Infosys BPM service offerings for the insurance industry
We provide insurance business process outsourcing services, platform-based services, and point solutions that cater to varied needs of property and casualty insurance, life / annuity and retirement, and reinsurance segments. Today we support more than 45 insurers in 15 languages from 10 delivery centers across India, the US, Europe and Brazil. Our services are augmented by powerful business and operational analytics, as well as our strengths in operations consulting and technology. With us, you get an insurance BPM partner who can collaborate with you for your most complex business needs.
BPM offerings across industry segments
Our offerings include support for simple transactional processes such as new business, underwriting, pre-issuance, and post-issuance, accounts receivable, accounts payable as well complex, judgment-intensive processes such as catastrophic modeling and statutory reporting.
Platform offerings
Infosys BPM transforms processes, operations and business through proprietary, state-of-the-art, core insurance platforms for life (individual and group) / annuity, and retirement. The modular platform supports open and closed book business (VPAS), distribution and commission management (PMACS), and retirement services (Deferral+ and VPAS benefit plan administration).
We have significant experience in delivering property and casualty business process support across a variety of homegrown, mainframe/ Web-based applications, and commercial-off-the-shelf (COTS) platforms. Strong alliances are in place with best-of-breed P&C core insurance platform vendors to deliver solutions that include extended warranty services.
Besides platform solutions for insurance business, Infosys also provides proprietary platforms for non-core areas —such as human resource outsourcing (HiretoRetire platform), sourcing and procurement (ProcuretoPay platform), and customer support (AssistEdge, SocialEdge).
Point solutions
Point solutions from Infosys such as customer relationship and information management, insurance workflow, and reinsurance treaty administration help improve operations and enable insurers to achieve transformation benefits.
Analytics
Our dedicated practice across business and operational analytics help insurers improve underwriting risk selection and claims ratio, increase persistency, identify best performing agent/producer, customer segments, increase revenue through cross-selling /up-selling products/services, and enhance operational excellence.
Technology and consulting
We leverage expertise, methodology and tools from Infosys to support insurers as they battle to reduce the cost of application development, maintenance and support, and hardware. Our insurance consulting practice has expertise across business, operations and technology consulting, and helps insurers blueprint, large-scale IT and business transformation programs, and guides them on turnkey initiatives.
Service offerings
- Comprehensive BPM offerings — across life / annuity and retirement, group insurance, property and casualty, reinsurance
- Service delivery across the value chain — new business, underwriting support, policy administration, claims, finance and accounting (F&A)
- Platform capability — across life /annuity and retirement, and group insurance
- Multiple engagement models — BPM, SaaS and hybrid
Property and casualty (P&C) – including Lloyds of London market
P&C insurers can rely on Infosys BPM to support services spanning the entire value chain — new business, lead generation, underwriting support, policy issuance and administration, claims, billing, premium accounting, and F&A. We are focused on commercial insurance, but have extensive experience in supporting varied products and processes across personal, specialty, casualty, liability, accident and health, and extended warranty insurance lines of business.
Infosys BPM has partnered with OneShield, a leading vendor for P&C insurance to jointly implement the platform and deliver BPM services. With expertise across core insurance and reinsurance platforms and catastrophic modeling tools (AIR, RMS), we are fully geared to support a range of simple to complex business processes.
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Life / annuity and retirement
With Infosys BPM as their partner, insurers can focus on core business, product innovation, pricing, and customer and channel satisfaction. We address the challenges of life / annuity and retirement providers in multiple ways — delivering robust platform solutions for open and closed book business, producer and commission management, supporting core (pre-issuance and post issuance, payout, and claims administration) and non-core activities (investment management, customer servicing, F&A, and producer management), as well as optimizing and transforming business processes.
Infosys BPM is a pioneer in delivering end-to-end closed book services in continental Europe and offers variety of engagements — lift and shift BPM, software-as-a-service (SaaS), and innovative commercial models like price per policy and price per transaction. We have strong alliance with ITDS in the Netherlands for delivering a range of complex IT and BPM services.
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Reinsurance
Service offerings from Infosys BPM include support for reinsurance business processes across the value chain and proprietary point solutions to administer reinsurance contracts. We support several reinsurers in underwriting, contract administration, claims, catastrophic modeling, technical accounting, and statutory accounting and reporting activities.
With the recent acquisition of the back office of a leading insurance intermediary, Infosys BPM has added BPM and platform capabilities across group insurance. Business process activities supported include marketing, underwriting, enrollment, policy issuance, policy changes, customer service, billing and collections, and claims support.
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The Infosys BPM Insurance Center of Excellence
In a constantly evolving business environment, you need a partner who can give you two differentiated capabilities. One, agility in service delivery, and the other, insurance practitioners who understand every nuance of your business requirements. You get both, with the Infosys BPM Insurance Center of Excellence (ICOE).
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