Transform your life and annuities business to reduce expenses and promote business growth.

Transcription

1 LifeAdmin Core Overview Transform your life and annuities business to reduce expenses and promote business growth. December 2017

2 Business growth needs to happen simultaneously with cost cutting and support for increasing regulations and changing customer demographics. So, you need a way to reduce overhead and keep the lights on costs to allow investment in your company s future. As a carrier, you are driven by the need to support ever-changing business requirements and enable your company to enter new markets and launch new products. In addition to market-driven concerns, reducing operations costs has become a key imperative for insurers to allow you to reinvest in the business and drive growth. The question is: how should you manage your existing platforms to both enable new types of product and operational capabilities while also reducing your operational costs? Changing demographics and legacy system barriers inhibit business growth, risk containment, and profitable returns. Increasing regulatory burdens add to the pressure by diverting resources away from growth initiatives. New competitors have set a high bar for the customer experience needed to attract and retain customers. The challenge: offer innovative products, market them quickly, and provide a superior customer experience while also managing your core business. 2

3 IS YOUR LEGACY SYSTEM HOLDING YOUR BUSINESS BACK? Like many life and annuity insurers, you likely face a growing portfolio of legacy core applications segmented by business line and tied together with a complex network of systems interfaces running on multiple platforms. This dependence on outdated systems contributes to high costs for infrastructure, operations, support and maintenance activities. You re spending money on keep the lights on requirements that you need to spend on growth opportunities. The big question is: how can you move to a better, more integrated system that delivers savings without a large, up-front cash investment? FOCUS ON BUSINESS The Cognizant LifeAdmin Core platform allows you to simultaneously accelerate growth and make operational cost reductions, without a large capital investment. Cognizant provides endto-end, platform-based services and you only pay for what you use. The solution leverages a best-in-class platform and domain-led business process services in a Cognizant cloud-based infrastructure to help you achieve your strategic business objectives by focusing on your core business and new growth opportunities. SUPPORT YOUR GROWTH Cognizant LifeAdmin Core will support your business growth in several ways. The primary focus is to give you a reduced total cost of ownership and standardized, efficient, and optimized processes. Transferring end-to-end business processing services frees up time for your internal resources to focus on growth. The use of predictive analytics also enables you to transform your business in the areas of churn prediction, segmentation of customers/agents, and profitability improvement. Cross-selling and up-selling can be achieved more efficiently and effectively, with better analytics and customer communication tools. REDUCE CAPITAL EXPENDITURE Legacy systems represent a major source of costs for infrastructure, operations, and maintenance. A smarter idea is to let us manage all the hardware and software, while paying only for what you use. That is why LifeAdmin Core is delivered on a business process as a service (BPaaS) basis with non-linear pricing based on the number of policies administered. In short, you pay in a way that significantly benefits your cash flow and operating budget. LifeAdmin Core 3

