Enabling insurers to thrive by leveraging digital and ensuring competitiveness
The insurance industry faces strong headwinds with declining margins and ever-increasing competition. The need to balance regulation and ensure optimal customer experience, increases the complexity of managing global operations, in a commoditized industry.
We believe that these challenges are the key to unlocking value through operational transformation and leveraging digital to not only cut costs but grow market share and future proof operations.
The era of labor arbitrage is almost over, and so we must turn to digital arbitrage. Combining our organizational penchant for automation with our extensive domain expertise, we are uniquely placed to deliver digital insurance operations for our customers.
Insurers struggle with several challenges today. With increasing market pressures and declining margins, the cost of administering heritage business must be managed.
Regulation is an enormous challenge, especially when dealing with operations in multiple countries.
On the other hand, Insurers are grappling with unlocking insights from enormous amount of data, which can drive cost competitiveness and product customization.
With our levers of process automation, process excellence and Machine Learning/AI, we excel at value creation for our customers by best in class service delivery underpinned by true transformation. Our insurance footprint ensured we were ranked as ‘High Performers’ by HfS in their Insurance as a Service’ report.
For over 20+ years, Hexaware has been working with life and annuity insurers, property and casualty insurers, providing them value, transforming their business processes through end-to-end solutions.
Life and annuities insurers are facing considerable challenges in managing their operations. With the new wave of born digital competitors, its time life and annuities insurers brace for change. Strategic investments are limited by high operational costs such as those of policy servicing, resulting in delaying forays into machine learning, artificial intelligence and customized products. These technologies can unlock a treasure trove of insights and value, which will help in creating the insurer of the future.
Our capabilities touch claims, billing, policy administration, sales, service, support, analytics and other areas across the L&P lifecycle. We are also adept at providing shared service solutions that can help insurers focus on their core business. Our service delivery is characterized by extensive domain expertise, a willingness to automate intelligently, bringing in process excellence and analytics to drive value. These levers help in driving close to ~40% savings for insurers through a mix of nearshore operations and intelligent automation
Property and Casualty insurers are facing multiple challenges, be it competition or customer retention. It becomes absolutely crucial to retain and attract new customers. The key to this lies in shrinking the time to market, customized products and uncovering insights that could increase market share. Insurers must invest in analytics and other emerging technologies such as RPA, ML and AI while providing a consistent and excellent Omni channel customer experience.
With our considerable experience, extensive domain expertise, commitment to automation and global presence, we are uniquely placed to assist our clients in their digital transformation journey. We have capabilities across the entire value chain be it sales, support, administration, claims, billing etc. This has enabled us to form strong customer relationships and drive digital transformation. An example is an European engagement with a leading insurer where we have implemented an Automation COE, leading to a 38% reduction in the cost of operations.