Many insurance organizations are grappling with an uncertain economic and investment environment, changing customer needs, and increasing regulatory scrutiny. They are seeking new ways to improve revenue, capital utilization, risk profile, and ultimately profitability all while controlling costs.
Global Business Services (GBS) is a more "industrialized" target operating model that many insurers are turning towards. This evolution of shared services with a larger global footprint serving multiple functions, helps streamline processes by leveraging ...
IT Governance is a framework designed to ensure that technology investments generate business value and mitigate risks. The problem with governance in the on-premise world is that it typically drives a wedge between the two departments it is designed to serve. The business gets frustrated with IT's slow moving progress, and IT feels alienated when the business sees them as a barrier to progress.
Enter Cloud Governance, a legacy strategy that ...
To engage the always-on customer, insurance providers, agents, and brokers alike must provide a personalized experience, deliver overwhelming convenience, and uphold a constant drum-beat of innovative offerings and services to keep their customers.
For the insurance industry, this means continually evaluating existing technologies and processes to ensure that exceptional customer experience is delivered. Archaic, transaction-based systems are now giving way to agile solutions that enable real-time responsiveness. With improved internal transparency and data ...
Most insurance companies realize that their IT infrastructure is one of their most valuable assets. The question is: How can they leverage these systems to improve how they acquire and retain customers, manage risk, attain regulatory compliance and optimize business processes?
The answer is to invest in technologies, such as enterprise content management (ECM), business process management (BPM), business intelligence (BI) platforms and analytical tools.
Most insurance carriers are facing the same challenge: aging, complex IT systems that are costly to maintain and too inflexible to support new business initiatives. But how can large organizations with major legacy baggage effectively assess all challenges and all options to develop a crystal clear modernization approach?
Read this paper to learn 10 different approaches that IT organizations can use individually or in various combinations to achieve their modernization goals.
New modernization opportunities can help insurers cost-effectively transform existing technology and reduce operational costs with minimal risk. Read about four key modernization strategies that will help you retain business, grow market share and improve profitability:
• Process Innovation
• Operational intelligence
• System modernization
See what CSC has seen work in the insurance industry, and draw on the authors' real-world experience, as well as customer insights.
All insurance companies are currently focused on similar issues: keeping up with customer demands, finding the right resources, and managing changes in compliance. Information and well-designed and integrated business processes are crucial to thrive in today's insurance industry.
This analyst white paper outlines the benefits possible for insurance companies in using IBM's System z platform and application software.
November 2010- The annuity division of one of the world's largest service companies wanted to improve customer service. Infosys partnered with the client to address the client's business goals. The Infosys team created a technology architecture... blueprint and improved process rigor, project management, quality focus and metrics tracking to enhance the effectiveness of delivery. Our solution enabled the client to improve customer satisfaction, accelerate time-to-market and enhance IT operational efficiency.
November 2010- Our Insurance solution provides a comprehensive set of business and technology components to improve modernization planning and design, make a more robust case for change, increase the efficacy of the transition and optimize business value derived from modernization.
November 2010- Infosys' Insurance Practice is enabling the creation of the Next Generation Insurance carrier through the use of technology in understanding the new customer, cocreating / innovative products that are aligned to market needs and expectations, targeting markets to optimize reach and conversion, ensure effective distribution and policy management and enabling the next generation service models to cater to the customer.
September 2010- Desktop virtualization is the next technology that significantly reduces the total cost of ownership for any organization’s computer platforms. For the insurance industry, desktop virtualization provides added strategic agility. Discover how desktop virtualization helps insurers better support their agents, be more prepared for mergers and acquisitions, and simplifies regional compliance requirements.
April 2010- The client wanted to automate its Wrap-Up system to reduce cycle time & associated costs and be competitive within the industry. Wrap-Ups are widely used as a risk management technique by allowing coverage for multiple insureds to be wrapped up into one consolidated program. Solution: Wipro worked with the client to develop a framework that would generate details of the construction costs and then provide an analysis to the Wrap-Up team. A proof of concept was ...
April 2010- The client wanted to: Replace and enhance its existing enterprise wide data warehouse environment in order to address specific risks related to the existing back office processes. This would reduce the total cost of ownership of various back office applications and provide a robust platform for launching future Business Intelligence capabilities. Achieve substantial flexibility. Solution: Wipro worked to deliver the following key objectives: •Implemented an enterprise data warehouse based on IBM Insurance Information Warehouse (IIW) ...
