Product innovation and Speed to market has always been the key to carriers' competitiveness and client centricity. Technology forms the backbone of the product development lifecycle that supports this business need. In recent years carriers have made greater investments in technology to strengthen the product development lifecycle. One crucial area that has seen relatively less investment is 'Rates and Forms Management'. As per a recent Celent study, more than 80% of insurance carriers experience delays in incorporating rate and form changes in their policy administration systems, exposing them to non-compliance and poor market positioning. For Product Administration System Product Company this is seen more as an opportunity to improve their cost of operations and customer service level.
Rates and Forms Management - Cost and Operational imperative
High volume of bureau changes, compounded by the high number of forms and rating files, creates a challenge of adherence to compliance deadlines while putting a tremendous strain on operation costs. Additionally, maintaining multiple disparate rate/quote/issuance applications often leads to:
- Inconsistent Processes
- Work silos
- Effort duplication
- Inefficient workload management
L&T Infotech's Rates and Forms Management Services
L&T Infotech's 'ReFORM' (Excellence in Rates and Forms management) service framework leverages its business knowledge, technology expertise and experience in IT outsourcing to rapidly move this high maintenance, effort consuming activity to a lean offshore model. This guarantees quick savings and improved quality, while shifting the focus back on product improvements and business growth over longer term.
Highlights
- Optimized work structure using aggregation of efforts across lines of business and systems
- Accelerated implementation using process oriented, tools driven approach
- Lean execution model utilizing global delivery model
- Assured quality and compliance through SLA based service delivery
Business Benefits
- Cost Savings: Over 50% of cost savings due to Uniform, Efficient and Optimized service
- Speed to Market: 20-30% faster roll-out of products due to accelerated implementation of Rates and Forms changes
- Quality Improvement: Improved product quality and compressed testing cycles
- Focus on Innovation: Allows company personnel to focus on core competency and business growth activities
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