LIFE, ANNUITY & BENEFITS
Redefining insurance ecosystems interwoven relationships
through next-gen technologies
Services
Life Insurance companies are facing significant challenges growing the business, containing operations cost, improving customer experience and launch new products to address new risks across life, health, and financial products. In addition, new distribution channels and asymmetric competition from new entrants require companies to rethink their business models, bundle product offerings in new eco-systems and innovate across policy holder’s interactions and life events.
The traditional IT approach the Life Insurance industry has taken in line with product centric business model will need to be disrupted to thrive in Digital economy and changing digital native demographics that align with customer centric business model. To drive this transformation, insurance companies need to build their technology architecture and engineering muscle coupled with strong globally distributed execution capabilities to address skills gap.
At Mphasis, engineering is in our DNA. We lead with design and architecture to deliver a portfolio of next-generation offerings and services that blend our deep Insurance expertise with cutting-edge technology. Our customer centric “Quotes to Claims” offerings are embedded in deep tech, and we are enabled by the Mphasis Tribes and Squads model. Our cross-functional teams are focused on evolving our digital offerings powered by Cloud and Cognitive. This enables us to bring the 'T' back into IT, with T standing not just for technology, but also for transformation combined with a strong understanding of evolving and converging Life, Health, Annuity, Retirement, Group, and Voluntary markets. Guided by the Mphasis Front2Back™ approach, we create hyper-personalized experiences and drive customer-centric transformation.
Insurance organizations today are at the crossroads of cost savings vs. spends on technology. Continued pressure on insurer expenses combined with steady policy ownership percentages for years reflects the challenges faced - market penetration at an all-time low, changing financial priorities, Millennials having more access to voluntary benefits. In the face of these headwinds, digitization offers agile and innovative insurers real opportunities to grow. Our technology solutions and expertise offer Life and Annuity carriers the opportunity to define a cohesive digital strategy and transformation plan to build digital capabilities in the right manner.
Voluntary and group benefits are becoming a key factor for attracting and retaining talent in today's labor market. Insurers need to provide their policyholders with hyper-personalized and experience-led engagement to remain relevant to new-age customers or millennials. In addition, insurers need to optimize their data and modernize their platform to offer the right products at the right time and via the right channels. Mphasis capabilities and solutions span the length and breadth of the group and voluntary benefits, from digital solutions to solving a pain point or market need to Tech/Ops management of in-flight or closed book, from user-friendly digital interfaces to streamlining transactions, and in many cases, allow customers to serve themselves.
Improved customer experience & value through Straight Through Processing, eApps, eDelivery
Cost savings through self service
Rapid sales via product innovation
Speed to market
Analytics/AI-based trend’s research
