With 10 of the top 50 insurers in the U.S. choosing Cognizant as their preferred outsourcing partner, Cognizant is one of the leaders in delivering technology, outsourcing services, and process consulting to this sector. As part of its existing relationship with various U.S. insurers, Cognizant’s Insurance Practice has worked extensively on third-party life insurance applications. This has enabled Cognizant to build dedicated core teams with hands-on experience on CSC’s Vantage One and SOLCORP’s INGENIUM life insurance products.

Cognizant's Life Insurance, Annuities, and Retirement Process BPO practices cover all parts of the servicing life cycle, from writing new business to plan administration, agency administration, compensation, billing, customer support, regulatory reporting, and more.

• New Business, covering application data entry, application screening, medical assessments, case preparation, outbound calls, and acceptance calls.
• Billing, focusing on reconciliation across billing-remittance, invoice and cash, and related areas in institutional and individual lines.
• Customer Support, covering address, beneficiary changes, free look cancellations, loan interest calculations, policy tax status, conversion options, scheduled loan repayment quote, and other processes
• Administration (Processing), covering lapse, premium, reinstatements, joint last survivor, dividend, full and partial surrenders, rider, remittance, and W2/Section 35 reports.
• Reference Data Management, covering static data maintenance, global reference data, and statement return analysis.
• Claims Servicing, covering data entry, processing, confirmation of payout, claims status calls, and benefit payments.
• Agency Management, covering commission processing and customer support.
• Regulatory Reporting, covering compilation of data into formats for review and dispatch by the client.

• Plan Installation, covering application data entry, application screening, case preparation, case installation, contract set up, medical assessments, outbound calls, and acceptance calls.
• Payment Processing for a variety of frequencies, focusing on fund allocation for premiums with various frequencies, maintenance of fund rules and regulations, and maintenance of separate accounts.
• Customer Support, covering address, beneficiary changes, free look cancellations, tax calculations for death benefit payments, and tax calculation for benefit actions (including payments, withdrawals or surrender), rollover options, and payout options.
• Plan Administration during accumulation, focusing on full and partial surrenders, remittance, preparation of periodic fund position summaries, loan management, movement of money between funds, group product benefit administration (covering eligibility and enrollment administration), records maintenance, ERISA reporting, and Form 5500 preparation.
• Asset Management, focusing on maintenance of fund positions, calculation of unit value, liaison with financial managers, tracking of investment portfolio, and similar processes.
• Payout Administration, focusing on activities associated with the various payout options.
• Reference Data Management, covering static data maintenance, global reference data, and statement return analysis.
• Claims Servicing, covering data entry, processing, confirmation of payout, claims status calls, and benefit payments.
• Agency Management, covering commission processing, customer support, and data mining for database marketing.
• Regulatory Reporting, covering compilation of data into formats for review and dispatch by client, preparation of various accounting reports, general ledger accounting, and preparation of 1099 Forms.