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INSURANCE

US Insurance Carrier Embarks on Radical IT Overhaul


The Challenge

After providing automobile insurance across the U.S. for over a century, a national insurance carrier found itself lagging on the technology front. Disparate and antiquated IT systems across all areas, from policy and claims administration platforms to phone systems, led to significantly higher costs than the industry standard. Frequent outages and long recovery times disrupted the business and its customers.

Realizing it needed a radical technology overhaul, the company hired a new chief information officer (CIO) to lead its IT transformation. The CIO engaged Cognizant to stabilize the existing IT infrastructure and to develop and implement an enterprise-wide digital architecture.


Our Approach

Cognizant collaborated with the CIO throughout a six-year transformational journey, developing an architectural roadmap that would deliver a customer-centric platform as well as enable digital and data capabilities. Cognizant began stabilizing the company’s legacy systems, fixing bugs, extending functionality and improving overall reliability to create a bridge to the new digital architecture.

Once a stable IT environment was achieved, the team consolidated and replaced all policy and claims administration systems, installed a new customer relationship management (CRM) system, and implemented data analytics and digital platforms that would engage customers and agents within a flexible, web services-oriented architecture. The company simultaneously upgraded its underlying insurance products, creating additional disruption in an already challenging initiative.

Making Insurance Simpler, Personal and Proactive Yields Big Benefits

The benefits the insurance company achieved through its extensive digital transformation spanned the entire enterprise, including policy and claims administration, data and analytics, digital solutions for customers and agents, CRM, human resources and accounting. Digital solutions—including web-based customer self-service capabilities—increased customer satisfaction and reduced the cost of customer service, leading to web portal sales of approximately $260 million in annual premiums.

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37%

reduction in IT costs

60%

reduction in claims processing time

41%

increase in the company’s Net Promoter Score

400%

improvement in fraud prevention and detection


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