China Pacific Insurance Transforms Business with High-Performance Systems
Client:
China Pacific Insurance Co.Challenge:
- Consolidate multiple legacy systems across 1,900 regional and local branch offices
- Improve customer service and introduce new products faster
Solution:
- DXC's global life insurance processing software
- DXC's high-performance computing and business intelligence services
Results:
- Extended immediate access to customer information to 210,000 agents and partners
- Rolled out new products in five simple steps
- Shortened monthly report cycle from 10 days to 3 hours
Largest-Ever Business Transformation Program
China’s decision to open its financial markets to foreign competition set China Pacific Insurance Company on the path to the industry’s largest-ever business transformation program.
One of the country’s leading insurers, China Pacific Insurance serves more than 80 million customers — nearly as many policyholders as are served by the top 50 U.S. life insurers. However, the company was administering policies on multiple legacy systems spread across 38 regional branch operations and nearly 1,900 sub-branches.
Key processes such as responding to customer requests and introducing new products were challenging. To compete more effectively, the company chose DXC’s global insurance policy processing software used to support more than 60 million policies for multinational and regional insurers across Europe and Asia.
A First-of-Its-Kind Insurance Industry Data Model
The sheer size of the nationwide rollout posed daunting challenges — from mapping the data to other systems to creating a scalable environment to process transactions for 45 million policies a day.
DXC specialists in software and high-performance computing proposed a massively parallel computing solution. To map data across the enterprise, DXC's business intelligence experts created a first-of-its-kind Insurance Industry Data Model to serve as a foundation for data management and analytics, bringing together data from its regional operations for the first time. The Insurance Industry Data Model developed for China Pacific Life has since been used to support North American life insurance and property and casualty insurers.
"The establishment of the platform allows us to get ahead of others in the fields of technology and information," said Wamg Jing, director of China Pacific Insurance's nationwide rollout.
Faster Service and Product Introduction
Customer service was improved with 15,000 employees and 210,000 agents, brokers and external partners accessing the system with a response time of less than 2 seconds. The company maintains more than 1,700 products on the system and can introduce new ones faster in five simple steps.
With a single system, month-end reports are now completed in 3 hours instead of 10 days, giving the management team reliable data and much greater control. The company’s achievements were honored with Celent’s “Model Carrier” award.
According to Gu Xiao Feng, chief architect for China Pacific Insurance, DXC’s global insurance industry experience and solutions played a key role in the success of the transformation.
"DXC has a long history and experience in the international marketplace," he said. "We brought DXC in because we value their knowledge of the insurance industry."