Transforming the Underwriting and Policy Administration Platform

Transforming the Underwriting and Policy Administration Platform

Overview

A leading Life Insurer was faced with the daunting task of transforming its core underwriting and policy administration platform. Client data had been maintained for decades by green screen, expensive and functionally limited technologies for managing multitudes of policies and claims. The limited ability to launch digitally enabled products with an antiquated business rules engine required the carrier to enlist Hexaware Digital Insurance Services to provide both strategic and tactical support.

Leveraging the Hexaware guiding principle to “AUTOMATE EVERYTHING™”, the solutions team implemented a strategic plan for transformation to a cloud-based system while leveraging cognitive machine learning as part of a chatbot customer service engine.

Additionally, utilizing the Hexaware migration tool, IConvert+™ for data mapping and consolidation, the team extracted and transformed all legacy data lying in disparate systems, making Big Data available for consumption. Execution priorities included a message driven architecture, underwriting rules maintenance and implementation to be made available in real time, and legacy data migration to be converted with user friendly data dictionaries for better profiling.

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