Life & Annuity

At Coforge, we engineer the Lean Digital enterprise for L&A clients by combining Design-Thinking principles and Lean methods coupled with RPA / Artificial Intelligence / Cognitive Services, digital technologies, analytics, and deep domain expertise. Our approach reimagines organizations beyond the front, middle and back office to create end-to-end digital solutions that deliver business outcomes and help run L&A processes more effectively. Our unique metric-driven approach concentrates on innovation, risk management, regulatory responses, transforming processes, reduce costs and besides leveraging analytics to drive consumer insights to provide greater competitive advantage. With our strengths in process efficiency and effectiveness, we provide L&A solutions that help companies achieve best-in-class outcomes worldwide.

We offer end-to-end solutions across the value chain using our Back-office (including KPOs activities), Contact Center (Multi lingual, multi modal interactions including Voice - Inbound/Outbound, chat, SMS, Web, E-mail and Fax) and Consulting expertise in the Insurance arena. Our rich experience in managing Life and Annuity, Retirement, Property and Casualty carriers as well as leading brokers and re-insurers are an added advantage.

Coforge supports Life and Annuities through multi-country outsourcing and process transformation. We service the following lines of business in Insurance arena:

  • Whole life, universal life, variable life, term life, and other types of protection products
  • Fixed and variable deferred/immediate annuities
  • Retirement services and investment management, support- 401k plans and superannuation products

Our services include:

New Business and Policy Issuance

We provide support across applications to issue, including:

  • Document management- indexing, outbound mails
  • New business data entry
  • Cash application
  • Underwriting support, policy completions, case management
  • Policy issue & document compilation

Policy administration activities including:

  • Processing of financial and non-financial transactions
  • Premium accounting and policy charges
  • Reallocations of funds
  • Complex policy changes/cancellations/withdrawals/surrenders disbursements

Finance & Accounting

  • Accounts reconciliation
  • Suspense management
  • Premium Research & Application

Risk & Compliance

Coforge services include component packaging for conducting various audit for clients, continuous transaction monitoring and operational risk management solutions.

Coforge BPS Advantage

  • Two decades of experience and expertise in L&A Insurance vertical
  • Ability to offer end to end BPO solutions
  • Multi-channel, Multi-lingual, Onshore/Offshore Delivery Model
  • Smart BPS with the combination of our AI/IA/Cognitive, digital transformation, Analytics and consultative frameworks
  • Reduced training time with improved training quality by using our +40 years Training Heritage. Also, eliminating people dependent process trainings
  • Our consulting framework ProcessGymTM assists our clients in transforming and re-engineering their processes
  • Consistently delivering exceptional client quality & 100% Compliance adherence with the Centralized Quality team led by Six Sigma Master Black Belt
  • Robust and structured cross training programs helped our teams to manage seasonal volume spikes without charging additional amount to our clients
  • Established Transition Methodology to execute flawless knowledge transfer and minimum disruption to current business
  • The largest resource pool in India - over 1200 knowledge professionals and consultants in the Insurance domain
  • Seamless transition to enable customers to move from a traditional to managed services model and to combat the challenges of mergers and acquisitions
  • Knowledge management framework coupled with strong competency development capabilities to help customers overcome the challenges of skill shortages
  • Flexible and evolving engagement models
  • Delivering key business outcomes – reduction in total cost of operations - cost to serve, cost to acquire, increasing placement rates, reduction in application to issue time, enhancing agent and customer satisfaction, claims cycle time and cost per claim
  • Established LEAN / Six Sigma, operations culture at client organization through our proprietary framework ProcessGymTM
  • Providing a wide range of best-in-class solutions and effective services that are spread across the digital services value chain such as Data Analytics
  • Strategic alliances with key technology solution providers to offer niche innovative solutions to clients
  • Partner of choice for mid-size and large insurance companies
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