Core Transformation for Insurance

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Overview

The widespread digital transformation sweeping across the insurance industry is forcing carriers to fundamentally change their business operations. Adopting new business models and building agility to respond to changing market dynamics and customer expectations are imperative to success. To achieve this, carriers must have access to core systems that are robust and well connected to the ecosystem. The systems must be flexible enough to grow and change on demand and have the ability to tap into new computing trends. They must also be able to easily adapt to technology advancements and accelerate updates to existing software. Replacement of core systems, when necessary, must be managed quickly and efficiently, without prolonged deployment schedules affecting business continuity.

Mindtree’s Core transformation offering helps insurance companies transforming core legacy platforms to modern systems involving implementation of Policy, Billing and Claims components, migration to target systems and accelerate innovation in the cloud.

Our offerings include transformation to Duck Creek suite as the core system for P&C insurers combining it with other best of breed solutions, including Microsoft Dynamics and Power BI. Deployed on Azure cloud, it provides an advanced insurance platform that not only supports existing business needs but also enables organizations to easily scale their digital transformation initiatives to the next level.

Our offering for L&A insurers on the Group portfolio includes implementation of our partner Vitech's Core Administration platform catering to Group, Voluntary and Worksite benefits. Our deep domain expertise in Group and voluntary benefits compliments this partnership.

Mindtree offers insurance carriers an integrated and customizable software and services suite covering all aspects of the business for greater agility, efficient business operations and cost advantage. It provides the Mindtree advantage of proprietary tools for accelerated deployment as well as proven best practices for proactive management, governance and managed services delivery.

Our expertise in transformation is enabled by our partner ecosystem which includes:

  • Duck Creek
    • 15+ years of partnership

    • Strong experience – 100+ implementation across Policy, billing and claims

    • Differentiation through strong collection of Duck Creek accelerators

    • Aligns with Microsoft strategy

    • Focused on SaaS aligning with Mindtree’s focus on Cloud

  • Vitech
    • Leading administration platform for Group, Voluntary and Worksite benefits

    • Experience integrating Vitech with the Digital Channels for a leading Life Insurer

    • Our deep domain expertise in Group and voluntary benefits compliments this partnership

Key Features

Core transformation offering encompasses pre-built, third-party integrations, deployment, hardware/software maintenance and upgrades, hosting and cloud operations, infrastructure, governance, and post deployment support services. Salient features of the offering include:

  • Pre-configured for core operations and ready-to-use integrations for faster rollout
  • Configurable to individual business needs and local market regulations
  • Personalized user experience for internal users, agents, brokers and the insured
  • Omni-channel triaging capability for incident management including mobile, chat-bots and voice-based support
  • Integrated data analytics and reporting interface for real-time analytics

Key technical features of the solution include:

  • Integration with MS Dynamics for channel, lead and supplier management, producer on-boarding, BPM applications, CRM, workflow and case management functions.
  • Integration with Office 365 to support various business functions, including marketing & sales, billing & payments, claims management, customer service and channel management.
  • Custom modules built on Duck Creek platform for customer portal and distribution/ agent portal using My Account Portal accelerator and mobile apps
  • Integration with Microsoft SharePoint for document management
  • Access to Duck Creek Insights for reporting and analytics with additional accelerators from Mindtree for enhanced features and functions using MS Power BI
  • Ability to sync with Chatbots/Voicebots using Mindtree accelerator built on Microsoft BOT framework
  • Mindtree accelerators to integrate with a number of third-party data and service providers and payment gateways for straight through processing (STP) of policy underwriting, claims processing and billing functions

Key Benefits

Our core transformation solution brings together Mindtree’s industry leading analytics, software, and support solutions on variety of COTS core business applications. This comprehensive offering drives several benefits including:

  • Cost effective alternative to complex core system transformation
  • Single vendor, ready-for-deployment, bundled approach for faster time-to-market
  • Comprehensive cloud-based innovation and connectivity for small to mid-size insurance carriers
  • Accelerated approach to integrate and launch new lines of businesses
  • Ability to stay current through auto-updates of content and upgrades