DXC Assure for Broking addresses brokers’ biggest challenges by driving straight-through processing, managing IT costs, and supporting the business life cycle.
The industry is undergoing a dramatic transformation driven by a number of factors, including advances in technology, heightened customer expectations and a rise in new entrants. All parties in the value chain are focused on owning a meaningful relationship with the customer to ensure continued relevance in the business process. Now more than ever, brokers are threatened by the prospect of disintermediation and the need for technology that enables instead of technology that constrains. Cost containment is paramount, along with the need for enhanced agility and better insight from data. To stay relevant, this means a broker must up its game in three key areas: customer experience, change agility and operational efficiency.
An integrated solution
DXC Assure for Broking is an end-to-end integrated solution for commercial insurance brokers. The solution addresses brokers’ biggest challenges by driving straight-through processing, managing IT costs, and supporting the business life cycle from product innovation and new business capture through to accounting, claims and renewals.
“Lockton has chosen DXC Assure for Broking as a long-term strategic solution with the potential for it to be adopted more widely across the Lockton business. We are excited to be shaping the retail solution with DXC and believe this will ultimately help us deliver faster time to market and greater value to our customers.”
DXC Assure for Broking supports all types of commercial broking business. Whether you are running global operations or operating in a niche market, the solution has the inherent agility to meet your needs. It provides seamless support for brokers running managing general agent (MGA) operations, with a powerful product builder enabling new business opportunities to be captured with ease.
Architected to support retail, wholesale and reinsurance business, it enables brokers to consolidate multiple lines of business systems that would typically be run on separate applications into a single system, materially lowering total cost of ownership. As a multilanguage solution, it can be deployed in a consistent manner across multiple geographies, taking advantage of DXC Technology’s strong presence around the globe.
DXC Assure Digital Platform
Designed to run on the DXC Assure Digital Platform, an open platform for digital insurance technology and services, the flexible, scalable software-as-a-service (SaaS) solution delivers a distinctive and compelling digital customer experience, reduces costs, increases efficiency and brings products to market faster.
DXC Assure Digital Platform includes an API gateway, identity and access management (IAM), security, and an operations management framework that enables ease of integration with back-end systems of record, such as policy administration, claims processing, analytics and a broad range of services from DXC’s ecosystem. The configurable platform addresses the need for persona-designed user experience (UX) across all channels including web, tablet and mobile devices, voice assistant engagement, and chatbot interaction.
It operates in the cloud as a SaaS solution and can also be supported by DXC’s business process services (BPS) operations. In addition, DXC works with the world’s leading technology companies and insurtechs to expand capabilities and enable fast deployment in a secure environment.
Flexibility and scalability
DXC Assure for Broking is a modular solution, providing the flexibility to choose from core processing functions or to seamlessly add components later for even greater business value. The solution modules support the end-to-end value chain and business life cycle, comprising:
- New business development
- Submission and placement (quote and binding)
- Policy administration and renewal
- Claims
- Finance/Insurance Broking Accounts (IBAs)
- Reporting and analytics
Brokers can adopt components in stages to support a controlled business roll-out or integrate components with their own technology choices. For example, brokers can choose to integrate their own business development systems with the digital foundation of DXC Assure for Broking, or consume the digital front end, including configurable portals, to run in front of an existing system of record. In addition, brokers have the option of adopting the core components individually, leveraging the open API framework to integrate with other solutions.
Key benefits of DXC Assure for Broking
“ACORD Solutions Group and DXC are strategically aligned and share domain subject matter expertise in the insurance industry spanning multiple geographies. Our relationship has driven benefits for the industry both in the London market and global programs, and working together, we have enabled insurance companies to harness easily integrated ASG digital solutions to accelerate their digital maturity.”
Collapse the value chain. DXC Assure for Broking addresses all aspects of the value chain to help you get closer to your customers. The tailored portals for customers and producing brokers support the simple capture of data at the earliest opportunity, with this data being transferred automatically through the platform with no re-keying or transposition errors. Data captured can be further enhanced through DXC’s strong capability with intelligent data extraction, augmented with artificial intelligence and machine learning.
Persona-based approach. This solution taps into the innovation provided by the persona-based approach used to tailor the user interface for different broking roles. For example, producing brokers have real-time access to data on their customers, markets and business performance at their fingertips, with interoperability across desktops, tablets and mobile devices. Department heads and divisional directors can see how each line of business is performing, how brokerage revenue is developing quarter-by-quarter or year-by-year, and can drill into lower-level data to make informed business decisions. Middle-office account handlers have full visibility of the details needed to manage the most complex aspects of customer servicing with at-a-glance dashboards and data that is no more than two clicks away. Claims advocates, finance technicians and operations roles are similarly served, with easy access to the right data via strong workflow that links the entire solution.
Single-platform capabilities. A key strength and differentiator of DXC Assure for Broking is the ability to run a single-instance solution across multiple locations with full multinational support. This benefits brokers running national, international and global operations, as well as brokers seeking to run MGA operations through multiple underwriting cells in different geographies. In addition, the integrated portal capability allows the solution to be extended to third parties, and full API enablement provides a reassuring level of future-proofing.
Speed to market. Products can be created rapidly using the built-in product configurator that enables attributes such as coverages, limits, rules, documents and commissions to be defined once to drive highly automated policy and claims administration. As circumstances change, updates can be made quickly and effectively — ensuring that opportunities are seized and maximized.
Configurability at your fingertips. DXC Assure for Broking delivers the benefit of an application that can be customized through configuration to meet your specific needs, together with the reassurance that the core solution is supported by a road map with quarterly enhancement releases, which are separate from your own tailoring. All customers, therefore, get the benefit of the quarterly updates that keep the solution current and relevant in your chosen market. You can make DXC Assure for Broking your own by configuring areas such as products, documents, workflows, screen layouts, data capture and business rules.
World-class connectivity. DXC Assure for Broking is API-enabled across all business functions, delivering the business and technical agility that’s demanded in the Digital Age. The solution leverages global messaging capability provided by the Association for Cooperative Operations Research and Development (ACORD), which underpins electronic communication between brokers and their chosen carriers, driving improved efficiency in communication. DXC is a Licensed Integrator Partner of ACORD Solutions Group, Inc. (ASG) and is leveraging this relationship to enable straight-through processing of placing, accounting and claims data via ASG’s next-generation global messaging service.