The Next Applied
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BROKERAGE SERVICES

TRANSFORMING WHOLESALE AND RETAIL BROKER OPERATIONS

Today Wholesale and Retail Insurance brokerage operations are challenged by diverse product lines of business and commercial arrangements, legacy technology, siloed departmental data, and complex carrier submission requirements. Modernization of broker operations is essential to drive efficiencies, reduce unit costs, build digital capabilities, and enable the brokers to become analytics and data-driven intermediaries.


Mphasis as a strategic partner with deep experience in insurance processes, data, and automation enables clients to define the optimal transformation path to become faster in day-to-day transactions and decision-making. We help design process flows by integrating automation and AI to yield the most significant impact and value for business strategy and foster reliable and streamlined business functions. In addition, we help create a roadmap of prioritized and sequenced actions to advance operations. This will enable the broker to automate manual work, achieve agility & efficiency and support their go-forward vision.

SUSTAINING GROWTH THROUGH HOLISTIC, SIMPLIFIED
AND COST-EFFICIENT OPERATIONS

 

Mphasis Broker Market Utility enables brokers and producers to improve and sustain growth enabling holistic, simplified and cost-efficient operations through a seamless integration of data, digital and innovation offerings to:

 

  • Eliminate siloed front/mid and back-office manual procedures to reduce run cost
  • Provide a single source of truth to deliver consistent data and service levels
  • Removes complexity in on-boarding and managing new broker and producer leads

 

Mphasis Broker Market Utility achieves this through the following:

 

Standardization

• Create and implement a standardized process across the board

• LEAN implementation and optimized process flows

• Visualize and validate pain points, and data-driven deterrents

Standardization

Data Operations

• Leveraging AI and ML to:

o Identify process challenges and bottlenecks

o Absorb, analyze and action structured, unstructured and semi-structured data

o Determine optimal, data-driven process

o Design-to-transform contextualized data to objective attributes

Data Operations

Workflow Implementation

• Implement data-driven solutions with parameterized rules based on standardized processes

• Process re-engineering and re-designing

• Automate for adherence to rules and processes adherence

• Deepen the solution to allow additional data for risk decisioning and operational scale

Workflow Implementation

BUSINESS BENEFITS

 

Through a single digital platform across operation chains utilizing data-centric and AI/ML automation procedures, Mphasis Broker Market Utility delivers the following business outcomes:

45-60% faster time-to-place

30-40% reduced operating cost

30-45% efficiency gains

Simplified single operating center with COEs with resultant IT estate reduction

Improved customer service & performance metrics

Release of front office capacity to focus on revenue

SUCCESS STORIES

 

Re-engineering Digital Workspace in Public Cloud leveraging Mphasis InfraGenie™ platform