"HCL implemented “Accelerated Underwriting” to handle cases referred Back by the Application, enabled Automatic Approval of New Business from Vantage and Enabled Automatic Processing for Child Riders and Motor Vehicle Reports "

1. Copyright © 2014 HCL Technologies Limited | www.hcltech.com
How HCLs Smart Solutions Helped Leading Global Insurer
Transform its IT Landscape, Seamlessly
Seamlessly Transforming IT Systems

2. The Imminent Challenges
• Thirteen Legacy Systems (MF 4GL) for Different Product Lines Impeding Efficiency and Causing
Delay In Policy Issuance, Servicing For Customers
• High Level of Manual Intervention in Policy Publishing Process Causes Unacceptable Delays
• IT Cost Was 3 Times More Than Budgeted IT Spend
• Delay in Decisions Due To Delay Management Reporting Impacted Profit and Growth
• Market Share Was Declining
• Client Embarked Transformation Initiative to Consolidate Systems

3. The Strategy
Migrations Involved Complex Products Where
Functionality Has Primacy than the Actual Policy Data
• Team 1 : To Work On Functionality Built Up in Target System
• Team 2 : To Build and Test the STF (Intermediate File)
• Team 3 : Data Compatibility Between Source and Target
• Team 4 : Full Blown Functional Testing Before Actual Data Comes In
• Thirteen Systems to Seven Systems Transformed In 1st Phase. Seven
Systems to Five Systems in 2nd Phase

4. Copyright © 2014 HCL Technologies Limited | www.hcltech.com
Apparent Benefits
• Reduced Cost of Support & Maintenance to 30% During 1st Phase
• Second Phase Transformation Reduced Cost Up to 20%.
• 40% Productivity Due to Effective Resource Utilization
• 10% to 20% Improvement In New Policy Sale Due To Cross-Sell & Upselling
Opportunities
• 20% Reduction In Policy Issuance & Servicing Time

5. Copyright © 2014 HCL Technologies Limited | www.hcltech.com
• How multiple systems slow down mission critical organizational functions?
• What are the apparent benefits of consolidating various systems?
• Why resource optimization is necessary to bring down overall costs?
• Is it possible to migrate/change existing systems without disturbing the current one?
Questions
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