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INSURANCE

Regional Target Operating Model Accelerates Digital Transformation

The Challenge

A multinational insurance company that relied on manual intervention, rigid back-end systems and lengthy product cycles wanted to digitize its enterprise architecture to improve its customer and agent experiences and time to market and to enable cross-selling among the lines of business (LOB) within its eight entities throughout Asia. The company engaged Cognizant to digitize its IT operating model to enable self-service capabilities and to implement end-to-end process management for faster time to market.

Our Approach

We implemented our Regional Target Operating Model solution in three phases to optimize the company’s existing architecture to fully support its digital transformation. The first phase digitized the company’s legacy systems, enabling straight-through processing and a standardized digital platform with high scalability and availability. In the second phase, we created a new user interface that provides flexibility for the customization of entity- or product-specific requirements, standardizes core processes and delivers integrated online functionality. Phase three will provide all partner channels and entities with digitized customer interaction platforms that integrate the company’s data, processes and services to improve speed and quality.

Digitization and 360-Degree Customer Views Improve Satisfaction and Sales Cycle Efficiency

Using Cognizant’s cost-effective Regional Target Operating Model platform solution, the company gained competitive advantage by being the first to offer complete straight-through processing across its Asia markets. With a new 360-degree view of its customers, the company can design and upsell products, as well as enhance its overall product marketing efforts, helping it achieve its 2020 goal of doubling revenues and reducing operation costs.

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50%–55%

reduction in product rollout time

60%

increase in user interface and process reusability for the private motor division

30%

reduction in implementation cost

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