Today, property and casualty insurers face burgeoning cost of operations, high customer churn rates (personal lines), and ever increasing competition in launching newer and more innovative products, with quicker time to market. At Infosys BPM, we have found that our clients have been able to address some of these challenges by engaging us for end-to-end transformation-based services, rather than process-based outsourcing. Our P&C practice has more than 700 professionals delivering business process services to over 10 clients across the US, Europe, Canada, Australia and Brazil, in more than more than 15 languages.
We have augmented our BPM services through partnership with best-of-breed, core P&C insurance platform vendors. These are backed by our flexibility in delivery and operating models (at client locations, near their locations, at Infosys locations) as well as commercial models (transaction- or outcome-based).
Infosys BPM offers business process support services that span the P&C value chain. We provide support across insurance business processes as well as non-insurance activities such as lead generation and F&A. Our professionals have significant experience across clients' homegrown core insurance platforms developed on mainframe and Web-based technologies, as well as commercial off-the-shelf (COTS) core insurance platforms to deliver business process support services:
How Infosys BPM delivers value to property and casualty (P&C) insurers
Infosys BPM has delivered continuous process and productivity improvements across the P&C insurance value chain. Our transformation initiatives have helped clients reduce their operational costs, and increase their revenues and profits.
Infosys BPM combined operational optimization, service models, and technology multipliers, which led to streamlined documents, improved business metrics, and reduction of cycle time.
The Infosys BPM advantage
We help you create superior processes, operations and systems – with the scale you need, and the agility you want. The benefits: you will be better positioned to react faster to market demands, increase customer retention, increase time to market for quote and policy issuance, reduce claims leakage, and provide superior services to policy owners, intermediaries, partners, and distributors.
Experience across major lines of business: We have worked with businesses specializing in commercial, personal, accident and health, and specialty insurance. We have significant experience in delivering support for both individual and group insurance business.
Highly efficient underwriting, policy administration and claims processing services: We help businesses improve underwriting productivity and claims processing velocity, and achieve operational excellence. Our areas of expertise include indexing, new business, quote generation and underwriting support, intermediary management, policy production, and policy administration (endorsements, cancellations, renewals, and reinstatement).
Powerful analytics that enhance services: Our analytics provide actionable intelligence that can support your decisions in product pricing and customer segmentation. We also provide insights that trace risk, loss and profitability.
Niche services that deliver a competitive edge: You can leverage our expertise in areas such as Lloyds of London processing. We have highly skilled teams that specialize in CAT modeling support (catastrophic exposure analysis, statement of value preparation, data fixing and cleansing), actuarial services (reserving support, price monitoring), and loss control (administration of survey data).
Support services for brokers / managing general agents (MGAs) / intermediaries: We accelerate quote generation, quick quotes, broker statement of account (SOA) reconciliation, license approvals, cover holder management, and income audit.
Cloud-based delivery: We have strong alliances with industry-leading policy administration system (PAS) and claims solutions providers. This enables us to create various operating models such as platform-as-a-service (PaaS) and commercial models (transaction-based, price per policy).
Integrated consulting, IT, and BPM services: Our domain experts have helped clients transform their businesses and create shared service centers (SSCs) that make their operations more agile.
"We evaluated several internal and external options to this critical business issue and finally choose to partner with Infosys. The team has done excellent job in this project. The service and communication has been excellent throughout the process. It has been a pleasure to work with the team on this project."
— Vice President, Operations, Bermuda-based P&C Insurance company
"I wanted to drop you a quick note to say how impressed I was by your efforts to map spreadsheet data in to our mainframe systems.
In the past, we have tried to do transformation in to these old systems, and each time it has failed. You designed a macro process that builds in end-user intervention and it works wonderfully. In my mind you have proven the synergism between BPM and ITO and it is, as I said in Bangalore, "magical".
The benefits we see from this are certainly tremendous time savings, for example, being able to process the account has decreased 2.5 days to 2.5 hours in duration, as well as data quality improvement as it has cut down on duplicate entry."
— A note of appreciation from the COO of a leading US-based P&C company on the transformation initiative taken-up by the Infosys team
"Over the past year, our department has been able to achieve many high-level goals which would not have been possible without the assistance of Infosys WC analytics team. They each possess such a willingness to learn without the least bit of hesitation. They are always cooperative, pleasant and professional. They have eagerly gained a working knowledge base in a very short period of time and apply what they’ve learned in a logical and appropriate claim assistant manner.
The support provided on my claim files makes it possible for me to quickly assess a situation to determine what’s needed and keep the file moving toward resolution.
With the Infosys offshore team, the WC Unit can now concentrate the majority of our efforts on Job One – settling cases and mitigating exposures! So, there you have it, an excellent partnership indeed."
—Highlights of the client appreciation note in the their internal newsletter of a leading US-based P&C company, about consistent performance in WC analytics
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