Sell more policies and reduce service costs with a new, adaptable policy administration system built to support fully digital, straight-through insurance processing.
Thriving in a challenging environment
Life insurance and annuity companies face a highly competitive and evolving market. To thrive in this environment, insurers must quickly improve their ability to spot emerging trends and seize new opportunities. They also need to:
- Gain flexibility to meet changing customer expectations and demands
- Outperform new agile competitors who often target high-value market segments
- Replace decentralized legacy systems and fixed integrations that require expensive and time-consuming upgrades
- Reduce significant capital outlays for system changes that create barriers to true efficiency
- Comply with OFAC, DOL fiduciary standards and federal/state regulations
In other words, market leaders must build an environment that allows them to quickly capitalize on what’s next.
Digital insurance: A brave new world
DXC Assure Policy is built for the digital economy. DXC Assure Policy addresses insurers’ biggest challenges by streamlining product development, managing IT costs and staffing constraints, offering out-of-the-box straight-through processing and delighting customers with an easy-to-use experience on any device.
DXC Assure Policy is built for adaptability. It accommodates the full suite of current life and wealth products, including term, traditional, variable and equity index life and annuity products. It also manages a wide range of product riders and benefits designed to meet virtually any customer financial need.
More importantly, it dramatically simplifies new product design with a configuration tool that helps insurers build new and unique products and benefits. The system design incorporates API services that integrate with customer, agents, third-party services and corporate systems.
DXC Assure Policy is component-based and can be implemented on premises, through business process services (BPS), or as a service in the cloud, providing insurers with the flexibility to develop individualized roadmaps.
DXC delivers what insurers need
DXC Assure Policy is an end-to-end policy administration system that addresses the key challenges insurers face in today’s fast-changing market.
Increase sales and reduce service costs. Insurers can’t take advantage of a new opportunity if it takes months to create a new product. DXC Assure Policy offers maximum flexibility to define the system including the ability to implement company-specific rules, calculations and product features. Sell more by developing unique insurance products up to 80 percent faster than with older systems that require code changes. Policy service becomes faster with one-click transactions, coupled with at-a-glance graphics to help answer customer questions.
Improve the customer and producer experience. Customers want products that are simple to understand and buy. Adapting legacy systems to give customers that experience is expensive and time-consuming. And when the next generation of devices arrives, insurers will need to redevelop their solution all over again. DXC Assure Policy is built on a modular architecture that offers customers and brokers a tailored experience from the initial quote to the issued policy, with all service-related transactions handled online.
Lower IT cost of ownership. Legacy system costs and the obstacles they create in the transformation process are well documented. DXC Assure Policy offers insurers a new direction that dramatically reduces infrastructure costs — by 75 percent or more — and fully eliminates ongoing license expenses for proprietary components like databases. Our scalable solution is built on virtual hardware, so capacity always matches demand, eliminating the need to build excess capacity.
Benefit from our unmatched insurance industry experience
- Industry presence. DXC has served the insurance industry for 40-plus years, with more than 1,900 customers, active customer communities and millions of policies administered on DXC’s life and annuity software.
- Breadth of capabilities. DXC’s global scale in insurance, breadth of services, intellectual property and insurance expertise is unmatched. DXC has all the necessary capabilities in house: software, implementation services, conversions, BPS, best practices and IT/business transformation skills.
- Digital experience. DXC is dedicated to and collaborates with the best and brightest insurance companies and has received more than 10 industry awards for market-leading software and digital services.
- Next-generation digital focus. Next-generation offerings based on cloud infrastructure and new digital technology supported by nearly 20,000 insurance-focused professionals enable insurers to build a digital future while simultaneously transforming legacy businesses.
- Size, strength, innovation. DXC’s size and proven financial strength enable us to deliver industry innovation year after year, helping insurers grow digitally and transform their existing IT environment.
Future-proofed product
DXC Assure Policy was built with today and tomorrow in mind. DXC Assure Policy can grow in any dimension to meet any insurer’s current and future needs.
- Modern product templates accelerate the development process, reduce the need for costly coding and give insurers a head start in bringing new products to market.
- An open API architecture readily integrates with third-party service providers and corporate components such as automated new business systems, general ledgers an data analytics.
- Components and externalized business rules, including centralized rating engines, enable quick product setup and efficient market rollouts.
- The system’s fully virtualized architecture means insurers will always have access to the latest capabilities, eliminating unplanned capital expenses, upgrade costs and the risk of downtime.
Begin the digital journey
The world has changed for life insurance and wealth management carriers. A digital wave is changing the way we live, learn, play and conduct business. Insurers need a flexible, digital policy administration system to thrive in the 21st century.
Contact us today to learn how DXC Assure Policy can give you the flexibility you need to adapt and thrive. See the future in action with a proof of concept that demonstrates the value our solution provides and creates a roadmap to digital transformation.