See P&C through a digital lens

Reimagine financial risk management

Who needs it

Organizations facing challenges with:

• Manual handling of complex submission forms and data
• Improving straight-through processing of standard risks
• Task management and submission routing to underwriters
• Improving quote acceptance rates
• Handling new sources of data and emerging risk information in risk analysis

How we help

• Business consulting—defining the future of underwriting software through scenario modeling and identifying key shifts in underwriter roles, skill sets, decision-making tools and capabilities needed to achieve insurance digital transformation
• Process consulting—processing reengineering, RPA & IPA assessments targeting specific parts of the underwriting value chain and workflow-based process redefinition
• Data and analytics—identifying decision-making using areas where advanced analytics, AI and machine learning can make a difference across the underwriting software value chain
• Technology consulting—insurance platform modernization and evaluation, and application rationalization of the underwriting portfolio

What you gain

• Free up underwriters’ time to focus on whole account solutions and portfolio management 
• Increase straight-through processing in handling standard risks
• Speed response to demanding agent/broker submission requests
• Improve underwriter effectiveness through better risk selection 
• Improve the customer, agent and broker experience

Envision new business models with digital tech

Who needs it

Carriers looking to:

• Accelerate business outcomes through rapid innovation
  
• Bridge the time gap between having a great idea and implementing it
• Navigate the future using emerging technologies

How we help

As the innovation arm of Cognizant’s Insurance practice, we help insurance companies innovate rapidly via a three-pronged approach:

1. Envision: Identify new business opportunities based on possible future scenarios, emerging technologies and disruptive business models. Ideation and opportunity identification typically take two to four weeks, leveraging tools such as:

• Future State Scenarios—encourages business leaders like you to poll a list of intentionally extreme future scenarios and arrive at a list of shared business priorities. 
• Insurance Navigator—helps identify innovation opportunities at the intersection of exponential technology and business model disruptions. Shows how the global insurance industry is changing and helps identify innovation opportunities.

2. Experiment: Access our repository of storyboards and templates to accelerate concepts. Follow a structured prototyping process using agile product development and work with our full-stack engineers and technology specialists to build solutions. This phase of building prototypes takes six to eight weeks.

3. Expand: Leverage a ready-to-use IT environment powered by scalable assets and partnerships and integration with the application environment. Measure customer adoption rate and ROI from pilot to production.

Drive digital growth

Bring your CX up to speed

Who needs it

Organizations facing challenges with:

• Suboptimal ROI from digital sales assets (mobile, web and aggregator insurance platform) 
• Poor self-service volumes and high servicing costs
• Limited, incomplete online capabilities
• Inability to leverage digital distribution presence as a competitive differentiator 
• Inability to attract millennial customers

How we help

• Focus on key aspects such as digital strategy and innovation, digital marketing, digital operating model, digital technology enablement and integration, digital content, interactive and industry-centric digital solutions 
• Provide a detailed evaluation on functional and architectural components of digital assets
• Deliver a future state road map for all stakeholders

What you gain

• Align an enterprise digital sales and servicing strategy with your business objectives 
• Drive growth and improve effectiveness for customers, channel partners and employees 
• Achieve up to 2X agent productivity with enhanced web capabilities
• Save up to $50,000 for every 10,000 customer service queries
• Improve productivity and accommodate changes in business

Follow the customer

Who needs it

Organizations facing challenges with:

• Low net promoter score (NPS) or customer satisfaction scores
• Lapses in new business and renewals
• Cumbersome, disjointed processes with errors and omissions
• High customer turnover
• Damaged brand value

How we help

• Design a customer engagement model that’s analytical, uses social science, and enhances customer and partner experiences
• Identify and create target user personas 
• Remove bottlenecks in the customer journey and define future state journey maps
• Define the minimum viable product (MVP—target segments, target capabilities) and value hypotheses
• Validate the capabilities necessary to develop the MVP
• Leverage and optimize digital channels

What you gain

• Better insights into online customer behavior
• Up to 60% cost savings in digital transformation
• Up to 25% increase in customer engagement

Improve channel efficiencies

Who needs it

Organizations facing challenges with:

• Poorly trained/skilled channel participants
• Mismatched channels and target customer segments
• Lack of sales tools and information to rapidly close sales

How we help

• Deliver a four-part solution: Distribution planning strategy, agency recruitment strategy, onboarding and life cycle management, and performance management
• Provide channel participants with the necessary capabilities, motivation and tools
• Use a KPI-driven framework that promotes informed decisions in key areas such as channel mix/growth, segment mapping, sales process standardization, and technology and tools enablement

What you gain

• Up to 25% cost savings in distribution-related operations
• Up to 10% gains in advisor efficiency, increasing client-facing revenue-generating activities
• Savings from reductions in call volume and branch support costs