4 ENJOY VARIABLE PRICING Cognizant LifeAdmin Core is available under multiple commercial options, allowing your business to convert fixed costs into variable expenses, including payment on a per-policy basis with service-level agreements based on outcomes. By leveraging an end-to-end business processing solution, you can reduce the total cost of ownership while changing to a predictive pricing model with no compromise on quality. CUT OPERATIONAL OVERHEAD We manage the full range of business processes, including new business underwriting, policy administration, claims, and billing for simple and complex financial products. Not only do we reduce costs and modernize processes, we help align your business and operating models with process optimization. Our solution gives your business the foundation to increase operational efficiency through automated work flows, increased customer selfservice, and implementation of digital assets. SIMPLIFY OPERATIONS Cognizant LifeAdmin Core lets you provide real-time policy servicing for customers and sales channels throughout the policy lifecycle, increasing retention and loyalty. It also helps you reduce risk and improve compliance, while better managing the business to optimize performance. ACCELERATE INNOVATION LifeAdmin Core will reduce the time to launch new products by up to 3X times over the traditional platforms thanks to pre-built product templates. The solution can also accelerate your efforts to launch a successful direct-to-consumer distribution channel, with the necessary data intake and analytics capabilities integrated with our end-to-end platform. BOOST CUSTOMER EXPERIENCE Because Cognizant LifeAdmin Core provides advanced integration capabilities, it can help to enable a 360-degree view of customers. You get the ability to track service delivery across all interactions, the capacity to understand the lifetime value of key business segments, the tools to review the product and related pricing of those segments, and other key distribution, underwriting, and claims analytics. Data ceases to be a problem and becomes an asset. The solution provides greater agility and enhanced capabilities while streamlining processes. Modern technology provides system flexibility, achieving faster time to market, ease of maintenance and upgrades, and simple integration. You also get access to Cognizant s rich offering of social, mobile, analytics, and cloud tools, to help you modernize your customer engagement and customer experience capabilities. FUTUREPROOF INVESTMENT With LifeAdmin Core you do not have to worry about updating business processes or software. We will keep the software, technology, and business processes up to date, including those for regulatory and compliance, and future proof your business. THE COGNIZANT DIFFERENCE Making the transition to BPaaS is a serious undertaking. But it does not have to be a risky one if you choose Cognizant as your transformation partner. We are a market leader, performing BPaaS conversions faster, cheaper, and better than product vendors or other system integrators. We ve converted more than 3 million policies over the past seven years. Our policy conversion framework helps minimize the risk of conversion, keeps costs down, and achieves completion within optimal timeframes. LifeAdmin Core 4

5 COGNIZANT LIFEADMIN CORE IN ACTION Client challenge A leading US provider of life, annuity, retirement, and wealth protection faced major risks with its aging legacy business, servicing 1.3 million policies. The company had the goal of reducing operating costs while minimizing conversion and compliance risks. Our solution We helped the client migrate from its legacy systems to a LifeAdmin Core BPaaS platform consolidating the policies from several of their 13 legacy systems, featuring over 70 peripherals and more than 120 interfaces. Business outcome The customer expects a significant savings of up to 46% in price per policy in 10 years. BUSINESS ADVANTAGES IN BRIEF Regain the freedom to focus on running your business. Cognizant LifeAdmin Core allows your company to concentrate on business growth by: Freeing up capital to focus on new markets and growth Reducing time to market for new products or features up to 3X times over traditional platforms Providing business agility and simplifying business operations Reducing overhead with operational process optimization Reducing total cost of ownership by up to 50% Improving customer interactions Eliminating capital expenditure for technology Providing one holistic view of the customer 5

6 LET'S GET STARTED Why waste resources on your legacy systems when we can provide superior platform-based services that will promote business growth for a lower total cost of ownership? Learn more about the Cognizant LifeAdmin Core by contacting us now at LifeAdminCore@Cognizant.com or visiting INVESTING IN THE RELATIONSHIP, DELIVERING EXTRAORDINARY RESULTS Cognizant Digital Operations is committed to helping you re-engineer, digitize, manage, and operate your most essential business processes, lowering operating costs, improving user experiences, and delivering better outcomes and top-line growth. We help you run better by applying traditional optimization levers, and we help you run differently by creating competitive advantage through making your processes digital-ready, which often leads to more effective operating models and corresponding top-line revenue growth. ABOUT COGNIZANT Cognizant (NASDAQ-100: CTSH) is one of the world s leading professional services companies, transforming clients business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 205 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at or follow World Headquarters 500 Frank W. Burr Blvd. Teaneck, NJ USA Phone: Fax: Toll Free: European Headquarters 1 Kingdom Street Paddington Central London W2 6BD England Phone: +44 (0) Fax: +44 (0) India Operations Headquarters #5/535 Old Mahabalipuram Road Okkiyam Pettai, Thoraipakkam Chennai, India Phone: +91 (0) Fax: +91 (0) Copyright 2017, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means,electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners.