CORVINA CORE VALUE INSURANCE ADMINISTRATION. Start Your Vision

Transcription

1 CORVINA CORE VALUE INSURANCE ADMINISTRATION Start Your Vision

2 DIG Digital technologies are poised to reconfigure insurance processes within all lines of business. Insurers that choose a traditional approach to integration and development, however, will add complexity, cost and unwieldy system growth. CORVINA provides a cloud model for insurance administration that fits the digital world of insurance while expertly managing legacy business. Digital transformation is not about buying another core solution. It is about accelerating digital initiatives that respond to evolving customer needs. It enables product development to help insurers become customer-driven, adaptable and forward-focused. It streamlines connections, unifies environments and simplifies customer journeys. CORVINA represents a new philosophy in insurance management that will both extend legacy value and carry insurers into a flexible future. CORVINA places your digital vision, your process vision and your business vision on the same path toward growth.

3 ALIGN GROW ALIGN YOUR PROCESS A new era in insurance calls for a new approach to insurance administration one that erases the models, methods and maintenance required by tradition. CORVINA s framework allows for total process alignment, whether for an established insurer or an insurance startup. CORVINA s cloud platform enables insurers to continually reuse components to match the organization and its target markets. Its flexibility and ability to stay aligned may make it the last platform you will ever need. GROW YOUR BUSINESS It is difficult for insurers to focus on growth when their budget is consumed supporting legacy systems at the same time they are being pressured to evaluate new technologies. With CORVINA, you spend less time managing and paying for infrastructure and more time building the business. CORVINA s simple fees are based on numbers of transactions and policies, allowing new business to pay for itself with consistency built into business scalability. Legacy Change There still is profit in legacy business, but it is under pressure. Real-time service should be available to allow for channel expansion. Maintenance costs need to be reduced. Processes need to be aligned to the new business. CORVINA s legacy-free environment allows carriers to flip legacy business into a secure cloud environment that will improve product service and provide a consistent volume-based cost. Midstream Process Shift Products, systems and processes have grown over time, both organically and through mergers, but all without a cohesive plan for expansion. The result is a mix of legacy technology stitched to modern technology with layers of integration, business process services and portal development on top. Replacement costs are high for new core systems that may become inflexible and will require a license plus maintenance. With CORVINA, integration complexity is pushed to the background. Startup/Greenfield Cloud-based, pre-configured insurance administration is the preferred platform for startups and greenfield developments. Not every solution, however, comes with so many pre-built products, pre-installed integration points and rules honed over decades of experience. CORVINA gives new insurers the advantages of maturity that can normally only come through time. CORVINA unifies insurance processes with the support of rule-driven automation and built-in integration capabilities. It provides real process innovation and change. No matter where an organization is on the road to the future, CORVINA can help to recast the vision and recalibrate potential. CGI created CORVINA to be a technology-enabler, providing a lowcode, cloud-based business model. With CORVINA, the latest technologies are built-in with more added continually. Insurers that partner with CGI not only take advantage of the latest innovations, but gain access to a broad range of bi-modal tools and services to help them configure their business for learning, adaptability and growth. For organizations that are in growth mode, CORVINA cloud services dramatically improve scalability without corresponding infrastructure growth. More Value, Less Risk System replacements are filled with risk. Nearly 70% of replacement projects fail.* Legacy maintenance has grown prohibitive for some insurers and maintaining a secure environment is a constant concern. CGI provides its partners with consistency, clarity and lower risk. CORVINA is a stable platform upon which to grow. CGI delivers value through CORVINA, including: Maximum control with minimum maintenance Cybersecurity across all platforms and IoT services Big data and analytics capabilities that mine value from available data streams An enterprise cloud securely segregated for individual clients Business architects configure digital services instead of IT Implementation instead of installation which means shorter time to market Costs based on fixed transaction fees, not on fluctuating maintenance hours CGI partners with the latest technology providers to keep insurers connected to IoT data, sensor networks and application data layers. Instead of growing and maintaining a network of technology partners, insurers can plug into CGI s broad network of proven InsurTech developers. CORVINA satisfies the mandate for digital transformation while unifying an insurer s many environments and its need for IT cost reductions. CGI keeps CORVINA perpetually updated while continually adding new capabilities. CORVINA is a true partnership platform. As you focus on growing your business, we are focused on facilitating all of your back office functions, improving your front office connections and updating your digital capabilities.

