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Closed Book

Closed books offer no new opportunities in policy sale. This drains working capital, and reduces the ability to comply with increasingly stringent regulatory requirements. These are frequently managed on outdated systems, and are expensive to maintain.

NIIT Technologies’ Insurance Practice helps insurers enhance top and bottom lines, adhere to regulatory requirements, and reduce operating costs. We bring deep knowledge of legacy IT systems and closed-book process delivery, successfully addressing the needs of carriers with closed-book portfolios.

Key Features

  • Administrative
    • Premium Receipts/Postings
    • Product/Rider information and customer service
       
  • Policy Servicing
    • Nomination/Assignment
    • Policy change/Amendment
    • Policy enquiry
    • Fund switch/Fund value
    • Duplicate policy
    • Withdrawal
    • Lapse and revival
    • Conversion and reinstatement
    • Statement
    • Customer service
  • Pension Servicing
    • Pension projections
    • Fund Value/Transfer value
    • Fund switches
    • Transfers
    • Policy amendments
    • Premium accounting/Refunds
    • Customer service
  • Payment and Collection
    • Quotes
    • Death claims processing
    • Maturity payments processing
    • Withdrawals
    • Surrenders
    • Standing order/Direct debit setups
    • Reconciliations/Refunds
    • Enquiries/Customer service
       

Business Benefits

  • Improves indexing quality through re-engineered process flow and Six Sigma initiatives
  • Reduces indexing transaction times
  • 100% disaster recovery program and site for projects
  • 30% increase on yearly transactions amounting to 500,000
  • 100% turnaround time SLA on a consistent basis
  • 45% annual cost savings