LIFE & ANNUITY, GROUP & RETIREMENT
Life insurance powered by digital
260% increase in customer self-service
For a large life insurer, Cognizant developed an online customer portal and mobile app.
Data is key to opening the digital frontier. But there are challenges: Slowing growth. Shrinking margins. And legacy systems that may be putting you behind the curve.
Cognizant can help. By achieving digital transformation, we can help make your operating model more efficient. Count on us to help you better manage your analytics, automate claims processing and leverage artificial intelligence (AI) for your life insurance, retirement services, employer benefits or annuities business.
INSURANCE ECOSYSTEM
Targeted solutions
Insurance services
Cognizant offers myriad services to help you reduce operating costs, speed products to market and meet today’s customer demands for sophisticated digital tools and a personalized online experience.
A scientific risk/reward approach
Who needs it
Organizations facing challenges with:
- Legacy IT in a customer-centric world
- High IT and operational costs and inefficiency
- Multiple platforms with technology obsolescence risk
- Integrating with modern digital technologies
How we help
- Analyze your legacy system architecture and identify problems, opportunities and platforms
- Rationalize and modernize your applications portfolio to meet business needs with low total cost of ownership
- A scientific, risk/reward analysis methodology for deciding on platform conversion
- Analyze four risk areas: technical feasibility, product considerations, business and IT confidence
- Analyze seven reward areas: revenue scalability, revenue cost, speed to market, customer centricity, functional adequacy, usability and application availability
What you gain
- Clearly identify and score benefits and risks involved in platform conversion
- Obtain valuable data-points for creating a business case and gaining stakeholder buy-in
- Ensure business-IT alignment for your platform conversion program
Bring your CX up to speed
Who needs it
Organizations facing challenges with:
- An inadequate customer portal for web-based purchase and service
- Limited, incomplete online capabilities
- Poor self-service volumes and high servicing costs
- Inability to leverage web presence as a competitive differentiator
- Inability to attract millennial customers
How we help
- Focus on key aspects such as digital strategy and innovation, digital marketing, digital operating model, digital technology enablement & integration, digital content & interactive, industry centric digital solutions
- Provide a detailed web evaluation on functional and architectural components
- Deliver a future state roadmap for all your stakeholders
What you gain
- Align an enterprise web strategy with your business objectives
- Drive growth and improve effectiveness for customers, channel partners and employees
- Achieve up to 2X agent productivity with enhanced web capabilities
- Save up to $50,000 for every 10,000 customer service queries
- Improve productivity and accommodate changes in business
Improve channel efficiencies
Who needs it
Organizations facing challenges with:
- Poorly trained/skilled channel participants
- Mismatched channels and target customer segments
- Misalignment of channel participants’ performance measures to business goals
- Lack of sales tools and information to rapidly close sales
How we help
- Focus on providing channel participants with ability, motivation and required tools
- Use a KPI-driven framework that helps informed decision making in key areas such as channel mix/growth, segment mapping, sales process standardization and technology & tools enablement
- Deliver a 4-part solution: Distribution Planning Strategy, Agency Recruitment Strategy, Onboarding & Life Cycle Management and Performance Management
What you gain
- Up to 25% cost savings in distribution-related operations
- Gains of up to 10% in advisor efficiency, increasing client-facing, revenue-generating activities
- Savings from reductions in call volume and branch support costs
Rationalize and modernize
Who needs it
Organizations facing challenges with:
- Multiple applications with overlapping functions and low business and technical value
- An application portfolio that is misaligned with business strategy
- Legacy applications that slow response to business demands
- High cost of operations
How we help
- Rationalize your application portfolio by creating a retain/retire/modernize strategy for each application
- Aligns your rationalized portfolio to your business
- Meet your business needs with the lowest TCO and highest flexibility
What you gain
- "Run Better" with leaner, modernized applications, resulting in lower costs and improved agility
- Achieve alignment between business and IT
- Create a business case for modernization
- Gain a complete modernization roadmap, including quick wins
Gain process and cost efficiencies
Who needs it
Life insurance organizations facing challenges with:
- Multiple legacy applications causing inconsistencies in processing and delays in servicing
- Complex product launches with high time-to-market challenges
- Compliance issues during audits due to lack of process discipline
- Poor quality of processes, with excessive defect ratios, rework, turnaround time, workforce overload
- Limited process documentation, with to high key-person dependencies
- Large number of reports and manual handling in processes
