• Broker licensing and appointment
• Information gathering
• Underwriting
• Proposal generation
• Sold case installation
• Account setup

Cognizant developed a comprehensive, Web-based, ACORD compliant, underwriting and issuing system for handling all product lines across the individual lines of business. This Web-based system facilitated the risk analysis process during underwriting and also handled interfacing with external information agencies (for example, Medical Insurance Bureau (MIB) for medical risk analysis). Around 1000 policies were processed by this system everyday.

Cognizant developed a Web-based annuities client acquisition system for the annuities product line of a large life insurer. This system provided new business processing and reporting features for both the home office and agencies of a large life insurer. The key functions covered by this application included: new business, suitability review, cash control, transfer of assets, money laundering review, and business process reporting.

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Cognizant executed a comprehensive policy administration application consolidation for a large life insurer. The engagement involved the customization of an existing third-party application suite and the restructuring of existing legacy systems. With this consolidated system, the client was able to achieve the following:

• Deliver superior customer service and administration
• Eliminate manual processing
• Develop the flexibility to support increases in volume, faster product rollout, acquisitions, and new distribution channels
• Provide the ability to monitor experience
• Effectively fulfill regulatory reporting requirements
• Reduce expenses through the retirement of multiple legacy systems

Cognizant is engaged in the development of an integrated solution catering to all the processes in the life cycle of long-term care policies. The system currently supports over 570,000 enrollments and manages $1.5 billion in premium income and over $423 million in payouts. The system was developed on an insurance product, INGENIUM (developed by Insurance Solutions Corporation (SOLCORP)). Cognizant was completely responsible for the customization of the INGENIUM product to suit the customer's needs. The system supports the following major functions:

• New Business
• Policy Administration/Policy Service
• Claims
• Billing

Cognizant has been engaged in the maintenance and enhancement of an integrated solution catering to all the processes in the life cycle of group universal and group term life policies.

This system supports nearly 500,000 GUL certificates and over 100,000 group Term certificates to the employees of many leading employers in the U.S. and Canada. The system has been developed using Vantage One, a Computer Sciences Corporation (CSC) insurance product and Cognizant has been extensively involved in the maintenance and customization of the same. The system supports:

• Policy Enrollment
• Policy Service
• Billing Remittance
• Accounting
• Internal and External Reporting
• Tax Reporting

Cognizant has completely managed a comprehensive system that supports annuity administration for the accumulation phase of flexible premium deferred annuity products. The system supports:

• Qualified and non-qualified markets
• Group and individual accounts
• Variable and fixed annuity products

The system administers over 0.25 million group and over 1.0 million individual annuity contracts. On an average, 4100 transactions are processed online through this system everyday.

Cognizant has maintained and supported migration of a large fund administration system for Variable Annuity contracts. The key functions of this system include:

• Financial transaction processing (Ledger Accounting)
• Fund balance and separate account processing
• Fund balance reporting

As part of an organizational initiative, a large life insurer decided to replace its existing legacy system with a SunGard Product - OmniFinancial. Cognizant managed the earlier systems and Cognizant was involved in the customization and implementation of the consolidation.

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We help insurance companies improve their claims systems. Some of our experiences are as follows:

Cognizant developed a Web-based claim entry system for a large life insurer that helped the client reduce dependence on call center operations and reduce operational and administrative expenses. The system helped improve customer satisfaction and increase incremental and new business opportunities. Benefits of the system included:

• Reduced servicing costs (30% claims status inquiry transactions are via the Web)
• Reduced claim processing costs
• Reduced enquiries to the call centers (reduced by 15%)
• Reduced administrative burden
• Reduced manual intervention

Cognizant developed a complete core claim processing system for a large life insurer on a third-party platform. The system disbursed over $3 billion last year and has processed over 120,000 claims. The key features of this system included:

• Claim setup
• Validation
• Interest calculation
• Claims payment

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Our experience in agency administration systems is as follows:

Cognizant was involved in the development of a common enterprise-wide compensation utility for a client. This utility provided:

• Flexible, consistent, extensible, and robust systems for calculating the gross distribution concession for all products for all distribution entities
• User interfaces for entry of rates and business rules for each product and distribution entity
• Standardized interfaces between administrative platforms and the compensation utility

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One of the major application management initiatives of a large life insurer was the reduction of the Total Cost of Ownership of its billing applications. Cognizant worked on a system that performed the following functions:

• Premium billing calculation
• Billing notice and reminder generation
• Interfacing with the payroll systems of the group customers

The system handled over a million contracts and the total premium collected from various product lines was over $550 million. Cognizant's involvement helped the customer reduce the total cost of owning the system and provided significant productivity improvements.

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After many acquisitions, a large life insurer had multiple small disbursement systems catering to individual lines of business that were expensive and difficult to maintain. Cognizant provided complete maintenance and support of all these fragmented systems and undertook the consolidation of these systems.

This consolidation initiative helped provide the customer with an enterprise-wide common Web interface to manage disbursements and streamline all business rules relating to death claims. In addition, it provided a framework to expand this interface to service other types of disbursement including disability claims, loans, surrenders, maturities, and dividends.

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