Re-engineering of the core policy systems is more necessary now than ever before due to improvements in technology, raising expectations of consumers and policyholders, and the increased level of competition from other financial services players.
Combined with the typical challenges of acquiring new business, retaining existing customers, and policy administration, and constrained by outdated technology, the industry has to take initiative to align the policy management systems with the increasingly expanding world around it. The key objectives of such initiatives are to:
- Improve policy administration processes
- Support geographic expansion
- Support regulatory changes
- Provide real-time information access
- Provide integrated financial transaction processing
Insurance Policy Administration – Key Solutions
The solution to ever changing needs of policy management system is tackled by Hexaware insurance industry experts from following angles:
At Hexaware the dedicated Insurance CoE provides thought leadership. With over 400+ insurance professionals and team of LOMA / CPCU and IBM SOA certified professionals we understand your requirements from domain angle and work closely with our technical experts to evolve innovative solution.
Re-engineering and Custom Development of Policy Front end systems
With growing complexity of Insurance business processing the front-end applications needs to be re-engineered constantly to accommodate changes. We have vast experience in working with Insurance carriers and re-engineering the front-end applications. Some of the re-engineered Policy Systems include:
- New Business Administration front-end
- On-line Statement Accounting
- Policy Holder Services
- Check-writing and Agency Commissions