Global de-regulation of industry has allowed cross selling of products by banks, financial services & insurance companies. This has increased the competition for customer retention and new customer acquisition prompting the companies to search for leading edge technology and tools for increasing efficiency, managing the complexity of operations effectively and reducing the total cost of ownership. Insurance companies are undertaking numerous technology initiatives for gaining strategic competitive advantage.
Technology initiatives, undertaken by insurance companies, are aiming at fulfilling ever-increasing business challenges including business process cycle time reduction, customer retention and increase in satisfaction, reduce over all operational cost, personalize solutions, detection of fraudulent claims, enabling straight through processing by integrating customers, agents, brokers, third party service providers.
Hexaware Insurance Service (HIS)
Hexaware focuses in developing and implementing strategic business and technology solutions to support their initiatives and meeting the above business challenges and achieving their strategic business objectives of improving the effectiveness and efficiencies of insurance business processes.
Hexaware insurance services are supported with more than 300 committed professional. Hexaware has expertise in providing software solutions to Insurers located in countries like North America, Canada, Germany, Belgium and Japan. HIS offers innovative and specialized solutions to customers in a partnership mode, leveraging its delivery excellence and domain expertise.
More than a decade that Hexaware is servicing to various insurance clients. Hexaware has developed strong domain knowledge in most business line and functions such as for Life Insurance - Term, Wholelife, Universal, Variable, Variable-Universal, for Annuities - Deferred, Immediate, Fixed, Variable, Market value adjusted, Equity indexed, for Pension - Traditional IRA, Simple IRA, 401k, UK Pensions, for P & C Insurance - Auto, Marine, Property, Liability, Workers comp, for Health Insurance - Hospital management system, Long term care
HIS has over 1500 person years of experience and has worked in the varied areas of the insurance business around the world. Our extensive experience allows us to understand the industry’s unique challenges and provide cutting-edge, relevant solutions that give our clients a competitive advantage.
Hexaware services offered to insurance companies are categorized in to four types:
Core Domain Services
- New Business and Underwriting
- Policy Administration
- Claims Administration
- Agent and Broker Management
- Vendor and Service Provider Management
Technology Services
- Custom / Package application development, implementation & maintenance
- Enterprise Solutions such as ERP, CRM
- Application modernization and re-engineering
- CPU Optimizations
- Testing Services
- Database services
Consulting Services
- Process consulting
- IT and BPO consulting
- GAP Analysis
Decision Support Services
- Front office and Workflow
- Enterprise Content management
- Business Intelligence / Data warehouse
- Potential Fraud analysis
- Management Information System
- Business rule implementation
Hexaware Value Proposition
Hexaware solutions and services support Life, Annuity products, Property and Casualty insurance. The Hexaware "Insurance Center of Excellence" provides the technical and functional resources you need to soar above your competition. The combination of our resources, reusable applications components, and our partner products produce the broadest set of industry-focused solutions available to meet all of your insurance needs.
Hexaware Insurance Service (HIS) Centre of Excellence (CoE)
Hexaware Insurance Center of Excellence (CoE) was setup in 1999, to focus on the insurance practice. CoE serves as the backbone of the organization for market research, new services development, prototype, training, knowledge repository, and development of new expertise within the insurance arena. The Insurance CoE is spearheaded by certified professionals and veterans from the insurance industry. This team also provides support and training to the various insurance projects in Hexaware and hence is able to service our clients better by focusing on both technology and business. Apart from this, the Insurance CoE also actively participates in ACORD, LOMA and ISO.
