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MPHASIS SPECIALTY INSURANCE OFFERING

 

Countering Complexity and Uncertainty with Confidence

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 -

  • Eliminates the complexity and cost of the rigid front, middle and back office operating model
  • Infuses front-end digital client engagement capabilities for brokers, producers, and underwriters

VERSATILE RANGE OF OFFERINGS

 

EFFICIENT ENABLERS

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.

  • Repository of the business process flows across New Business enquiry, Quote & Placement, Renewals, Claims, IBA and Premium processing with standard challenges and hotspots such as duplicate data entry efforts, workflow automation issues, document discrepancies, lack of consistent communication and others.
  • Target technical preference architecture which acts as a reference of "what good looks like" and design a target state best suited for each customer business and technology needs.
  • A target operating model to simplify the operations across multiple lines of business and functions grouped centers of expertise across Trading, Premium processing, IBA, Claims and Customer servicing.

 

BENEFITS

 

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

SUCCESS STORIES