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Insurance

By Capgemini Financial Services

Capgemini has been collaborating with leading insurance companies around the world for more than 20 years. Our consultants possess, on average, more than 10 years of experience in all types of insurance, including life, health, general and property & casualty.

Serving 11 of the world's 15 largest insurers, Capgemini has taken the lead in transforming traditional players into innovative, customer-centric insurers of the future with a range of next generation solutions, including: front-office optimization, policy administration, claims and IT systems architecture, application development, implementation, integration, testing and outsourcing
Capgemini is taking the lead in developing next generation solutions to transform traditional insurance companies into customer-centric organizations. We provide offerings for:

  • Billing
  • Claims
  • Front Office Optimization
  • Policy Administration
  • Sales & Service Innovation
  • Smart Insurance Enterprise/SOA
  • Solvency II
  • Testing
  • Underwriting

For more information regarding our insurance services, please click here.

Billing

Regardless of your needs, we can help you implement a cost-effective billing solution. For one of our most successful clients, Capgemini provided an end-to-end solution to deliver a comprehensive billing and payment system. We deployed the system in under a year, providing simplicity and flexibility to support a positive customer service experience.

The architecture included a scalable billing system to support high-volume transactions associated with insurance policies, such as variable installment payments, electronic payments, credit card payments, refunds and amendments.

The business rules governing these billing processes are complex and can vary widely based on product type and state regulations. This problem was solved by abstracting the rules from the current system, improving them via user requirements, and implementing them with an easy-to-use engine tool.

Capgemini's insurance consultants facilitate solution implementations by providing consulting, implementation and project management experience to mitigate risk and help ensure budget objectives are met during the implementation of software packages, rule engines and workflow packages.

Claims

With Claims being the most critical Insurer service component, efficient claims management is critical for achieving customer loyalty, increasing wallet share, and generating positive word-of-mouth. Yet a multitude of inefficiencies are driving up claims costs and adversely affecting customers' claims experiences. Highly effective claims practices can be a key contributor to a differentiated customer experience that strengthens customer loyalty and attracts new customers. As a result, the market share increases as well as improving underwriting profits.

Improving claims processing, managing fraud, and leveraging claims data are the focal points for driving operational excellence according to the latest findings from the 2011 World Insurance Report.

Capgemini offers a business-driven, end-to-end claims transformation services that enables you to enhance your brand value and achieve sustainable growth. Our clients have benefited from the following typical results:

  • Reduce claims cycle time by an average of 15 - 20%.
  • Reduce total cost of ownership from 20 - 40%
  • Achieve up to 5% reduction in loss adjustment expense

Capgemini provides front office optimization solutions to help distributors improve performance, agents sharpen their competitive edge, and insurers focus on customer loyalty and retention.

Front Office Optimization

Distributor Effectiveness: Positioning distributors to improve performance

Capgemini works with insurers to develop intelligent applications that deliver cross-sell and up-sell opportunities through best-in-class Distributor Effectiveness solutions.

Insurance Agent Workstation: Transforming the Agent Workstation to meet client needs

Capgemini offers accelerated, end-to-end solutions to help insurers transform agents into customer development and relationship managers. The centerpiece - where agents leverage their firms' expertise and resources to meet customer needs - is a new, powerful insurance agent workstation.

Multi-Channel Integration: Focusing on customer loyalty and retention

Capgemini helps insurers turn adversity into profitability by using our deep insurance industry experience, unique methodology and proprietary accelerators to help transform your business with multi-channel integration solutions.

Policy Administration

The life insurance industry is undergoing significant consolidation. The growing focus on customer centricity, enhanced product development capabilities, and compliance with regulatory changes has forced companies to rethink well-entrenched policy administration processes. In an ever more competitive market where profit margins are under pressure and operational costs are increasing, opportunities to maximize product, operational or cost leadership lie in increasing policy administration efficiency and effectiveness.

Capgemini's Life Insurance Policy Transformation solution enables companies to combat market pressures, drive greater value, and realize strategic advantage. It is an end-to-end solution across the life insurance value chain that enables insurers to achieve:

  • Product Leadership - Accelerate time to market for new products and rapidly respond to changing market and business conditions
  • Operational Leadership - Streamline business processes, reducing conversion and project risk and outsource closed book operations
  • Cost Leadership - Reduce cost per policy and total cost of ownership through

Sales and Service Innovation

Predicting customer behavior and identifying opportunities is a difficult task to achieve without the right level of customer insight. The overabundance of data and lack of customer-specific business intelligence is inhibiting insurers today from effectively addressing their customers' needs. Many insurers cannot effectively measure retention and, more importantly, they struggle to identify why their customers are leaving.

