Maximize the value in your sales and distribution channels

Insurance companies want to increase their geographic, consumer and product footprint. However changing customer demand, multiple distribution channels, and complex relationships with the distributors add to the risk of spiraling customer acquisition costs and deteriorating customer experience. But in a progressively competitive and unpredictable business environment the sales and distribution function hold the key to growth. Channel management and multi-channel integration are crucial to competitiveness.

Create an adaptive business though Policy Lifecycle Management

In a rapidly expanding and evolving market, new opportunities can be leveraged or lost within days. Agile insurers depend on robust systems and strategies to innovate, create and maintain new products. Using Wipro’s end-to-end Policy Lifecycle Management solutions insurers can deliver product innovation, improve and expand product lines, create sophisticated pricing capabilities catering to different markets, increase policy administration efficiencies, billing and collection efficiencies, acquire new business and grow market share.

Unlock efficiencies, control costs, reduce leakage, and improve customer service by adopting Next Generation Claims Transformation solutions

One of the key differentiators in the highly competitive insurance world lies in rising-up to and going-beyond customer expectations at the time of claims: 'The Moment of Truth'. Claims is the single largest cost centre for insurers with an average pay out of 60-74% of the premium earned.

Measure and Improve business performance and generate quick ROI through Performance Management

Amongst the biggest challenges the insurance industry faces is to improve profitability, compliance and competitiveness in the marketplace. With increasing market unpredictability and growth in new geographies, the need for swift and accurate decisions has grown manifold. The key to understanding and addressing uncertainty is Performance Management. Customer and campaign analytics, risk analytics and claim analytics can improve customer retention, campaign effectiveness, optimize risk, minimize leakages, control expenses, improve fraud detection and meet stringent regulatory compliance.

Integrated BPO/ KPO for reduced operating costs

Evolving insurances industry requirements call for services that go beyond a traditional BPO with simple back office labor arbitrage. Insurers across the globe are demanding reduced operating costs even as service levels are improved by leveraging the strengths of partners who offer centralization, standardization and transformation of business processes.

Insurance companies that are maintaining aging, customized risk management systems face difficulties in delivering timely risk assessments and superior service during new business application process. Often companies can significantly boost broker loyalty, customer satisfaction and underwriter productivity by enhancing the collaboration between these parties at the proposal state.