It would be difficult to narrow down on a single overriding challenge in the Insurance domain-depending on the size of a company and the component it caters, property and casualty (P&C) or life insurance, the challenges vary. And that’s where HCL’s approach for the industry is a winner—offering solutions and services based on requirements of a particular customer, not the market.
For instance, an average life insurance company usually runs various core applications depending on the product portfolio. This count increases with a new product launch due to inability of existing applications to handle the product. Supporting these applications, businesses spend around 75 percent of their IT budget. In this scenario, HCL’s specialization in Application Portfolio Optimization helps companies rationalize their core applications and ultimately cut non-essential maintenance costs.
On the other hand, P&C insurers differ at core application level and are plagued with many challenges such as controlling underwriting leakage, reducing the claims cost, enhancing customer experience, cross- and up-selling products. HCL’s extensive industry expertise, technology knowledge and their ability to conceive lasting relationships with their clients— the quintessential triad—helps them provide transformational and cost optimized IT services and best practices addressing expense management to direct marketing programs.
Enhanced focus on technology horizontals that support industry verticals is an approach that HCL adopts to ensure that businesses are able to extract the maximum from what a technology has to offer.With this approach HCL’s experts “verticalize” a new technology, meeting specific requirements of the industry-“insurancizing” a technology horizontal.
HCL offers solutions and services based on requirements of a particular customer, not the market
HCL has realized the importance of emphasizing on business rather than the technology behind which is well reflected in their deliverables that are business solutions, not technology solutions. The solutions of HCL involve a thorough study of the client’s challenges and building solutions accordingly. HCL’s “triad” principle ensures that their clients don’t just attain the next level, but leapfrog ahead.
Alternate to staff augmentation model, HCL has adopted program management model- an end-to-end approach through which the client gets more than just picking services off the shelf. HCL effectively employs advanced analytics and predictive modeling, to offer a window for the clients to look into the future and deploy pre-emptive decisions, rather than waiting for an occurrence to be tackled at a later stage.
Instilling confidence before a client integrates solutions into the business creates a real difference. HCL's Beyond Digital Business Unit delivers, in its labs, prototypes the platform, for the customer to gauge the capabilities that they are paying for. To achieve this, the company ensures that its technology arsenal is loaded per the current trends and makes substantial investments in latest technologies such as IoT, Beyond Digital, Cloud to name a few.
For a life and annuity insurer from Eu¬rope–one of the top five globally—HCL increased productivity and efficiency while achieving a reduction in operation cost.
HCL aims to continue its approach of focusing on technology horizontals as levers to “insurancize” their capabilities in the industry. Partnership expansions, strengthening the existing offerings and developing new ones are on the company’s agenda. At HCL, it’s not just about securing a new customer, but nurturing long-term relationships where both can float in a joint-venture, targeting common goals.