- A vague action plan to improve efficiency and ROI
How we help
- Redesign your business processes and recommend an operating model based on Cognizant’s proprietary PRIME approach
- Provide a Future State Vision & Target Operating Model by comparing your current processes with industry best practices and process benchmarks
- Use business process maps as an analysis tool
- Determine gaps, provide BPR recommendations and help you gain quick wins
What you gain
- Up to 20 days shorter plan setup process
- Up to 20% in operational cost savings in new business processing
- Up to 10% efficiency gains in agent workforce time and workflow streamlining
- Improved operational effectiveness in policy servicing
Gain actionable insights
Who needs it
Organizations facing challenges with:
- Lack of clarity on ROI and business benefits on application of analytics
- Inability to align in-house and outside data to derive actionable “out of box” insights
- No proven method to identify cross-selling and up-selling opportunities
- Vague execution of analytics due to low data quality
How we help
- Use insurance KPIs and metrics for comparison and trends analysis
- Leverage data mining to identify root causes from which to derive fact-based insights
- Provide actionable recommendations to improve business value
What you gain
- Customer-channel segmentation and analysis
- Better fraud reduction and prevention
- Potential new businesses opportunities with new and existing customers
Meet your OIPA objectives
Who needs it
Carriers who wish to:
- Realize high business benefits from a best-in-class Oracle administration platform
- Stay up-to-date on Oracle Insurance Policy Administration (OIPA) to leverage most recent functionalities
- Standardize and consolidate multiple legacy platforms to OIPA
- Leverage OIPA as a strategic admin platform for go-forward business
How we help
- The only Oracle Platinum Partner with OIPA specialization
- Services: product advice/consulting, platform-based solutions, implementation, maintenance and upgrades
- Experience: 350+ OIPA professionals; 2.5 million policies supported
- Frameworks: OIPA implementation, version currency, conversion, consolidation, maintenance
- Accelerators: 25+ tools across advisory and delivery capabilities
- TPA Services: 700,000 policies in production
What you gain
- Reduce cost to quality via rapid, consistent OIPA implementation
- Satisfy near-term regulatory requirements and strategic business goals
- Speed product innovation and time to market
- Lower cost per policy and TCO
- Reduce transformation risk, eliminate compliance risk
Additional capabilities
From processing policies to streamlining invoices to enhancing the customer experience, Cognizant offers multiple ways to help insurers run more efficient front and back offices.
30 million policies managed
Life insurance business processing is core to what we do. Every day we manage nearly 30 million life insurance policies, more than 4 million annuity contracts and 14 million closed block policies. Our business and technology experts offer carriers services that address any identifiable business process, simple or complex, to save money, transform an enterprise—or both.
Reduce costs and hassle
Our team has developed both group life and disability claims administration systems for major carriers. Leveraging Cognizant’s service-oriented architecture, they can reduce costs and administrative burdens.
Enhance customer loyalty
Web portals built by experts specifically for the life insurance industry can enhance customer loyalty and streamline communications with employees.
More efficient, effective billing
More efficient and effective billing can reduce the cost of policy ownership and boost productivity. These solutions can also integrate with group customer payroll systems. We also specialize in consolidating multiple small disbursement systems into more efficient enterprise solutions.
Manage, integrate, streamline
Cognizant’s custom solutions can manage, integrate and streamline policy administration. Properly tailored systems will reduce the cost of administering a wide variety of insurance products. Learn how our agent compensation solutions include business rules for each individual insurance product you offer.
Ensuring flawless applications
Making sure your applications run flawlessly is both an important task and a difficult chore. Cognizant’s quality assurance experts can help you every step of the way—or you can outsource the entire process to us.
Reduce overhead, improve
We offer enterprise-wide resource management solutions, including compliance oversight, HR systems and multiple accounting features. For core business functions, we assume responsibility for a wide range of back-office business functions. Engage Cognizant to reduce overhead and improve your customer experience.
Two valuable tools
Cognizant’s Insurance dashboard helps you effectively track sales and market trends. And our Intellimigrator ports insurance applications to new platforms as required.
SHOWCASE
Featured work
THOUGHT LEADERSHIP
Latest thinking
“Our experience working with Cognizant has demonstrated a journey of opportunity and success.”
Chairman, CEO and President of National Life
Mehran Assadi
Take the first step
Serving customers by looking forward as well as back is a big promise, but the power of today’s new digital capabilities is vast and growing.
Let’s talk about how digital can work for your business.