Conventional insurance business models have proven to be remarkably flexible for quite a while, but the industry is starting to feel the impact that digital technology has on how products and services are delivered. As a result, this digital shift will change the nature of those products and services, and even the business model itself. The insurance industry is facing intense market pressures from many angles—new entrants are quickly exploiting new technology to offer niche offerings while consumers are clamoring for the pleasing experiences they are now routinely offered by retailers and other industries.
We believe that the companies that move swiftly and decisively are likely to be those that win big. New revenue streams await insurers who can tap into digital to shift from being purely reactive—indemnifiers of risk—to more proactive partners to their customers, perhaps helping them to avoid needing to file a claim at all. Successful insurers will automate processes that are cumbersome to free up resources who can focus on designing and delivering insights & experiences that will keep them in lock-step with their customers and prospects.
We help insurers reimagine and create digital ready processes that not only drive superior performance but also close the process gaps between customers, suppliers and partners with automation, insights, point solutions and platforms. Cognizant has developed a host of proprietary point solutions and platforms for the end-to-end insurance value chain that are industry leading examples to deliver better outcomes. Provided below are some of our key solutions:
We help insurers re-engineer, digitize, manage and operate their most essential business processes, to improve customer experiences, heighten efficiency and lower operating costs to drive growth.
Today’s insurance customers expect simplified products that reflect their current life circumstances and service that anticipates their needs will change. They want convenient digital self-service options, approval of applications and claims in hours instead of days and personalized, transparent interactions across any channel they prefer, 24/7. Younger consumers expect even more, wanting customized guidance as well as real-time service.
Cognizant Digital Life and Annuity effectively address these challenges, enabling your organization to connect directly with customers more effectively, streamline operations, consolidate systems and accelerate time to market, all while reducing operating expenses.
Rapid shift towards digital engagement channels from traditional agent/broker networks is a key challenge for traditional insurers. Effective Distribution Management has the ability to transform business performance. We at Cognizant help insurers in doing exactly that.
Key services include:
Cognizant offers full lifecycle policy administration services across Personal & Commercial, Life & Group Benefits and Annuities and Retirement Services. We enable insurance carriers to achieve their dual mandate—achieving revenue growth while being operationally efficient—through our expertise and experience in serving the global markets.
We provide policy administration services to a range of customers, distributors and agents, and our services cover the full end-to-end policy life-cycle. Below are some of the key processes we support:
The insurance industry is undergoing a major transformation brought on by disruptions from new technology, shifts in customer behavior and demographics and new distribution models impacting the claims process area. We offer comprehensive claims solutions and services, which enables insurers to address their existing and future business challenges. Our adaptable and transparent services effectively track claims throughout their life cycle to guarantee tasks are finished with precision immediately and viably.
Our services cover the end-to-end claims lifecycle, ranging from FNOL to assessment, claims adjudication, subrogation, reserve management and payments:
In addition to the core Insurance Digital Operations, Cognizant also provides enterprise support shared services, including Mailroom Services, Finance and Accounting Services and Contact Center Services:
Digital Finance & Accounting: Cognizant has a mature Finance & Accounting practice delivering services across the spectrum of process complexity. We partner with our clients to craft end-to-end solutions encompassing the entire life cycle. Key services include: accounting operations, corporate accounting, reporting, recovery reconciliations, treasury operations, invoice processing, expense management, and consumer operations.
Billing & Collections: Cognizant provides comprehensive Billing and Collections services to global insurers. We have dedicated billing and collections experts with in-depth knowledge of the various billing products and platforms. Key services include: direct billing, billing administration, invoicing, cash operations, loss & legal collections and disbursements.
Mailroom Services: Cognizant offers inbound/outbound Mailroom services including sorting and indexing, along with comprehensive scanning and imaging service capabilities. We also have expertise in end-to-end Lockbox, mail center and statement operations.
Contact Center Services: Cognizant has extensive experience across the insurance value chain, providing 24*7 contact center (voice, email and chat) support and delivering end-to-end services for agents, insurers and customers augmented by our proprietary Omni-channel Contact Center platform “ONVIDA”.
Analytics: Cognizant has a dedicated Analytics practice providing integrated and enterprise-wide analytical services to global insurers. We have expertise in delivering operations analytics, sales & marketing analytics, pricing, UW and actuarial analytics, digital & social media analytics, customer analytics and claims & fraud analytics.
Automation: Combining Robotic Process Automation with machine learning and cognitive technologies to create intelligent operations, our IPA solutions deliver significant value and productivity gains.
Risk & Compliance: Cognizant has a dedicated operational, risk and compliance (ORC) team which tracks and monitors risk and compliance issues across our operations. The ORC team helps clients manage operational risks, governance, enterprise compliance and audits. We also assist clients in specialized services such as compliance monitoring, state/regulations filings and licensing & registration.
Stay on top of what’s happening across Cognizant.
Come out and meet us at these upcoming events.