Life & Annuities
The Life Insurance sector is experiencing a decline in sales and investment income. The global economic downturn has played havoc with financial instruments and has caused a significant shift in market demand for fixed annuities and other guaranty insurance products. This has triggered a strong competition between insurance companies and financial services providers for a share of retirement investments by the baby boomers.
iGATE has partnered with Sapiens Inc. to offer outcome-based solution for Closed Block Insurance policies. Our iTOPS service offerings for the insurance industry deliver outcome-based solutions that are aligned to our clients’ business objectives.
Demanding customers and increasing regulatory compliance mandates require faster introduction of new products and leveraging technology for new business fulfillment and underwriting. M&A activity, a move towards centralization of IT operations from various subsidiaries, and the sale or acquisition of blocks of business have forced insurance carriers to consolidate policy administration systems (PAS), a move which requires significant data conversion.
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Our 6000+ person years of Life Insurance & Annuities experience has helped us gain functional expertise across the lines of business and value chains, which include:
New Product Introduction
Assessments, Integration with administrative solutions, BRMS and BPMS, Product Configurations, and Product Development & Testing
Sales & Marketing
Quote & Bind, Distribution channel support, Commission and Incentive Management, and Agency Management
New Business & Underwriting
Verification though 3rd party data sources (CLUE, Credit agencies), Underwriter’s desktop, Adjudication and Rating
Policy Issuance, Billing & Collection, Policy Change and Endorsements, Cancellation & Reinstatements, Renewal and Claims
Accounting & Compliance
Financial Accounting, Reconciliation, Agency Contracts, Reporting, and Tax Compliance
Select Success Stories
STP solution reduces average policy issuance time from 45 days to 10 days
Developed end-to-end role-based "Straight-through Processing"(STP) solution to automate the policy administration process, thus reducing the administrative costs by up to 45%.
Agency Management System reduces ‘policy application-to-policy issuance’ cycle time
Designed automation features such as automatic download of pending case and updates from carriers, digital workflow-enabled business process, and proposal wizard for creating proposals. Major client benefits included reduced costs of new business processing, reduced cycle time of policy application to policy issuance and increased productivity of the underwriting staff.
Enterprise wide Channel Servicing Engine improves agent productivity
Provided a single-sign-on authentication and enabled accurate representation of the hierarchical cross-sell view of agents across all systems, resulting in personalized views for agents and improved processing of Pending Policy Status.
Customer-centricity through customization and automation of underwriting business rules
Developed a business logic management system for building, testing, deploying, and executing business rules Quick Quote. The comprehensive set of underwriting tools to home office/remote underwriter provided business users with the ability to define edit and deploy business rules with ease.