To address this, Capgemini has devised a holistic approach that goes beyond helping insurers extract knowledge and experience from their existing customer data. We also help you improve the quality of your data to expand and enhance your collection capability, and to synthesize your analysis of customer traits and trends.

Capgemini can help you create a highly specialized and segmented sales and services solutions that allows insurers to develop selective campaigns aimed at specific cross-sections of customers, through the most effective channels.

Smart Insurance Enterprise/SOA

Widely regarded as the market leader in Service-Oriented Architecture, Capgemini will guide your business through its modernization. Our Smart Insurance Enterprise/SOA uses a Capability Maturity Model to evaluate the current state of your business systems. Then, using a reference Component Architecture, we identify your goals for the future.

Drawing on a decade of experience and over 1,500 successful implementations, our teams are skilled at determining how and where to make a difference with minimal disruption to the enterprise.

Solvency II

The three pillar Solvency II directive demands change from the front office right through to the back office and requires IT support at all levels. Capgemini has experience working collaboratively with financial services companies to provide solutions across the entire Solvency II areas. Our Solvency II services can help lower risk management and compliance costs by looking at the full spectrum of risk. Our full implementation helps you to improve risk and economic capital management, provides auditable processes, and fosters data transparency, and cost reductions. Our services include:

  • Solvency II Awareness and Training
  • Impact Analysis
  • Data Collection & Readiness Assessment
  • Data Quality for Solvency II
  • Software Selection & Integration

Testing

With our proven global delivery model and diverse global team, Capgemini's testing expertise is unrivaled in the insurance industry. Our testers are devoted to financial services and certified in insurance domains. We can help you optimize your testing initiatives by providing independent, world-class best practices and highly qualified teams.

Capgemini's Insurance Testing Solutions

Quality Blueprint: Do you reuse test cases? Have you used automation? Using our proven Quality Blueprint, Capgemini can uncover how your current testing processes measure up against common industry practices and identify areas where you can improve testing coverage without adding costs.

Product and Package Testing: Our strong expertise with core insurance packages such as Guidewire means we can help you get a jump start in testing and successfully implement the products you need to support your business.

Application Testing: Capgemini provides a variety of testing across all levels for your applications and systems including: functional component integration, interface, data conversion, system and system integration, user acceptance, performance and security. We can also help you automate functional testing and verify readiness for production.

Underwriting

With Capgemini as your partner, you can tackle each of these issues and improve the effectiveness of your underwriting operations. We can help you:

  • Clarify a business strategy
  • Transform your operational workflow
  • Modernize your legacy systems

Our Underwriting Expertise

Capgemini can help you implement a cost-effective underwriting solution. For one of our most successful clients, we provided an underwriting rules engine solution which includes a business rule engine software tool that simplifies changes and support.
We built the system based on user requirements, which were defined using a reverse engineering approach. Capgemini created an architecture that included a scalable system to support the ever-increasing volume of applications due to geographical expansion.
The business rules governing underwriting processes are often difficult to address due to the number of manually imposed, outdated and complex rules. This problem was solved by abstracting the rules from the current system, improving them from user requirements and implementing them using an easy-to-use rules engine software tool.

Our Insurance Solutions brings:

Capgemini has been collaborating with leading insurance companies around the world for more than 20 years. Our consultants possess, on average, more than 10 years of experience in all types of insurance, including life, health, general and property & casualty.

Serving 11 of the world's 15 largest insurers, Capgemini has taken the lead in transforming traditional players into innovative, customer-centric insurers of the future with a range of next generation solutions, including: front-office optimization, policy administration, claims and IT systems architecture, application development, implementation, integration, testing and outsourcing.

We bring:

  • Proven experience as an end-to-end solutions provider. Partner of choice for a large insurer's policy administration program. Strategic partner for 4 of the top 5 property & casualty insurers
  • Comprehensive Business Information Management solutions focused on the specific needs of insurers, including business intelligence, analytics, enterprise reporting, risk management and compliance with government and industry regulations (e.g. Solvency II, SCHIP, HIPAA)
  • The ability to leverage alliances with best-in-class providers of the latest technologies

Access to industry-defining best practices, methodologies and standards through Capgemini's Insurance Center of Excellence (COE)
World-class research and thought leadership through the World Insurance Report produced by Capgemini and EFMA. The 2011 World Insurance Report examines markets in 14 countries and offers insights into how leading institutions are refocusing onimproving operational efficiency and the client-centricity of their business processes.

Please click on the link www.capgemini.com/wir11 to find out more about the report