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Life, Annuities, Retirement & Group
Property & Casualty
Life, Retirement & Group
Our services cover all functions and processes from distribution to claims. We also provide services to the group and retirement markets.
Property & Casualty
Our P&C solutions cover everything from distribution through underwriting. We also specialize in solutions for transforming entire business units.
Our solutions portfolio for insurers includes BPS, emerging technology consulting and systems integration and maintenance.
Cognizant's Life, Annuity & Retirement Business Processing Service (BPS) helps insurers gain a competitive edge by handling routine back-office operations while you focus on revenue-generating activities. As a result, you will not only reduce costs and modernize systems, but better align business and operating models with process optimization. In the U.S., Cognizant is a fully licensed third party administrator where required.
Cognizant emerged as a Leader and a Star Performer in Everest Group’s assessment of 18 service providers on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix™ for Property and Casualty insurance BPO service providers. Our capabilities in analytics, regulatory reporting and risk management have helped us maintain a strong foothold in North American P&C market.
Our Guidewire implementation services transform business and IT ecosystems, modernize and integrate legacy platforms introducing new capabilities like digital, cloud and infrastructure services. Creating agility across the enterprise enables insurers to respond faster to market disruptions, improve speed to market and reduce operational costs.
Success in Automation: Decoding the Winning Formula
Automation is on the rise everywhere, but organisations generally do not know where to begin. As detailed here, by analysing the parameters of complexity and variation, you can systematically determine which business processes are ready for automation, and to what degree.
Transforming Commercial Property Insurance
How leading commercial building insurers are using innovative IoT solutions to reduce risk, lower premiums and develop collaborative partnerships with their clients.
Blockchain in Insurance: Risk Not, Reap Not
Blockchain is poised to rewrite the rules of competition in the insurance industry. Insurance and reinsurance companies need to act now to begin learning how they can apply this evolving technology to best address their business challenges, our latest research finds.
Insurance at the Intersection: Reinventing the Model, Repositioning the Brand
Insurers that can embrace the changing environment by redesigning their operating models and reinventing their business will be the most successful industry players of the future.
How Blockchain Can Reinvigorate Facultative Reinsurance Contract Management
Blockchain is ideally suited for streamlining and securing the cumbersome facultative reinsurance contract management process by offering trust and transparency and all the benefits of smart contracts.
Cognitive Computing: The Next Stage in Human/Machine Coevolution
Cognitive computing is extending our capacities in realms such as sensory perception, decision-making, and knowledge representation and processing. This next step in human/technology interactivity powerfully enhances our personal and professional lives.
Strategic IT Transformation Program Delivers Next-Generation Agile IT Infrastructure with Industry-Leading Resilience for Standard Life
The strategic use of the new technology enables Standard Life’s IT group to focus on generating business innovation and directly supporting business stakeholders in areas such as customer engagement while Cognizant manages the provisioning of Infrastructure as a Service.
Belgium's SIGEDIS Compliance Program: Doing It the Smart Way
For life insurers, a pension compliance program such as Belgium's SIGEDIS eats up IT resources needed for strateguic initiatives. By applying the right solution levers, such as optimization, automation and reduction of redundancy, pension providers can gain potent strategic advantages.
Blockchain: A Potential Game-Changer for Life Insurance
As a shared, secure, distributed ledger that works in a peer-to-peer environment, blockchain technology can benefit the insurance industry in numerous ways throughout the value chain. We explore several use cases, including death claims processing, to illustrate blockchain's ability to streamline cumbersome workflows, reduce errors and fraud, increase auditability and confer competitive advantage.
Collective Intelligence: Filling the Insurance Talent Gap
By combining the skills and acumen of in-house personnel, intelligent machines, independent contractors and external resource pools, insurance companies can offset talent shortages; perform complex tasks faster; take on heavier workloads, and dramatically improve efficiencies. All while trimming overhead, maintaining compliance, and boosting overall business performance.
A leading U.S.-based insurance carrier struggled with poor customer feedback and low online adoption of its web and mobile apps, leading to a negative Net Promoter Score (NPS).
Cognizant delivered a customer survey framework that incorporated sophisticated analytics and a 360-degree feedback loop to provide visibility into the root cause of negative customer feedback. Cognizant created an intuitive user interface for the company’s Web-based customer self-service application, improving user experience and app performance.
by 65 points
of the customer
A leading insurer wanted to improve the effectiveness of the agents who sell its life insurance policies and other products to customers in India.
Cognizant LifeEngage™ is a tablet-based point of sale and service system that guides agents through the sales and application process.
an agent must visit before making a sale from 14 to five
for issuing policies by 45%
the average transaction size
agent productivity and satisfaction
A major national property and casualty insurance carrier struggled with operational challenges due to a lengthy claims adjustment and settlement process, caused by the company’s outdated, inefficient and largely manual processes.
Cognizant implemented its cloud-based Cognizant Interactive Exposure Map solution and transformed a largely manual claims process into a fully automated end-to-end process using GIS, satellite imagery and optimization.
of claims processing and settlement by 30%
by at least $300,000 annually
Facing an urgent need to improve customer retention, a major global insurer turned to Cognizant to help it understand which customers were most at risk of canceling their policies and why.
Using the Cognizant iVALUE solution, the Cognizant team developed analytic models for the insurer’s customers, seeking to understand which behaviors of the insurer, agent and customer would signal a high risk of a lapse.
by 8% within one month
the insurer had lost in the previous year
of more than 180% within the first year
to new customers to increase their long-term retention
In an effort to curb rising provider insurance fraud for workers’ compensation claims, a leading U.S. workers’ comp insurance carrier engaged Cognizant to create an innovative medical provider benchmarking solution.
Cognizant incorporated clinical expertise and external guidelines with sophisticated machine learning capabilities to develop an analytics-based benchmarking model that identifies medical fraud and comprehensively examines transactions, flagging potentially fraudulent claims and providers.
$8 million in fraudulent claims
more than 60 times return on investment
the direction and efficiency of special investigation units (SIUs), claims research, clinicians and claims adjusters
A major insurance company based in the Middle East sought to improve the way it interacts with its customers.
Cognizant implemented Microsoft Dynamics® CRM and utilized gamification techniques to encourage user adoption and developed a comprehensive rules engine to analyze user activity and drive friendly competition.
by 25% while reducing response time for all inquiries by 30%
of over 3,000 opportunities per quarter
more than 2,000 inquiries daily, including leads, emails and customer complaints
and other key business processes by 99%
A global property and casualty insurer wanted to address leakage from workers’ comp claims while maintaining quality of care.
The company engaged Cognizant to develop a medical necessity review capability that would identify claims for excessive or unnecessary treatment. Cognizant OptimaMedWise™ implemented its technology framework to automate the claims process and provided 100-plus trained registered nurses to review exceptions.
in medically excessive or unnecessary claims within six months of deployment
of approximately $60 million
by 7% to 9%
as compliant and processed automatically
resulting in a 20X return on investment