A new beginning for outsourcing closed book insurance policy administration

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1 in collaboration with A new beginning for outsourcing closed book insurance policy administration The drive to compete in an increasingly pressured marketplace and the imminent arrival of new regulations are giving insurers the opportunity to re-evaluate outsourcing options for their policy administration operations. Capgemini offers a business process outsourcing solution that can deliver strategic benefits as well as the efficiency savings and cost certainty associated with outsourcing.

2 Facing up to the challenge In spite of recent technological advances in the insurance industry, the in-house management of closed book operations presents many obstacles to businesses looking for agility in an increasingly competitive environment. These challenges touch most areas of the business making it harder to reduce operational costs, complicating financial reporting, and obstructing new selling opportunities, to name but three. In addition, maintaining the legacy systems often used for closed books flies in the face of current IT best practices. In many cases, individual closed books require independent teams of developers, engineers and customer relationship managers. It is often difficult, if not impossible, to consolidate these fragmented operations and achieve efficiencies of scale. The need to reduce costs and become more agile is all the more urgent at a time when new capital and risk regulatory requirements including Solvency II and Retail Distribution Review (RDR) are bearing down on the insurance industry. So it is hardly surprising that insurance companies are redoubling their efforts to outsource the cost and complexity of their closed book operations to a third-party organization. The question is, how?

3 A new approach to closed book outsourcing Financial Services the way we do it In earlier outsourcing contracts, success was measured simply by cost reduction goals governed by Service Level Agreements (SLAs). But today, offsetting the financial burden is no longer enough. Insurers are looking for ways to extract additional value from their closed book operations by integrating them within an overall client management strategy. As well as cost, success is driven by customer satisfaction, delivery of services and cross-sell/up-sell opportunities. This multifaceted approach to outsourcing requires an equally agile solution. Based on our technology and business process optimization expertise, Capgemini has devised a new approach to closed book outsourcing that addresses the concerns of insurers and offers a rapid roadmap to benefits. Removing complexity, accelerating benefits The Capgemini business process outsourcing solution takes advantage of a lift and drop approach to closed book outsourcing. Unlike solutions from other vendors, this involves a once only migration at the start of the process. There is no need for a second migration phase after the initial legacy transition has stabilized. This means that insurers enjoy a clear, structured roadmap to benefits, supported by clear milestones and cost transparency. This removes the uncertainty and disruption associated with a second migration step that comes with other outsourcing solutions. Oracle: a proven partner, an outstanding solution Capgemini s closed book outsourcing solution transitions legacy systems to Oracle Insurance Policy Administration for Life and Annuity, a flexible rulesbased system that helps insurers become more adaptive enterprises and achieve true business transformation. To underpin this partnership and maximize customer benefits, Capgemini has invested in an Oracle Insurance Policy Administration Center of Excellence to build expertise, foster innovation and support the creation and standardization of processes and methodologies specifically to support policy administration transformation using Oracle Insurance Policy Administration. The Center of Excellence brings together over 75 professionals with hands-on experience implementing Oracle Insurance Policy Administration with our global insurance clients. This next generation policy administration solution has been: Tested and proven in real-world implementations Designed to address requirements for global reach without losing local focus Ranked highly by independent analysts including Gartner and Celent 1 Created using a state-of-the-art approach that supports next generation platforms such as service oriented architecture The Capgemini Solution Disruption Disruption Legacy Transition Stabilization Migration Run 0 Years >5 Years lift and drop Process Transition Stabilization Run One time disruption Knowledge transfer as the people are still available Insurance company still involved and committed to transition which enables the migration The Capgemini solution involves just one transition instead of the two disruption points required when working with other outsourcing companies. Following the transition, Capgemini stabilizes the system before preparing for run. No additional migration is required. 1 Gartner, Inc.: MarketScope for North American Life Insurance Policy Administration Vendors, June 2010; Celent: North American Policy Administration Systems, Life, Health, Annuities ABCD Vendor View, January

