Digital Transformation for Insurers
Hexaware understands the objectives of Insurers with respect to speed to market to launch new products and channels of service, reducing cost of business operations and improving customer experience. Our services are focused to enable Insurers Go Digital through 3 main themes of Automation, Cloudification and Transforming Customer Experience. The basic premise of this approach is that organizations begin to reimagine themselves as active Lego blocks which can be clicked together in almost any way, by almost anyone to create almost any form desired. Hexaware takes a holistic approach to define the digital journey from ‘No digital’ to ‘Extreme Digital’ encompassing Employees, Customers and Suppliers of Insurance organizations.
Hexaware provides Digital Transformation services to P&C and L&A Insurers across front-office, middle-office and back-office processes. This is led by replacement of legacy systems of Insurance organizations with package products like Guidewire Digital and InsuranceSuite for front-office and middle office, eBaotech's InsurMO for middle office. Hexaware adopts an automation led Cloud first approach to enable Insurers to go Digital
Key features of our offering is defined below:
• Front Office Systems i.e. Building innovative systems of engagements: Design customer journey and provide multi- and Omni-channel experience to customers and channel partners through Guidewire Digital portals, mobile applications, and natural language using Chat and Voice Robots, IoT etc.
• Middle Office i.e. Digital enablement through smart processes: Expose core services to customers and agents to enable self-service through an API led architecture and orchestration across channels. Optimize business processes and enable extreme automation through implementation of Robotics Process Automation and Cognitive / Machine Learning
• Back office systems i.e. Core Insurance System Layer to reduce complexity and maximize efficiency – The focus of this layer is to simplify business processes through implementation of commercial off the shelf package products like Guidewire InsuranceSuite
• Harness the power of data through systems of insight: Hexaware has invested in building Insurance specific tools and frameworks that enable customers to build/ strengthen their data and data management foundation to derive real-time actionable insights through search driven analytics
• Integration and Security layer to connect core systems to other internal and external sources and securing access of applications and data
• Cloud based Infrastructure layer: Reduce cost of Infrastructure through automation and by Identifying applications to move to cloud
- Improve employee productivty by 25 - 30% through automation and straight-throug-processing
- Deliver an awesome customer expereince leading to increase in customer retention ratio by 5 - 10%
- Increase sales through digital channels by 2x
- Reduce the package implementation effort by 20-30% through Hexaware inhouse tools and accelerators
- Reduce testing effort by almost 40-50% through our iD2E (Integrated design to Execution) platform
- Reduce policy and claims migration effort by 30-35% through our iConvert+ solution
- Middle Office platform with pre-built APIs to reduce the implementation effort by 25-30%
• For a Direct Insurer in Japan, Hexaware worked as a Business and Technology transformation partner to optimize back-office operations, enable self-service for customers, brokers, vendors, and suppliers and provide data driven insights to business users to improve performance. This was enabled through business process re-engineering and replacement of multiple legacy policy, claims, billing system, portal, data store and analytics. Alfresco was implemented as a Document generation and management tool along with MuleSoft as an enterprise integration and orchestration layer
Benefits delivered: 200% increase in hits through Tablet / Smart Phone / LINE App, 5x faster Quote Creation, drops reduced by 80%, Call Center Cost Reduction, On-boarded first channel partner. Convenience store chain with 10,000 stores for renewal/sales, Advanced claims analytics and fraud detection (pilot), Self Service for First notice of loss and claims status check.
• For a large Insurer, amongst the top 5 in Belgium, Hexaware worked as a Digital transformation partner to improve back-office operations efficiency and teams’ productivity. This was enabled through business process re-engineering and replacement of multiple legacy policy, claims and billing system with Guidewire InsuranceSuite. The scope also included self-service enablement for customers and brokers through implementation of Guidewire CustomerEngage Portal and Salesforce Financial Services Cloud for Guidewire. Analytics support was provided by implementing an operational data store and developing dashboards, reports for business user to measure, monitor, and manage the key performance indicators.
Benefits delivered: 25% higher straight-through processing. Pre-filled underwriting with low drop-out level, seamless experience across channels, personalized insurance as a convenience through delivery of single view of a customer, built functional data marts to enable business with reporting on Datahub to improve business insights and improve service