.

As a trusted strategic partner to the global insurance industry, Coforge provides innovative and industry-leading solutions. Our innovative offerings empower insurers to swiftly introduce new products and services, enhance underwriting efficiency, and implement alternative distribution channels. To learn more about our capabilities, visit: https://www.coforge.com/industries/insurance

To speak with an expert, write to insurance@coforge.com