Digital success for international insurance with LifePRO™
Successful migration to EXL’s LifePRO™ digital insurance administration platform
This client is a large entity within the Asian region of a global insurance provider. They tasked EXL to modernize and digitize their operational process and maximize performance of a host of essential workflow elements. The client hoped to overcome considerable business challenges by leveraging LifePRO™, including:
Dependence on a large vendor network
The client found that their systems and processes depended on a large network of different solution providers.
Legacy technology limitations causing administrative bottlenecks
One key bottleneck issue was that the organization’s legacy systems could not accommodate the large face values of their policies, forcing them to break the policy into smaller segments. This generated administrative complexities and workarounds.
The LifePRO™ solution: For the client to meet their objectives, it was critical for them to have processing systems that use current technologies and provide the capabilities required for an organization that is targeting multiple global markets. They selected EXL LifePRO™ technology platform to
- Unlock new markets
- Go to market fast with new products
- Launch new business capabilities
- Work with new distribution partners
- Gain continuous access to modern, scalable solutions
The organization’s search criteria included solutions that are easy to connect to, configurable, and offer robust data management capabilities.
This client focuses on the high net worth market. Their own clients require highly personalized white-glove service as they are high net worth individuals with large average face amounts in the millions. Their business book is made up of a multi-billion dollar portfolio.
Providing a white glove service to meet highly bespoke client demands
Providing a white glove service to meet highly bespoke client demands
Every one of their clients is unique and, therefore, requires a tailored service. Moreover, such high net worth clients have different demands in terms of the type of service that they require. For these reasons, the organization wanted fast access to large amounts of data and information at all times. A prerequisite was to satisfy specific individual client needs with highly accurate and sufficiently broad, deep, and diverse data.
The organization’s five key growth objectives were:
- New market expansion
- Separation from a reliance on its global parent institution for improved flexibility
- Support enhancements for digital execution, especially improved customer experience
- Increased efficiency and simplification
- Enhanced technical capabilities
One of the main issues prior to implementing LifePRO™ was that they primarily used two separate policy administration systems concurrently, one of which was entirely supported by the IT department in its parent institution home country.
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"LifePRO™ has enabled our company to eliminate 30+ years of customizations inherited from many other systems and positioned us to effectively interact in the digital arena of the future"
- LifePRO™ client of three years
The implementation of a new core administration system was completed over a nine-month period, EXL used a multi-phased implementation approach to ensure a successful transition and installa-tion of LifePRO™ and provide configuration training.
Benchmark data provision
LifePRO™ web services, along with state-of-the-art database technology and the LifePRO™ DataMart facilitates, offer fast, efficient data access, while also improving the ability to implement and support new distributor and customer portals focused on the end client.
Centralizing integrations within a single sign-on platform
The implementation included integrating with ancillary software applications to increase automated processes. For instance, LifePRO™ eliminates the need to maintain a separate calculation engine as the LifePRO™ calculation logic can be accessed efficiently via web services. Conversion also included broker data and hierarchies to LifePRO™, as well as all existing policies.
LifePRO™ functionality addressed the client’s overall business needs and matched their key objectives. These included optimal support provision for
- Core policy administration
- Commissions and broker management
- Billing and collections
- A connected solution
Moreover, LifePRO™ also provided digital new business processing and workflow via LDS New Business.
Meeting diverse, specific client requirements
The majority of this organization’s business is conducted from Hong Kong, requiring multiple currencies and country-specific products.
EXL achieved the targets set by this client. With LifePRO™ as their administrative digital platform, the organization is now optimally positioned to consistently reach their own business goals. Within the implementation and migration period, we were able to accomplish the following objectives.
EXL met their tight 12-month schedule, with full implementation and conversion taking place. This addressed the client’s need for a replacement platform to quickly position them to support their new status as a separate, unique business entity.
Migration to a single, scalable platform
After conversion and testing, the client went live on LifePRO™, LDS New Business Underwriting, eliminating the need to maintain policies and brokers on different legacy platforms. They would now run on LifePRO™, a single sign-on, centralized platform. Moreover, their growth was hindered by their legacy system. To remedy this, LifePRO™‘s ability to scale is in line with the organization’s needs, including easy onboarding and managing of new business.
Data gathering, measurement, analysis, and interpretation
The migration to a modern platform paved the way for timely, robust data collection across all policies. Data gathering for the entire business is now simplified, shifting the focus away from data collection and instead to analysis.
LDS New Business provided an enhanced user interface for internal users. In addition, LDS was configured to integrate with LifePRO™ and their own underwriting platform and document generation systems, making the experience more automated and responsive. In addition, LifePRO™ allows this client to issue a single policy for the entire face value of high net worth policyholders, without the need to break the policy into multiple segments.
Connecting LifePRO™ with existing processes
The EXL Services team performed due diligence to identify and document system gaps to build out LifePRO™ modifications and configure products. Configured customized workflows simplified and automated the policy issue process, and integrated with existing vendors that support underwriting and document generation.
Enhancements to existing processes were implemented that simplified data entry through web pages and included web services that sent updated information from EXL’s LDS new business solution to LifePRO™.
Constant collaboration and strong resource planning
The client was diligent in supplying resources to EXL as needed throughout the work period. Daily meetings between EXL and the client were of tantamount importance for a successful, timely installation and launch.