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A large property and casualty insurer had multiple vendors managing different services across its lines of business, resulting in a lack of transparency into the operations of these vendors. Because no single vendor owned a complete process it was difficult to align processes across businesses. The insurer was losing opportunities to realize operational efficiencies and the potential for transformation. What started as a small engagement with Cognizant to streamline the insurer’s group benefits business expanded into a large-scale optimization project across many of its lines of business.
Cognizant's insurance technology experts identified additional efficiencies in IT and business processes across all lines of business. We replaced five other vendors, becoming the client’s single service provider for digital operations in commercial insurance, accident and health, personal insurance and individual annuities, and group benefits.
We delivered new business, underwriting, policy servicing, claims, contact center, finance and accounting, and mailroom and document management services. An automation center of excellence identified common robotic process automation use cases across the enterprise and an analytics-driven program resulted in a 2% to 3% topline improvement. Cognizant’s intake platform automated data capture, validation and enrichment, reducing policy service request turnaround time by approximately 85%.
By capitalizing on IT to business process synergies, our four-year transformation roadmap would net the client more than $20 million in savings through lean processes, $6 million through automation, nearly $27 million through optimized sourcing and $3 million through organizational redesign.
Cognizant now provides all key processes across the insurer’s lines of business. We reduced total costs across the client’s IT landscape by 20% while improving end-to-end cycle time on most business functions by 20%. Optimization projects deliver annual savings of $5 million to $10 million, and the transformation roadmap has saved the insurer a total of $56.7 million.
TCO reduction across IT landscape
in savings over three years from automation and process optimization
saved by implementing a transformation roadmap
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