Life Insurance and Annuities Solutions

Hexaware helps insurers streamline and automate the new business and underwriting process. By leveraging AI-powered tools, RPA, and predictive analytics, we enable faster application intake, suitability/risk assessment, and policy issuance. This improves straight-through processing (STP) rates, reduces underwriting cycle times by up to 70%, and enhances app-to-issue ratios. Our solutions include intelligent workbenches for underwriters, allowing them to focus on high-value cases, while advanced fraud detection and external data integration (e.g., MIB, APS, Rx, and MVR) improve decision accuracy. Hexaware’s bionic underwriting framework ensures the perfect balance of automation and human expertise.

Legacy system challenges often limit scalability and create inefficiencies for insurers. Hexaware addresses this by modernizing core systems (PAS, Billing, Claims,) using cloud-native platforms that enhance operational agility and reduce total cost of ownership (TCO). We provide seamless integration through API-driven architectures, enabling insurers to manage policy servicing, renewals, lapses, and correspondence efficiently. Hexaware’s life insurance digital transformation capabilities also empower insurers with self-service portals and mobile apps, improving policyholder satisfaction and NPS scores by delivering 24/7 access to information. 

Fundamental headwinds impacting the life and annuities industry are accelerating the shift in the distribution landscape towards independent agencies gaining prominence and providing holistic, comprehensive advice (Life, Wealth, Health). This shift creates a need for life & annuities insurers to reconsider their distribution strategies and channels to enable self-service (D2C, B2B). Hexaware solutions cover the distribution management value chain, including commission calculation, producer appointments and registrations (NIPR, SIRCON, FINRA), producer licensing, producer performance and training, hierarchy management, and compliance management.

Claims processing is a critical area where Hexaware’s intelligent automation capabilities have a significant impact. By implementing AI-driven claims adjudication, fraud detection, and automated payouts, Hexaware ensures accuracy levels of up to 99.5% while reducing settlement times. Our advanced solutions include sentiment analysis, predictive claim estimation, and real-time fraud analytics, which help insurers streamline claims handling and improve customer trust. These capabilities, combined with flexible payment methods and automated workflows, deliver a seamless claims experience for policyholders. 

In today’s digital-first world, Hexaware helps insurers redefine customer engagement by building omnichannel platforms with self-service capabilities. Customers can access policy information, track claims, and submit service requests via user-friendly portals and mobile apps, reducing call center volumes by 40%. AI-powered chatbots and virtual advisors handle routine queries, while predictive analytics drive personalized product recommendations and proactive communication. Hexaware’s focus on customer journey reimagination ensures a seamless, end-to-end digital experience, resulting in doubled customer satisfaction scores (NPS)

Hexaware enables insurers to harness the power of data with advanced analytics and predictive modeling. Our solutions improve underwriting accuracy, optimize pricing strategies, and enhance customer retention by leveraging insights into customer behavior, risk profiles, and market trends. Hexaware’s data democratization approach ensures that actionable insights are accessible across the organization, enabling informed decision-making in areas such as claims, policy servicing, and regulatory reporting. These capabilities allow insurers to create personalized products and deliver measurable business outcomes

Hexaware offers specialized solutions for retirement services and group insurance to address the growing complexity of these segments. Our capabilities include administering fixed and indexed annuities, in-plan retirement products like 401(k)s and IRAs, and group benefits such as life, disability, dental, and supplemental health insurance. Hexaware’s advanced benefits administration platforms enable seamless policy servicing, billing, and claims handling, while automated workflows and integrations with payroll systems enhance operational efficiency. We also design tailored retirement solutions for aging populations, ensuring insurers can meet the needs of diverse customer demographics.