DXC Insurance Digital Life Insurance Policy Administration ......Digital insurance vs. traditional...
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1. Introduce product 2. Capture business 3. Administer policy 4. Serve customer Time savings: 4 weeks to less than a day IT More Agile Update and upgrade cycle times decrease from months to weeks or days IT On-Demand Cost of operation decreases by factor of 10 or more Billing Claims Marketing Distribution Servicing Product Traditional approach Digital insurance Product manager thinks of a new product concept — combining existing features of products currently available Development takes 8 – 12 months and is over budget because the system cannot accommodate the new features By the time the product is introduced, market or customer demands have changed Traditional approach Digital insurance Lack of transparency makes online price and product comparisons confusing Tedious process of meeting with agent just to get educated Fill out and file paper application and risk delay because of missing information Once filed, customer must complete time-consuming medical exams Approval may take 3 – 4 weeks beyond exam completion Product offerings are simple with easy-to-understand features Online application is an easy, guided process, and verifies information is complete before the application is submitted Approval is fast, with first installment paid by credit card, and policy documents available online Product manager utilizes next-gen analytics to target a specific market and identify features IT systems quickly reconfigured to support the new product, and it is available within 2 – 4 months and in budget Product is introduced before competitors can react Product manager analyzes sales and can quickly make product updates to stay ahead of competitors Life insurance policy administration Digital insurance enterprise vs. traditional approach Leading the digital transformation of the insurance industry Digital insurance improves efficiency and speed to market, helping you: Gain operational agility and reduce costs Access new customers with targeted distribution Increase customer satisfaction and retention For more information: dxc.technology/digitalinsurance Life insurance policy administration Digital insurance vs. traditional approach Helping insurers thrive with DXC Assure Policy for Life and Wealth DXC Technology is a world leader in guiding enterprise transformation to help insurers deploy new digital and next-gen life insurance services. Introduce product Build product specifically for young working couples Traditional approach Digital insurance Customers who need to make changes must use “snail mail” or wait in a call center queue — with no immediate results Older systems and processes cannot support instant change via self-service Customers view the insurance carrier as not being modern and “user friendly” More robust, easy-to-use modern interfaces and cloud-based services Automated payments, self-service and instant changes Customers have more control and spend less time waiting and have a more pleasant experience Traditional approach Digital insurance IT runs their systems on mainframe platform where compute resources are expensive Updating systems requires a time-consuming “waterfall” process for coding and testing IT budget gets consumed just maintaining what is already there — leaving little budget for innovation Policy administration to the cloud for testing and day-to-day production Quicker turnaround on new features, mandatory regulation updates and other items Running the system in the cloud costs a fraction of a traditional mainframe — leaving more resources available to innovate Capture business Couple wants to update their insurance Serve customer Insurance enterprise wants to add value to enhance customer satisfaction and retention countries served 70 of Fortune 500 insurance companies are DXC clients 85% clients in the industry 1,900 years of industry experience 45+ provider of core insurance systems #1 Digital insurance speeds offerings to market, direct to customers Administer policy Insurance enterprise needs to reduce policy administration TCO Life insurance policy administration Digital insurance enterprise vs. traditional approach
Transcript of DXC Insurance Digital Life Insurance Policy Administration ......Digital insurance vs. traditional...
1. Introduce product 2. Capture
business
3. Administerpolicy 4. Serve
customer
Time savings:4 weeks to less than a day
IT More AgileUpdate and upgrade cycle times decrease from months to weeks or days
IT On-DemandCost of operation decreases by factor of 10 or more
Billing ClaimsMarketing Distribution ServicingProduct
Traditional approach Digital insurance
Product manager thinks of a new product concept — combining existing features of products currently available
Development takes 8 – 12 months and is over budget because the system cannot accommodate the new features
By the time the product is introduced, market or customer demands have changed
Traditional approach Digital insurance
Lack of transparency makes online price and product comparisons confusing
Tedious process of meeting with agent just to get educated
Fill out and file paper application and risk delay because of missing information
Once filed, customer must complete time-consuming medical exams
Approval may take 3 – 4 weeks beyond exam completion
Product offerings are simple with easy-to-understand features
Online application is an easy, guided process, and verifies information is complete before the application is submitted
Approval is fast, with first installment paid by credit card, and policy documents available online
Product manager utilizes next-gen analytics to target a specific market and identify features
IT systems quickly reconfigured to support the new product, and it is available within 2 – 4 months and in budget
Product is introduced before competitors can react
Product manager analyzes sales and can quickly make product updates to stay ahead of competitors
Life insurance policy administrationDigital insurance enterprise vs. traditional approach
Leading the digital transformation of the insurance industry
Digital insurance improves efficiency and speed to market, helping you: Gain operational agility and reduce costs
Access new customers with targeted distribution
Increase customer satisfaction and retention
For more information:dxc.technology/digitalinsurance
Life insurance policy administrationDigital insurance vs. traditional approach
Helping insurers thrivewith DXC Assure Policy for Life and Wealth
DXC Technology is a world leader in guiding enterprise transformation to help insurers deploy new digital and next-gen life insurance services.
Introduce productBuild product specifically for young working couples
Traditional approach Digital insurance
Customers who need to make changes must use “snail mail” or wait in a call center queue — with no immediate results
Older systems and processes cannot support instant change via self-service
Customers view the insurance carrier as not being modern and “user friendly”
More robust, easy-to-use modern interfaces and cloud-based services
Automated payments, self-service and instant changes
Customers have more control and spend less time waiting and have a more pleasant experience
Traditional approach Digital insurance
IT runs their systems on mainframe platform where compute resources are expensive
Updating systems requires a time-consuming “waterfall” process for coding and testing
IT budget gets consumed just maintaining what is already there — leaving little budget for innovation
Policy administration to the cloud for testing and day-to-day production
Quicker turnaround on new features, mandatory regulation updates and other items
Running the system in the cloud costs a fraction of a traditional mainframe — leaving more resources available to innovate
Capture businessCouple wants to update their insurance
Serve customerInsurance enterprise wants to add value to enhance customer satisfaction and retention
countriesserved
70
of Fortune 500 insurance companies are DXC clients
85% clients in the industry
1,900
years of industry experience
45+provider of core insurance systems
#1
Digital insurance speeds offerings to market, direct to customers
Administer policyInsurance enterprise needs to reduce policy administration TCO
Life insurance policy administrationDigital insurance enterprise vs. traditional approach