4 All of the benefits, no surprises Capgemini s lift and drop approach to closed book outsourcing is founded on precise analysis and realistic projections that enable us to determine clear time to benefit and cost transparency. By exercising thorough due diligence at the outset, Capgemini works with insurers to understand the complexities of their existing operations and identify the right approach that takes into account the business and technical objectives of the insurer. Structured Analysis By putting in the hard work up front using Capgemini s structured analysis process, it becomes possible to measure the risk and cost of outsourcing a closed book operation. Structured Analysis Product Files & Documentation Source System Data Analysis Product Features System Features Reports of Source System Product Codes and Associated Products with Product Features System Files & Documentation Census Analysis Product/Plan Counts File System Features Reports of Source System Product Codes not associated to a Product Reports of all Product Features supported by the Target System Group Source System Product Codes into actual Products Map Product Features for each Source System Product Reports of required Product Features not supported by the Target System (Indicates modifications required) Enter Product Features supported by Target System Create/Enter Target System Product codes PMA Reports of Source System Product Codes related to Target System Product Codes Map Source System Product Codes to Target System Product Codes Reports of Source System Product Codes not mapped to a Target System Plan Code 4

5 Financial Services the way we do it Measuring the opportunity and the risk The structured analysis enables the insurer and Capgemini to position the size of the opportunity against the business value of the portfolio and the net cost/risk of transfer. Most closed book operations are associated with Zone C1 (Block 2). Business Value of Portfolio High Zone A1 Block 4 Zone B1 Block 3 Zone A2 Zone B2 Zone A3 Block 1 Zone B3 Data migration as a standard process If the decision to migrate to the new solution is taken, Capgemini uses its proven data migration model to clean, consolidate and upload data to Oracle Insurance Policy Administration. This process is 99 percent automated. Low Zone C1 Block 6 Block 2 Zone C2 Block 5 Low Net Cost/Risk of Transfer NB: The size of the circle indicates the size the Block Block 7 Zone C3 High Data Migration as a Standard Process Download Data intake Upgrade Merge Convert Upload Check Filter / Cleanse / De-duplicate / Enrich Source Logical Data Object Target... Object View Cleanse Technical Correct Data Correct on File/Record Level Correct Consistency and Grouping Correct set of grouped data Mapping & Tansform based on the LDO Exception Handling Reports Exception Handling Reports Exception Handling Reports Technical Audit Control Process Audit Trail Business Audit Control Process Data Analysis Analysis Reporting 5

6 Implementation and configuration This structured, predictable approach to analysis, migration and deployment ensures that Capgemini outsourcing projects maintain their momentum across their lifespan. Because Capgemini has the tools that make this a measured and seamless process, projects don t run the risk of running into delays that postpone or even prevent the delivery of long-term benefits. In addition, it ensures that both data and functionality migrate smoothly to the Oracle platform. As part of this step, Capgemini takes advantage of the highly configurable functionality associated with Oracle s technology to implement insurance products. A global solution Working with Capgemini offers the opportunity to take advantage of our global delivery model called Rightshore. This means that insurers who opt for our outsourcing solutions can realise the full benefits of Capgemini business process optimization experts at multiple locations worldwide. Again, part of the solution involves working with the insurer to determine the optimum location for outsourced operations based on specific skill sets, languages and more. From a customer service point of view, once the closed book operation has been migrated, Capgemini can offer services in any languages that are required. Managing employees Identifying the right approach to staffing is a key component of an outsourcing strategy, and with more than 40 years of outsourcing and business process optimization experience, Capgemini is well equipped to carefully manage this issue. The insurer s staff have a vast amount of knowledge and experience which needs to be retained. Accordingly, the right balance needs to be struck between staff transfer and transition to new arrangements. Capgemini has a network of world class Delivery Centers that offer effective and efficient operations. This capability must be effectively balanced with an appropriate strategy for the client s existing personnel. 6

