The client is one of the oldest and top ranked full-service life insurance companies operating in the U.S., Latin America and the Caribbean region for more than 150 years. They offer a wide range of products and services, including life, health, and general insurance, annuities, pension administration, banking, and investment management. They have been awarded an A-, AM Best’s fourth-highest rating, which is assigned to agencies that have an “excellent” ability to meet their ongoing insurance obligations. They take pride in delivering exceptional customer experience through financial prudence and a strong work ethic.
The need for modernized and maintained core insurance applications to meet growing business needs and customer demands
To match the changing business environment and customer expectations for faster response times, the client wanted to modernize and maintain their existing policy administration and claims processing applications. Therefore, the client needed a technology partner with a strong insurance domain knowledge and new-age technology capability to enhance, maintain, and provide out-of-the-box support for their core insurance products and contracts. They needed a partner who can help them increase the speed at which they do business while adhering to the stringent financial regulations and reducing their operational expenses (OPEX). Overall, they needed to build custom solutions that are flexible and scalable, along with evolving business requirements, and deliver exceptional customer experience (CX).
Existing products failing to match new business needs
Lack of customer-centric customizations in existing products leading to low CX
Customer request processing times were at an all-time high
High operational cost for managing and maintaining their core systems
Damco’s SMEs from life insurance domain were deployed on the project who collaborated with the client to understand their existing business processes and needs, and suggested cost effective, flexible and scalable solutions – powered by InsuranceNXT, that meets new business requirements and delivers personalized customer experience, reducing processing time by 99%.
Application-level impact analysis
Faster product customization through a robust offshore delivery model
An error free and improved logical reporting system
Modernized, robust, flexible, and scalable applications with enhanced reporting and lower TAT