www.hcltech.com
HCL helps optimize cost, effort and IT
support through value creation and
improved operational efficiencies
FINANCIAL SERVICEs
Modern Application
Development
CLIENT: A multinational financial services company, headquartered in Germany; One of
the largest insurance companies in the world.
Business Challenge
• Support consolidation of operations (IT & Business) for higher efficiency and for
improved customer service
• Improve market share and achieve top line growth through
–– Speedy launch of new products/Product enhancements
–– Enhance shelf space with major distribution channels
• Reduce “Run Cost”
• Support strategic initiatives enabling digitalization while build capabilities for future
• Improve Business Intelligence and Reporting capabilities so as to support marketing
teams
The HCL Solution
HCL is serving as the client’s strategic partner for the last seven years,delivering AD/ASM
and transformation services.
–– Service Portfolio – AD/AE, ASM and Transformation Initiatives
–– Pricing Models – Fixed Bid, Staff Augmentation Model
–– Engagement Models – 95% Managed Services
–– Delivery Locations –Multiple, geographically-spread locations in different countries
– USA, UK, APAC
Through this engagement, HCL:
• Consolidated the client’s IT operations through successful
transition of AD/ASM services on legacy platforms
comprising of 32+ applications in a short period of time
• Utilized our proprietary ASSeT™ Methodology to
completed this role-based, domain-centric transition with
CASE STUDY
Successful history of multiple
transitions
Complete and end-to-end
ownership with minimal client
involvement
suitable governance and escalation framework to ensure smooth and risk-free transition
• Achieved pre-defined transition goals and measurement of
effectiveness of knowledge transition through a framework
called Product Knowledge Index that was duly agreed with
customer
• Consolidated operations from two locations to one location
and provided opportunity for process rationalization
• Built flexibility into the existing Legacy Policy Administration
system in arcane technologies to improve speed and cost
to market through a data-driven approach for product and
rider features and through externalization of calculations
Built flexibility through
re-engineering of legacy
applications
Improved speed to market and
reduced cost of launch of new
products
Top line growth through STP
implementation for Distribution
partners
• Worked closely with the client and their distribution channel partners in enabling “Straight
Through Processing” through DTCC services implementation
Significant reduction in Run cost
across various lines of business—helped the client secure
through innovative ideas and
through ALT ASM
shelf space with more than 25 distribution partners, thereby
contributing to top line growth while improving business
speed and helping the client win“Celent Model Insurer
award” in the Distribution Excellence category
Beyond IT: Business consulting
teams working closely with the
client’s business teams
The client only had a rudimentary data warehouse and basic
business intelligence capabilities, thereby constraining them in
enhancing their reporting capabilities to support marketing and
compliance initiatives. HCL worked closely with the CFO team and data team to bridge
this gap in capabilities. The Data Warehouse was modeled on IBM IIW data model and
has 21 facts and 15 dimensions involving data from 5 policy
Enhanced Reporting and Control
admin systems and 4 other marketing systems. This helped
capabilities
Enabled Single Customer View
client improve reporting capabilities and financial controls for
marketing initiatives, and enabled them to set up the foundation
for implementation of single view of the customer (SVOC).
Unmatched Value Delivered
• Demonstrated effective and risk free transition capabilities
• Reduced cost of launch of new products to the extent of 40% to 50% - Reduced time
• to market to the extent of 35% to 40%
• Enabled USD 1 Million in savings for the client through
value creation
• Achieved ASM cost savings to the tune of USD 1Mn per
year through unified resourcing models and modernization
of legacy technologies
Reduced TCO, Lower time and cost
for new Product development
Set up Center of Excellence to
build capabilities and to eliminate
dependency on Product vendors
• Reduced ASM efforts by 20% over the last two years through cycle time reduction
• and proactive elimination of incidents
• Reduced testing costs by 15% through test automation
• Set up Center of Excellence for policy administration system thereby eliminating
dependency on high cost product vendor
• Received recognition as SME by client not only in technology and applications but also
in client products and business processes
CASE STUDY
• Enabled the delivery of complex solutions in multi-vendor model through strong
program management
• Received highest customer satisfaction scores – 4.66/5; trusted partner for last 7 years
with proven Scalability, consistent Quality & timely delivery with end to end ownership
The HCL Difference
HCL enabled significant cost savings through various innovative approaches like Integrated
ASM teams across application clusters, modernization of legacy technologies, reduction
of cycle times for Batch processes, and implementation of ALT ASM principles thereby
providing significant savings in ASM efforts and also tangible cost savings to the tune of
USD 1Mn per year for the client. This also improved the speed of services to business
users and improved system availability.
HCL has been considered a critical player by the client for its strategic direction. By
partnering with the client to perform a detailed consultancy study for assessment of Policy
Conversion options from legacy to COTS based system, HCL enabled the client to make
key decisions regarding closed blocks of business. We have also led the formulation of
interactive strategy for the client in their working with marketing teams, distributors and IT
teams, which enabled the client to come up with a road map for implementation
We have partnered with the client in the implementation of COTS-based Policy
Administration system. HCL has worked in collaboration with 4 other vendors along with
the client in delivering this multi-year, complex program comprising of 4 projects, 14 work
streams and 100+ resources. We enabled the client with a platform based on modern
technologies, increasing reliability, lowering total cost of ownership,enhancing flexibility
and configurability, and reducing time and cost of product development. HCL also set
up a Center of Excellence in collaboration with the client on COTS system so as to build
capabilities for the future and also to reduce dependency on the Product Vendor.
CASE STUDY
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