Life, Annuities, Retirement & Group
Property & Casualty
Life, Retirement & Group
Our services cover all functions and processes from distribution to claims. We also provide services to the group and retirement markets.
Property & Casualty
Our P&C solutions cover everything from distribution through underwriting. We also specialize in solutions for transforming entire business units.
Our solutions portfolio for insurers includes BPS, emerging technology consulting and systems integration and maintenance.
Cognizant's Life, Annuity & Retirement Business Processing Service (BPS) helps insurers gain a competitive edge by handling routine back-office operations while you focus on revenue-generating activities. As a result, you will not only reduce costs and modernize systems, but better align business and operating models with process optimization. In the U.S., Cognizant is a fully licensed third party administrator where required.
We have strategic relationships with leading software companies that specialize in products and platforms specific to the insurance industry, such as agent compensation, claims processing and policy administration. Our team of business and technology experts will modernize your operations and attain best-in-class technology architecture while managing costs. Cognizant’s Platform Conversion Score (PCS) can help you decide when and where to make investments.
Belgium's SIGEDIS Compliance Program: Doing It the Smart Way
For life insurers, a pension compliance program such as Belgium's SIGEDIS eats up IT resources needed for strateguic initiatives. By applying the right solution levers, such as optimization, automation and reduction of redundancy, pension providers can gain potent strategic advantages.
Blockchain: A Potential Game-Changer for Life Insurance
As a shared, secure, distributed ledger that works in a peer-to-peer environment, blockchain technology can benefit the insurance industry in numerous ways throughout the value chain. We explore several use cases, including death claims processing, to illustrate blockchain's ability to streamline cumbersome workflows, reduce errors and fraud, increase auditability and confer competitive advantage.
Collective Intelligence: Filling the Insurance Talent Gap
By combining the skills and acumen of in-house personnel, intelligent machines, independent contractors and external resource pools, insurance companies can offset talent shortages; perform complex tasks faster; take on heavier workloads, and dramatically improve efficiencies. All while trimming overhead, maintaining compliance, and boosting overall business performance.
Gamification for Insurers: A Practitioner’s Perspective
Gamification for insurance companies employs traditional game elements – including badges, leaderboards, points, and quests – to improve organizational efficiency and increase customer engagement. Gamification can function as a catalyst for meeting the requirements of a real-time digital enterprise – from underwriting, account management, training, and billing, to marketing, sales, and customer self-service.
Seven Key Trends Shaping the Future of Work in the Insurance Industry
This installment of our Work Ahead series focuses on the insurance industry. According to our research, insurers are well aware of digital change; those that choose to move past their inherently risk-averse and change-resistant natures will reap rewards measuring in the trillions for the entire industry.
Optimizing the Internet of Things: Key Strategies for Commercial Insurers
The Internet of Things (IoT) is having a significant effect on both consumer-facing and commercial enterprises. At the consumer level, this can be seen in the increasing number of sensor-based smart devices flooding the marketplace. Yet the biggest economic impact is in the industrial and service-based segments, including commercial insurance. By aligning their business requirements with the capabilities of the Internet of Things, insurers can sharpen operational efficiencies, open new revenue streams, drive profitable growth and keep customers close.
The Blockchain Imperative: The Next Challenge for P&C Carriers
Blockchain, a universal ledger and data-storage platform, can help P&C carriers address some of their most critical business challenges and significantly alter the way they operate. Although the technology has yet to achieve widespread adoption in the insurance space, the time is ripe for carriers to begin thinking about, exploring and experimenting with blockchain.
The New Insurance Imperative: Mastering Digital Marketing
In the digital world, insurance carriers must convert costly brand awareness campaigns into business-generating initiatives that result in more contextually relevant customer interactions and transactions.
The Second Coming of Age
Millennials have gotten more attention, but aging baby boomers represent a vast opportunity for marketers at consumer goods and other companies. Based largely on research by ReD Associates, our collaborative paper explores how you can effectively address boomers' changing roles, lifestyle shifts, major purchase patterns, and other behaviors and characteristics.
The Internet of Things: P&C Carriers & the Power of Digital
As P&C carriers struggle to achieve and maintain profitable growth, they must prepare for and stay in step with advancements in digital technologies. The Internet of Things (IoT) and its network of connected devices and objects makes it possible for carriers to transform how they communicate, collaborate, and operate, and strengthen their capabilities in a number of key areas.
A leading U.S.-based insurance carrier struggled with poor customer feedback and low online adoption of its web and mobile apps, leading to a negative Net Promoter Score (NPS).
Cognizant delivered a customer survey framework that incorporated sophisticated analytics and a 360-degree feedback loop to provide visibility into the root cause of negative customer feedback. Cognizant created an intuitive user interface for the company’s Web-based customer self-service application, improving user experience and app performance.
by 65 points
of the customer
A leading insurer wanted to improve the effectiveness of the agents who sell its life insurance policies and other products to customers in India.
Cognizant LifeEngage™ is a tablet-based point of sale and service system that guides agents through the sales and application process.
an agent must visit before making a sale from 14 to five
for issuing policies by 45%
the average transaction size
agent productivity and satisfaction
A major national property and casualty insurance carrier struggled with operational challenges due to a lengthy claims adjustment and settlement process, caused by the company’s outdated, inefficient and largely manual processes.
Cognizant implemented its cloud-based Cognizant Interactive Exposure Map solution and transformed a largely manual claims process into a fully automated end-to-end process using GIS, satellite imagery and optimization.
of claims processing and settlement by 30%
by at least $300,000 annually
Facing an urgent need to improve customer retention, a major global insurer turned to Cognizant to help it understand which customers were most at risk of canceling their policies and why.
Using the Cognizant iVALUE solution, the Cognizant team developed analytic models for the insurer’s customers, seeking to understand which behaviors of the insurer, agent and customer would signal a high risk of a lapse.
by 8% within one month
the insurer had lost in the previous year
of more than 180% within the first year
to new customers to increase their long-term retention
In an effort to curb rising provider insurance fraud for workers’ compensation claims, a leading U.S. workers’ comp insurance carrier engaged Cognizant to create an innovative medical provider benchmarking solution.
Cognizant incorporated clinical expertise and external guidelines with sophisticated machine learning capabilities to develop an analytics-based benchmarking model that identifies medical fraud and comprehensively examines transactions, flagging potentially fraudulent claims and providers.
$8 million in fraudulent claims
more than 60 times return on investment
the direction and efficiency of special investigation units (SIUs), claims research, clinicians and claims adjusters
A major insurance company based in the Middle East sought to improve the way it interacts with its customers.
Cognizant implemented Microsoft Dynamics® CRM and utilized gamification techniques to encourage user adoption and developed a comprehensive rules engine to analyze user activity and drive friendly competition.
by 25% while reducing response time for all inquiries by 30%
of over 3,000 opportunities per quarter
more than 2,000 inquiries daily, including leads, emails and customer complaints
and other key business processes by 99%
A global property and casualty insurer wanted to address leakage from workers’ comp claims while maintaining quality of care.
The company engaged Cognizant to develop a medical necessity review capability that would identify claims for excessive or unnecessary treatment. Cognizant OptimaMedWise™ implemented its technology framework to automate the claims process and provided 100-plus trained registered nurses to review exceptions.
in medically excessive or unnecessary claims within six months of deployment
of approximately $60 million
by 7% to 9%
as compliant and processed automatically
resulting in a 20X return on investment