New business acquisition is a continuous challenge for insurance companies of any scale, and can grab a significant share of the operating costs. There are several operational issues that contribute towards this. These include: managing current and alternative distribution channels, changing regulatory environment, lack of data accuracy in premium calculation, complexities related to report generation, inefficient points of sales etc. It is imperative for life insurance companies to address these issues to ensure an efficient and cost-effective new business acquisition process.

Solutions

NIIT Technologies brings to the table the expertise that insurance companies need, along with years of experience working with the world’s leaders in this space. We work with you as your IT solutions partner, and help you streamline your new business acquisition process through solutions in the following areas:

• Point of Sales (POS)
• Lead Management
• Proposal Management
• Introduction of new products in the market
• New business processing

Business Value

NIIT Technologies’ solutions help you achieve the following benefits:

• Significant reductions in time to market
• Greater predictability in calculating premium values
• With more efficient point of sales activity, you can scale up quickly
• Reduced costs
• With reduced costs and greater efficiencies, you can compete with other non-insurance financial institutions in terms of acquiring new customers

Success Story

Consolidation of standalone proposal management applications

One of NIIT Technologies’ clients required a solution for consolidating its various standalone applications for Proposal Management on to a single technology platform. The turnaround time for adding new products was long, the insurance company had a complex process for generating reports, and the data used for premium calculation was not completely accurate.

NIIT Technologies developed a new system with a robust design and user-friendly navigation. The proposal management system was reengineered for their traditionally funded and market-based Pension, Mortgage, Disability and Sickness product lines for both Individual and Group Businesses.

Impact

The deployment of this system on a modern platform brought about many benefits to the client:

• The new system complied with legal requirements.
• Calculations were based on correct actuarial practices and according to product features.
• Multiple application business lines were accessed through a single window and were on a common platform. Parallel comparison of benefits and premiums became easier.
• Time needed to add new products was reduced by about 50%.
• Reduced turnaround time for product modification.
• Robust design and user friendly application
• High predictability in calculated premium values
• Advantage of online update of new versions for systems located on client locations

Enhancing the POS system of a global insurance company

The client was a UK-based subsidiary of a global insurance company. The Point of Sale (POS) system in use was old, lacked operational efficiency, and could not be customized for new geographies.

NIIT Technologies worked on enhancing the POS system based on country-specific requirements, including internationalization. NIIT Tech’s insurance team customized the system for over 7,000 agents and brokers, rolling out the enhanced system to 650 cities across the globe, providing product deployment and maintenance support in all locations, and setting up a 24/7 help desk for all countries across time zones.

The team developed the system using Visual Basic, C++, SQL Server/ B Trieve.

Impact: NIIT Technologies helped the client in expanding its POS network across the globe. We effectively managed the Global Help Desk for customers and agents across geographies and time zones to enable the client to achieve significant dollar savings annually.