The Life Insurance sector is experiencing declining sales and decreasing investment income. The global economic downturn that has played havoc with financial institutions and instruments and has also created significant market demand for fixed annuities and other guaranty insurance products. The sector is facing competition from other financial services providers in the battle for the retirement investments of the baby boomers.

Demanding customers and increasing regulatory compliance mandates require faster introduction of new products and leveraging technology for new business fulfillment and underwriting. M&A activity, a move towards centralization of IT operations from various subsidiaries, and the sale or acquisition of blocks of business have forced insurance carriers to consolidate policy administration systems (PAS), a move which requires significant data conversion.

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Our 4000+ person years of Life Insurance & Annuities experience has helped us gain functional expertise across the lines of business and value chains, which include :

New Product Introduction
Assessments, Integration with administrative solutions, BRMS and BPMS, Product Configurations, and Product Development & Testing

Sales & Marketing
Quote & Bind, Distribution channel support, Commission and Incentive Management, and Agency Management

New Business & Underwriting
Verification though 3rd party data sources (CLUE, Credit agencies), Underwriter’s desktop, Adjudication and Rating

Policy Administration
Policy Issuance, Billing & Collection, Policy Change and Endorsements, Cancellation & Reinstatements, Renewal and Claims

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

Select Success Stories

STP solution reduces average policy issue time from 45 days to 10 days
Patni developed end-to-end role-based "Straight Through Processing"(STP) solution helped automate the rules based engine process, thus reducing the administrative costs by up to 45%.

Agency Management System reduces application-to-policy issue cycle time
Patni designed automation features such as automatic pending case download and updates from carriers, business process workflow automation, and proposal wizard for creating proposals. Major client benefits included lowered new business processing costs, reduced application-to-policy issue cycle time and increased productivity of the Underwriting staff.

Enterprise wide Channel Servicing Engine improves agent productivity
Patni provided a single-sign-on authentication and enabled accurate representation of the true hierarchical cross-sell view of agents across all systems, resulting in personalized views for agents and improved Pending Policy Status processing.

Customer centricity through customization and automation of underwriting business rules
Patni developed a business logic management system for building, testing, deploying, and executing business rules Quick Quote. The comprehensive set of underwriting tools to home office / remote underwriter provided business users the ability to define, edit and deploy business rules with ease.