4 SIMPLIFY CREATE SIMPLIFY YOUR ENVIRONMENT It is difficult for insurers to provide a simple customer experience while using tangled and complex systems and processes. Digital transformation thrives on simplicity. CORVINA is an insurance operations hub. It consolidates the latest technologies, hundreds of insurance services and thousands of integration points. For insurers, it streamlines operations throughout the entire insurance value chain by facilitating connections and reducing points of contact. It is flexible enough to fit nearly any situation. It can be used as an enterprise-wide service aggregator, a gap solution for strengthening areas of the business, or a testing realm for greenfield development. Components can be deployed on premise or via the cloud. No matter how an organization uses it, CORVINA was built to simplify. Where pre-built rules, products and integration points are needed, CORVINA has them. Where configurability and rule development is desired, CORVINA supplies it. COR- VINA uses agile features to erase complexity, replacing time-consuming processes with intuitive or automated features. CORVINA CGI s experience across insurance technology providers has given us the keys to consolidation. For insurers looking to unify their environment and reduce maintenance costs, CORVINA can provide a common denominator one simple location to transform complexity into unity. POLICY ADMIN REPORTING REINSURANCE PROVIDER MANAGEMENT POWER TOOLS ACCOUNTING BUSINESS LAYER CLAIMS BILLING PORTALS UNDERWRITING COMMISSIONS CORVINA is a seamless set of insurance services contained within an enterprise cloud. You can utilize just one component or use CORVINA to connect your processes throughout the entire value chain. CREATE YOUR FUTURE Now your insurance organization can enjoy the same benefits that banks, lending and capital markets have enjoyed for over a decade an industrial platform powered by connections. How you connect and which connections you utilize are determined by your unique situation. CORVINA components will flex to fit any insurance need. These are just a few of CORVINA s cloud-enabled solutions that can be used to customize your business and create a transformed process. CORVINA Policy CORVINA Claims CORVINA Billing From policy acquisition to renewal, simplify Whether deployed in the cloud or on CORVINA Billing ensures fast, efficient and automate every stage of the policy premise, CORVINA Claims supports all billing through a single, feature-rich system management life cycle. CGI understands lines of business and is pre-configured with that drives efficiencies, enhances agent how important policy management is to built-in rules, workflows and content that and customer service levels, speeds up the success of your organization. With can be customized to match your specific time-to-market, saves costs, and frees up CORVINA Policy, you can leverage pre- business needs. Offered as a stand-alone resources for more strategic initiatives. configured capabilities, while modifying or as part of CORVINA, our Claims offering CORVINA Reporting others in line with your unique business delivers end-to-end claims management, CORVINA s feature-rich reporting module requirements. along with detailed analytics for continuous includes dashboards, pre-defined cubes, CORVINA Line of Business Content improvement. standardized reports and ad-hoc reporting With pre-configured content and features CORVINA Portals based on subject areas, such as quotes, from more than 40 lines of business, our Make self-service a reality by giving policy transactions, tasks and referrals. extensive CORVINA Line of Business authorized agents, insurers, partners and It allows for hundreds of customized Content library is configurable across all customers access to their own secure reports and fully supports the configuration lines of personal, commercial, life and browser-based Web portal while maintaining of all management, financial, operational, specialty insurance. Coupled with a proven control of their access. With CGI s extensive statistical and marketing reports, including implementation methodology, CORVINA experience in portal technology and usage, the ability to generate regulatory reporting Line of Business Content also includes we deliver secure and feature-rich portal as required by a client or governing body. pre-built and configurable rules and solutions, specifically designed to interact workflows with fully automated processes. with your core systems. CGI has focused on client success and partner value during our 20 years of transformation experience within the insurance industry. We synthesize innovative technology and business strategy into core solutions that drive growth. Let CORVINA help your organization start a new vision for the future. For more information on CORVINA, visit cgi.com/insurance.

5 About CGI CGI is one of the world s largest IT and business process services partners. CGI aligns innovation programs and investments to the needs of our clients. From the creation of a new solution to the ongoing evolution of our top commercial business solutions, we accelerate clients digital transformation and enable them to achieve their goals faster with reduced risk and enduring results. CGI S GLOBAL EXPERIENCE 40+ years of continuous profitable growth 70,000 professionals Delivery centers located on 5 continents CGI INDUSTRY SERVICE Banking Communications Government Health Insurance Manufacturing Oil and Gas Retail and Consumer Services Transportation and Logistics Utilities INSURANCE EXPERTISE 3,500+ insurance professionals Work with 7 of the top 10 global insurers Property & Casualty Life & Pensions Reinsurance SERVICES AND SOLUTIONS High-end Business & IT Consulting Product Lifecycle Management Operation Excellence Transformational Outsourcing Customer Experience Management Digital Roadmap Enabling Technology & Solutions DevOps Agile Development Factories Cybersecurity & Cyber Data Data2Diamonds IoT Real-time Rating and Rules Engines Managed Services Application services Business process services Infrastructure services cgi.com/insurance