April 2010- In the construction side of the client's surety operations, certain day-to-day bond execution services were performed manually over phone or fax. This led to increased time to market. Another issue was that different client location teams used different ad hoc systems to cater to their surety operations. More future business meant eliminating these inefficiencies and establishing a standardized system across all its locations. The client needed to consolidate and automate its surety program. Solution: Wipro ...
April 2010- In Europe's complex Life Insurance sector, the client, who had been using Prophet for two decades to improve risk management, was left with a complicated and unwieldy actuarial product development environment. The effort and time required for developing and testing existing risk models did not allow the actuaries to focus on their core functions of new product development and actuarial analysis of business. The client therefore needed to streamline this entire operation to enhance revenues ...
May 2009- Innovation is about implementing new solutions using old or new tools. Internet and mobile are emerging as the new channels of communications with multiple stakeholders through different touch points such as mobile apps, social networking, blogs and wikis. This article explores how these technology touch points can be leveraged by insurance companies to innovate tools of communications with different stakeholders -- internal and external.
CAST recently caught up with Kelly Cannon, former Vice President, Shared Application Services at Kaiser Permanente, one of the largest health care insurers in the U.S. Kelly tells us about the current state of IT in the insurance sector, and how senior IT executives are responding to the tough economic conditions by rapidly delivering business benefits.
• How IT is transforming the insurance value chain
• How to identify ...
May 2009- Once known as a home service company, American National has transitioned into a mid-sized multi-line carrier with an ever growing, complex line of life and annuity products, including a range of variable and indexed products. Over the years, American National has acquired a number of carriers, most of which were folded into the corporation through conversions of closed blocks. As the company evolved, developing innovative products while adhering to regulations and keeping costs down became ...
April 2009- As Saudi Hollandi Bank expanded, it became apparent that the existing IT infrastructure was not adequate to meet its growing requirements. The IT team then began to focus on the implications for both people and processes. SHB was keen not to approach the initiative from purely a technology perspective and was eager to truly follow ITIL best practice. It chose Axios due to the vendor’s consulting expertise and assyst, a single, unified, best-of-breed solution.
October 2006- The IT team at Standard Bank was concerned about a lack of asset information in the organization, due to the rapid growth and expansion of the bank. They wanted to know exactly what hardware had been bought and what software was installed on this throughout the company. Realizing the benefits that integrated asset management would bring, they looked for the optimum way of achieving this. Altiris was already used as the internal software deployment tool, ...
April 2009- Your business has made significant investments to manage and govern the vast amounts of content continually flowing in and out of your organization. The extent to which you can absorb, utilize, transform, and create value with that content will differentiate you among your competitors. Key to success is technology that allows you to easily access and use content to create a better experience for your customers, communicating with them more effectively and efficiently across all ...
April 2009- Learn how HP Exstream is becoming the enterprise document automation software of choice for insurance carriers. Gain insights into how HP Exstream solutions significantly reduce costs and enhance the customer experience with a single software solution for policies, bills, statements, correspondence and more.
April 2009- Tower Group Executive Director Guillermo Kopp discusses some of the latest trends in Green Banking, including the build-out of sustainable branches, international approaches to eco-friendliness and some of the business drivers.
March 2008- The rates of adoption of business process management (BPM) technology are increasing dramatically, and with them, the stories of missed expectations and wasted investment also are on the rise. BPM’s promises are real, but the path to success is littered with pitfalls and shortcuts to failure. Best practices can help you avoid them. The good news is that BPM has now reached a stage of maturity that ensures that customers who are just embarking ...
November 2008- IT architects understand that governance is essential to service-oriented architecture (SOA) success, but they need to get the business to understand this as well. With SOA, financial services firms gain a flexible architecture that slashes maintenance demands, improves quality and reusability, speeds the development of new systems, and reduces time to market. But in order to achieve these benefits SOA development must begin with SOA governance. Without governance SOA can turn into chaos. Too often, ...
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INSURANCE: Architecture/Infrastructure, Claims, Customer Insight/Business Intelligence, Distribution, Management Strategies, Policy Administration & Management, Regulation/Financial Systems, Security/Risk Management