Today Wholesale and Retail Insurance brokerage operations are challenged by diverse product lines of business and commercial arrangements, legacy technology, siloed departmental data, and complex carrier submission requirements. Modernization of broker operations is essential to drive efficiencies, reduce unit costs, build digital capabilities, and enable the brokers to become analytics and data-driven intermediaries.
Mphasis as a strategic partner with deep experience in insurance processes, data, and automation enables clients to define the optimal transformation path to become faster in day-to-day transactions and decision-making. We help design process flows by integrating automation and AI to yield the most significant impact and value for business strategy and foster reliable and streamlined business functions. In addition, we help create a roadmap of prioritized and sequenced actions to advance operations. This will enable the broker to automate manual work, achieve agility & efficiency and support their go-forward vision.
Mphasis Broker Market Utility enables brokers and producers to improve and sustain growth enabling holistic, simplified and cost-efficient operations through a seamless integration of data, digital and innovation offerings to:
Mphasis Broker Market Utility achieves this through the following:
Through a single digital platform across operation chains utilizing data-centric and AI/ML automation procedures, Mphasis Broker Market Utility delivers the following business outcomes:
45-60% faster time-to-place
30-40% reduced operating cost
30-45% efficiency gains
Simplified single operating center with COEs with resultant IT estate reduction
Improved customer service & performance metrics
Release of front office capacity to focus on revenue