Next-Generation Digital Transformation Technologies for Insurance Companies
Mphasis implements innovative, next-generation technologies to help enterprises transform businesses worldwide.
The company works with brokers, insurers and re-insurers to implement disruptive technologies and upgrade legacy environments using its X2C2™ framework, which is implemented through two approaches.
Its customer-centric Front2Back™ (F2B) Transformation approach uses Cloud and cognitive technologies to provide a hyper-personalised digital experience to clients and their end customers.
Mphasis’ service transformation platform (NextSTeP™) approach allows companies to apply digital technologies across legacy environments within a business, enabling them to stay ahead of industry developments.
In addition, the company’s core reference architectures and tools, as well as its speed and innovation with domain expertise and specialisation are essential to building strong relationships with marquee clients.
Collaborative business models for insurance providers
Traditional insurance has focused primarily on being a financial safety net after an incident and paying a claim. Until now, this has been a successful model and benefitted the wider economy.
However, this approach has led to a product-centric business model, general risk assessment and predominantly, the best price discovery sales exercise. To transform the business model, the company offers two distinct transformation approaches.
Customer-centric transformation approach
Mphasis implements its F2B transformation approach with business-driven key performance indicators (KPIs) to drive growth, enhance customer experience and build new digital capabilities.
The company teaming with its clients to jointly drive measurable top and bottom-line results. As a result, it incorporates modern reference frameworks and agile transformation capabilities for quick, long-lasting results.
In addition, Mphasis’ expertise in analogue-to-digital transformation helps address the necessary power-sharing between business and information technology (IT), as well as design F2B to minimally disrupt existing systems and infrastructure.
Core services transformation approach for cost optimisation
Mphasis uses a service transformation approach powered by its NextSTeP platform to optimise costs, operations and run functions while transforming legacy applications, infrastructure and operations.
Alongside traditional levers such as automation, lean, consolidation, service transformation is driven through new generation technology interventions such as artificial intelligence (AI), machine learning, cognitive automation, virtual agents. In addition, Cloud migration is used to transform legacy, coupled with delivery methodologies such as Agile, DevOps and SRE.
NextSTeP orchestrates the delivery frameworks, methodologies, tools, accelerators, technical reusable assets, best practices and automation to bring benefits on productivity, cycle-time and service quality.
Capabilities and benefits of next-generation transformation approaches
Using the above approaches, Mphasis has implemented the following capabilities for its customer/broker clients:
- AI and machine learning-based intelligent automation across the value chain
- Connected Ecosystem (OpenAPIs and Microservices) to integrate with partners for data access, as well as additional value-added services to customers
- Zero user interface (UI) engagement through digital assistants (chatbots, voice assistants) and omnichannel options
- Cloud native applications to drive the scale of engagement and real-time data processing
- Blockchain-based solutions to transform ineffective activities and the customer engagement model
- Legacy system transformation to reduce operational costs and enhance transaction processing efficiency
Having worked with leading insurance companies, Mphasis has delivered measurable and impactful business benefits. These include an increased number of insurance applications, cost-effective email and text notifications, as well as decreased infrastructure and overhead costs.