DXC Business Process Services: Life and Wealth
To gain market share, free up capital and resources, and achieve greater business agility, insurers need to address the impact of rising operational costs associated with managing closed blocks and legacy platforms. They also need to launch new products quickly, reduce compliance risk, and scale to meet changing market demands and increasing customer expectations.
DXC Business Process Services: Life and Wealth covers outsourcing services from consulting and technology enablement to policy administration systems and managed services. As the #1 provider of core insurance technology, globally, DXC has over 40 years in the insurance industry with 1,900+ insurance customers, 13+ million insurance policies under DXC BPS administration with 11 million+ in the Life and Annuity market, making DXC the #1 provider of Life and Wealth operations in North America. DXC is a licensed third-party administrator in the US and Canada.
DXC’s technology enabled cloud-based framework along with DXC’s strengths in the commercial insurance IP market are identified as strengths in the marketplace in acquiring new contracts. DXC utilizes our commercially available insurance IP within our BPS operations making our BPS Operations customer #1 and an active participant in our IP customer communities. In turn, our experience as a BPS provider allows us to gain insights to hone our insurance IP development and innovations providing digital capabilities, analytics, cloud, automation, and other service offerings can significantly boost customer experience and improve Life and Wealth services.
- DXC Business Process Services: Life and Wealth is differentiated through the use of DXC’s own core insurance software platforms within the BPS. This software leads in the commercial market outside of the BPS. It is well proven, has the greatest geographic coverage of any software provider and is continually evolving to meet future needs.
- DXC has implemented its core DXC Assure Life Digital Platform and provides a full cloud-based deployment of all IP and customer specific DXC insurance IP enabling full digital capabilities, reducing operating costs providing easy deployment of ML and AI capabilities.
- DXC is a leader in data conversion and policy onboarding, proven through complex data migrations and between our BPS and our commercial insurance software programs. No other organization has delivered more successful policy Data conversions than DXC.
- Further, DXC brings to its insurance clients its full enterprise stack capabilities (from Modern Workplace, Infra/Cloud, Apps Modernization, Analytics and Security), helping clients transform their entire IT estate; This is unique among traditional L&A BPS players.
DXC Business Process Services: Life and Wealth is technology-focused, cloud-based and digitally enabled.
- Convergence of SaaS and BPS: Increased BPS automation and demands for end-to-end SaaS platforms (augmented by a menu of BPS options) will reduce the gap between these service models and enable greater flexibility for insurers in how they consume technology and business process services.
- Global factory approach: Leveraging DXC Assure for Life and Wealth and our global delivery model, providing BPS anywhere in the world using a common framework.
- Fast and seamless transition to the DXC BPS platform for existing blocks and new product initiatives: AI-enabled tools to aid business/product/process analysis and data conversion will change the financial profile of policy block acquisition. An easily consumed end-to-end insurance administration capability enables insurers, insurtechs, and reinsurers to focus on quickly bringing new propositions to market. DXC believes that seamless adoption and consumption of BPS services can significantly reshape the industry.
- Data and analytics: Enabling new insights for our customers and providing new and enhanced services underpinned by analytics.
- 'Silent running' and Resiliency: Analytics and AI, lean methodology and automation underpin our solution direction for infrastructure and applications management, dramatically reducing defects and automating incident response, infrastructure provisioning, and application management. Resiliency, to us, means the ability to scale up and down; to be able to quickly pivot our service to address shifting end-customer needs and opportunities (for example, serving different customer needs in catastrophes, financial market turbulence, rapidly addressing regulatory changes, etc.) as well the ability to provide uninterrupted service through any internal challenges with our own service delivery.
With DXC Business Process Services: Life and Wealth, insurers will:
- Transform their cost base and unlock reserves, while addressing the impact of rising operational expenses.
- Improve agility, market responsiveness and capital management capabilities to fuel growth.
- Mitigate financial and operational risk and provide future cost certainty.
- Scale-as-you-grow with a modern technology platform comprising industry-leading components and insurtech innovation.
- Increase customer satisfaction and retention with modern contact center capabilities.