HCL Technologies improved an insurance company's product portfolio by addressing challenges with an inflexible IT system, leading to a redesign that enhanced flexibility and reduced costs. The new application enabled a rapid core product relaunch in just 15 weeks, with improved adaptability to market changes. Overall, HCL's solutions provided significant benefits in terms of speed, flexibility, and cost-effectiveness in product management.

1. Copyright © 2014 HCL Technologies Limited | www.hcltech.com
How HCL’s IT Capabilities Helped an Insurance Company to
Enhance Products and Launch New Ones Fast
Transforming the Product Portfolio

2. Understanding the Challenges
The Challenges were Result of the Inflexible VS10 System
to Accommodate the Dynamic Business Requirements.
This Included:
•Inflexible System Architecture
•Expensive to Make Changes
•Limited Reusability of Existing Code
•Striking a Balance Between Flexibility and Cycle Time

3. How HCL Addressed the Issues?
Variable Market Response Program: Innovative
Design and Project Execution
• Application Redesigned to Incorporate Flexibility
• Data Driven Architecture to Facilitate Quick Product Launch
• Management Levers Introduced to Facilitate Easy Rider Configuration
• Work stream-Based Development Approach for Accelerated Project Delivery

4. Copyright © 2014 HCL Technologies Limited | www.hcltech.com
The Benefits
• Re-Launch of Core Variable Annuity Product with Two New Riders
• Product Launched in Record Time of 15 Weeks with Minimal Defects
• Management Levers Accessible to Business Team for Quick Response to Market
Conditions
• Re-Architecture of the Application Into a More Flexible System
• Reduced Cost for New Products

5. Copyright © 2014 HCL Technologies Limited | www.hcltech.com
• Post 2008 financial crisis, how insurance companies utilized power of IT to realign
themselves with market conditions?
• How regulatory constraints are making it difficult for insurance companies to launch
new products fast?
• Why regulatory compliance is time consuming and resource intensive process?
• What does IT system and process consolidation mean?
Questions
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