7 Conclusion and call to action Nobody is pretending that successful outsourcing of closed book operations is easy. That s why selecting the right carrier with the best blend of technology skills, consultancy skills and operational capability is paramount. Capgemini has invested in proprietary methodologies, models and tools to help insurers make the right business calculations to drive IT investments for the future. Capgemini s commitment to helping insurers with policy administration transformation includes more than 15 years of experience with life insurance policy migrations using our proprietary methodology and toolset. Using proven methods, Capgemini has achieved a consistent conversion success rate of over 99 percent predictability and accuracy of the migration with portfolios ranging from one hundred to over 500,000 policies. Capgemini is also one of the leading service providers in IT outsourcing, with clients in the life insurance domain. Over 36 percent of Capgemini s 2010 revenue came from outsourcing, primarily application and infrastructure management. We have more than 400 insurance clients across the globe and our financial services business in 2010 was 1.6 billion. To find out more about Capgemini s business process outsourcing solution for insurance policy administration, contact us at 7

8 About Oracle Oracle Corporation (NASDAQ: ORCL) is the world s largest enterprise software company, providing database, middleware, and collaboration products; enterprise business applications; application development tools; and professional services that help customers collaborate, grow, measure outcomes, and report results with confidence. For more than 30 years, Oracle has led the industry through continuous innovation and a relentless focus on customer success. Oracle believes that insurers should be able to leverage technology to help transform their business. Oracle Insurance provides adaptive, rules-driven systems that let insurance companies easily change business processes as their business needs change. These systems position insurers to become more adaptive themselves, ready to respond to dynamic market conditions and take advantage of new opportunities as they arise. Engineered to work together, Oracle s solutions support the entire insurance lifecycle from product development, to marketing and sales, to customer service and support, to management and compliance. For more information on Oracle Insurance, please visit oracle.com/insurance, contact us by at About Capgemini and the Collaborative Business Experience Capgemini, one of the Present in 40 countries, Capgemini reported world s About foremost Capgemini providers 2010 and global the revenues of EUR 8.7 billion and of consulting, technology Collaborative and outsourcing Business employs Experience around 110,000 people worldwide. services, enables its clients to transform Capgemini s Global Financial Services and perform through technologies. Capgemini, one of the Present Business in Unit 40 countries, brings deep Capgemini industry reported Capgemini provides world s its foremost clients with providers 2010 experience, global innovative revenues of service EUR 8.7 offerings billion and of insights consulting, and capabilities technology that and boost outsourcing their employs next generation around global 110,000 delivery people to worldwide. serve the services, freedom enables to achieve its clients superior to results transform financial services industry. Capgemini s Global Financial Services and through perform a unique through way technologies. of working, the Business With a network Unit brings of 17,000 deep industry professionals Collaborative Business Experience Capgemini provides its clients with. experience, serving over innovative 900 clients service worldwide, offerings and insights The Group and relies capabilities on its global that boost delivery their next Capgemini generation collaborates global delivery with leading to serve banks, the freedom model called to achieve Rightshore superior, which results aims to financial insurers and services capital industry. market companies to through get the right a unique balance way of of the working, best talent the deliver business and IT solutions and thought With a network of 17,000 professionals Collaborative from multiple Business locations, Experience working as. one leadership which create tangible value. serving over 900 clients worldwide, team to create and deliver the optimum The Group relies on its global delivery Capgemini For more information collaborates please with leading visit banks, solution for clients. model called Rightshore, which aims to insurers and capital market companies to get the right balance of the best talent deliver business and IT solutions and thought from multiple locations, working as one leadership which create tangible value. Copyright team to create 2011 and Capgemini. deliver the All optimum rights reserved. For more information please visit solution for clients. Copyright 2011 Capgemini. All rights reserved. Oracle and Oracle Insurance Policy Administration are registered trademarks of Oracle. Rightshore is a trademark belonging to Capgemini

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