Rapidly launch new products and empower policy owners.
As more people approach retirement age, they are increasingly challenged to find innovative life and annuity products to give them greater control over their investment assets and their spending. DXC's Wealth Management Accelerator™ is a comprehensive system for companies to rapidly launch new products and enable policy owners to freely move between accumulation and distribution in a single contract. This capability helps insurers:
- Improve service — inquiries from policy owners or distributors will require investigation of a single contract rather than a separate accumulation contract and a separate payout contract.
- Simplify workflow — the complex actions of reaching maturity and setting up distributions will be eliminated, resulting in less administrative effort and cost.
- Lower risk — the financial risk of selling assets in the accumulation contract only to purchase the same assets for payout can be eliminated.
- Reduce maintenance — having a single system will minimize maintenance efforts.
- Support new products — as hybrid products catering to retirees are introduced into the marketplace, having a flexible system is paramount to successful product launches.
Shorter Time to Market for Products
Wealth Management Accelerator allows carriers to define product rules and calculations through a rules engine that is external to the system. As product requirements change, these formulas can be quickly modified to reflect the new attributes — resulting in a significant reduction in the time needed to get new products to market.
Wealth Management Accelerator features an easy-to-use wizard-style interactive tool to walk users through each step of creating a new product. This type of tool allows new products to be quickly established either as a clone of an existing plan or an entirely new product. Rates and values can be easily imported from external values created in MS Excel or by a similar means.
Wealth Management Accelerator also allows companies to communicate with external trading partners such as the DTCC, front-end aggregators and other systems through the use of industry-standard product definitions — PPfA for annuities and PPfL for life products. These product definitions are automatically created and updated whenever the underlying insurance plans are changed. Wealth Management Accelerator fully complies with the ACORD transaction standards for life and annuity products.
Gain Insight with Business Analytics
DXC's policy administration systems optionally include Business Analytics, our best-in-class business intelligence and reporting software with interactive dashboards. Business Analytics helps you unlock complex data from multiple systems and use it to predict changes, track key metrics, and make better-informed decisions.