MPHASIS SPECIALTY INSURANCE OFFERING
The global specialty insurance business ecosystem is today challenged by the following shifts in customer needs and expectations, in addition to the severe constraints of market regulation, legacy operations and technology estate:
A move from product-centricity to customer-centric propositions – How can insurers and brokers demonstrate greater understanding to provide hyper-personalized risk advisory and management services?
Simplify the ease of doing business and reducing cost of distribution across the value chain – Can silos within organizations caused by the inherent complexity of specialty products be removed?
Transform document-centric and internal process-centric systems to data and digital-first operations – How can we leverage data and digital as assets to drive value, create unified engagements across multiple channels and achieve profitable underwriting?
What is required is an acceleration of specialty insurance services, focused primarily on complex, non-standard, unique and unusual risks.
Mphasis Specialty Insurance Services provides managed service offerings to deliver transformation and value creation. Powered by digital, analytics, AI and automation, our offering -
Our simplified operating models enabled by technology and data drive efficiencies across front and back office operations across multiple lines of business.
Digital Solutions for business owners and distribution
We simplify complexity to enable faster and sharper decisions in client engagement, distribution and underwriting.
AI/ML-Led Specialty Data Solutions
Our intelligent solutions deliver customer-centric propositions, create additional revenue streams and unique differentiation – all aimed at customer stickiness.
Modernization of Legacy Systems
Our modernization solutions and services shrink legacy core systems and transform them into cloud native landscape.
Digital workplace platform and cloud infrastructure service management
We accelerate adoption of digital tools for underwriters, brokers, producers, and claims advisors to drive customer engagement while working from home offices.
Through our IP assets and flexible models, we accelerate the transformational outcomes of our offerings.
Additional assets help baseline the current state across operations, technology and business processes, identify the hotspots and opportunities to deliver value, design the target state vision and the options for implementation roadmap towards the target state.
Through a combination of our Front2Back™ framework and specific solution assets, we deliver the following business value:
30-40% reduced cost of operations through simplified operations
15-20% improvement in underwriter / broker capacity by eliminating time spent on administration tasks. This enables them to focus on clients and client centric propositions
Improved Operations efficiency through faster turnaround time (e.g. quote to bind, issue evidence of cover, claims settlement) and reduction in errors and omissions
Superior client experiences through consistent and predictable turnaround time / SLAs, eliminate standard queries and rework
Empowerment of underwriters and brokers with reliable data and insight to assist in operations e.g. renewals as well as business decisions e.g. market capacity
Enhanced brand reputation of clients