Highlights
- Out-of-pocket expenses for healthcare is a leading cause of financial distress.
- A leading insurer wanted to launch a new employee insurance product in the niche supplementary medical insurance segment to address the gap.
- Given the longstanding partnership, TCS became the natural choice to design, develop and implement this go-to-market solution.
The Context
The client is a leading multi-line insurer serving global customers in over 200 countries.
The institution provides a diverse range of property & casualty, life insurance products and services and employee benefit solutions, increasing focusing on preventive services that help promote wellbeing of its customers and build climate resilience. The insurer is driven by the strategic vision of becoming one of the most responsible and impactful organizations in the world.
The Opportunity
The insurer wanted to bridge the gap between out-of-pocket healthcare expenses and healthcare deductibles with a flexible solution.
With out-of-pocket expenses on healthcare significantly rising post-Covid in the US, pushing many into financial distress, the insurer saw an opportunity to launch a new employee insurance product in the niche supplementary medical insurance segment that would not only expand the safety net for its customer, but also drive business growth. It would also enable employers to attract and retain talent while reducing healthcare costs.
Acting as a gap solution, the new product would reduce the financial burden of customers who are unable to meet the high deductibles in their primary medical health product.
To build and rollout the new product across all the US-approved states, the insurance firm needed a trusted partner. Given its longstanding relationship and extensive experience in the insurance domain, TCS become the go-to choice.
Our Solution
Working in close collaboration with the insurer, TCS built the paperless and frictionless go-to-market product.
TCS built the new product from the inception, working in close collaboration with the customer to firm up the requirements based on the program objective, system specifications by considering the feedback from business SMEs and working on the solutioning part. TCS team also did the end-to-end planning and execution to meet the delivery milestones. Though the underwriting platform was extant, with the launch of this new product TCS reduced the manual process for underwriting with automated workflows, ensuring ease of use.
The underwriting process was further transformed with multi-plan quote creation, rater-based premium calculation, with robust underwriting review process. The solution covered everything from proposal creation to premium override, e-signature, policy bind, policy issuance, policy changes, cancellation, renewals and certificate generation.
Leveraging its in-house AI/ML capabilities and domain expertise, TCS undertook the following initiatives to speed up time-to-market:
- Seamless onboarding: Implemented user management module for user creation, permissions, access, and roles.
- End-to-end integration: Solution integrated insurer’s data warehousing, back-end systems, document management, and downstream feed systems for policy updates, billing, accounting and reporting.
- Robust reporting: Built monthly reporting functionality for accident insurance with advanced search options, capability to upload multiple reports, view reports history, generate invoice and manage notifications.
- Automation: Leveraged TCS Intelligent Digital Extraction Suite, an AI/ML solution, to extract input attributes from unstructured files to enable renewal premium calculation.
- Self-service enablement: Created a new portal for agent and brokers to cross-sell the group product and employees to review policy, upload files for key underwriting documents and compare plan features and use e-signature feature.
- End-to-end digitization: Made the entire insurance value process flow from quote to policy, policy changes, renewals seamless and digital.
Benefits
With the launch of the new product the insurer was able drive customer satisfaction, while achieving:
- Significant effort reduction in terms of monthly reporting; what took 3-4 days could now be accomplished in a matter of minutes.
- Improved automation enabling transparency and operational efficiency with accuracy of data and self-services for distributors.
- Faster calculation of premiums and quicker onboarding.
- Enhanced quoting self service capabilities providing a digital experience to customers.
