The recent economic slowdown has exacerbated the challenges faced by life insurance companies. It has led to decline in sales and investment income. As a result, there is immense competition between insurance companies and other financial services providers to garner a share of the investment pie.

Demanding customers and the ever increasing regulatory measures necessitate efficient process management, and faster new product introduction. This leads to the overarching need to leverage technology for operational excellence. NIIT Technologies has an entire suite of IT services and BPO offerings for the life insurance industry that are tightly aligned to the industry’s requirements. Our extensive experience in market leading Policy Administration Systems (PAS) and other peripheral systems in the Life Insurance & Annuities space has helped us gain domain expertise across the lines of businesses and value chains as mentioned below:

Sales & Marketing: Distribution channel support, Commission and Incentive Management, Agency Portals and Agency Management

New Business & Underwriting:Underwriter’s desktop, Adjudication and Rating, interface with TPAs, Life Underwriting Framework etc.

Policy Administration: Policy Issuance, Billing & Collection, Policy Change and Endorsements, Cancellation & Reinstatements, Renewal Management, Claims Management etc.

Accounting & Compliance: Financial Accounting, Reconciliation, Agency Contracts, Reporting, and Tax Compliance

Customer Contact Applications:Portal Development and Maintenance, Mobile solutions etc.

Reporting and Statements:Regulatory reporting, MIS etc.

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