Modernizing the Next-Gen Digital Policy Administration System
A leading multinational life insurance and financial services company sought to enhance its policy administration system. The goal was to support product configuration, sales, and post-sales servicing transactions, including billing, invoice generation, payments, surrender, cancellations, claims, and maturity. The new system aimed to improve speed to market and address customer needs with faster turnaround times, reducing errors and costs associated with product assembly and configuration.
- DevOps & Cloud Managed Services
- Sales Process Automation & Optimization
- Platform Integration & Optimization
- Business Process Automation & Transformation
- Cloud Modernization
Business Issue
The client's Line of Business Units (LBUs) needed a comprehensive policy administration system to streamline product configuration, sales, and post-sales servicing transactions. They aimed to include various transactions such as billing, invoice generation, payments, surrender, cancellations, claims, and maturity within a single system. The existing process was error-prone, required multiple iterations, and incurred high costs for creating new products. The client sought to improve speed to market and address customer needs more efficiently.
Solution
Bounteous x Accolite developed the Digital Policy Administration System (DPAS), an insurance platform that provided both product solutions and enhanced customer service experiences. DPAS enabled real-time transactions and was connected via APIs to the digital partners' platform, ensuring seamless integration and operation.
A Contract Lifecycle Manager (CLM) was created to manage the entire post-sales lifecycle of a policy. Each policy issued by DPAS had a corresponding CLM instance, ensuring efficient contract management and system mapping. This approach supported product configuration, sales, and post-sales servicing transactions like billing, invoice generation, payments, surrender, cancellation, claims, and maturity.
Outcomes
The new system's inbuilt agility allowed LBUs to quickly develop and sell products before competitors could identify market opportunities. The system served 273,000 policy details, bringing substantial cost benefits by consolidating sales and servicing onto a common platform. The product components were built on reusable frameworks, significantly reducing time to market, enabling faster regional launches, and decreasing turnaround times for product or pricing changes.
Related Client Work
Check out more of our work with the world’s most ambitious brands.