Tier-1 North American Carrier Saved 40 Percent of Costs with Mphasis Solutions

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CLIENT

 

This tier 1, North American, insurance carrier had business operations in group benefits, voluntary benefits, individual life, and healthcare products. Due to the varied nature of its operations, the client faced problems in regulating processes and improving efficiency.

BUSINESS CHALLENGE

 

The client had siloed operations due to inorganic growth and required process standardization. It lacked the capability to tailor offerings for specific business needs and to gain a single view of accounts. In addition, processes had to be streamlined and optimized with business intelligence.

SOLUTION

 

To overcome these challenges, our team created an action plan that adopted the following approach:

• Enabled Wynsure, which is a comprehensive and flexible back-office business solution for insurance carriers that can be easily customized to meet the client’s specific business needs

• Installed Pega Systems to develop and support software for customer engagement and operations

• UpgradedSAP General Ledger (GL) to provide a picture of external accounting and accounts and to record all the business transactions in an SAP system

• Enhanced existing business intelligence, reporting, and the enterprise service bus

• Established Vue software, which streamlines internal business processes, improves management of sales channels, and enables financial growth

• Integrated enterprise portals for group administrators, members, and brokers

BENEFITS

Our solution allowed the client to:

 

• Enhance speed to quote

• Improve time to market for a new product

• Increase underwriter productivity

• Enhance self-service and digitalization through key APIs

• Reduce product variations in the legacy system from 80,000 to just 30, reducing the total cost of ownership (TCO)

• 40 percent of overall cost