Cognizant Solutions Overview Solution Overview LifeEngage : The Life Insurance Platform for the Digital-Age Insurer 1 LifeEngage Solution Overview
Cognizant Solutions Overview Digital forces are disrupting the life insurance market, creating new customer expectations for convenience, information, and interactions with agents. Insurers that can marry a high-touch approach with cutting-edge technology stand to win. These changes bring lots of questions: How do I increase revenue and stay ahead of the competition? How do I build stronger customer relationships and enrich customer experience while selling? How do I ensure right products are sold to the customer and ensure regulatory compliance? How do I reduce administrative overheads in the selling process while remaining effective? How do I increase the effectiveness of my sales force and help them sell better and faster? Cognizant s LifeEngage solution answers these questions with a blend of rich functional and technical features, helping you address the distribution needs of today and tomorrow on a single unified platform. Even more, it s built for both online and mobile channels, tailoring it for the experience that today s consumers expect. LifeEngage is a unified life insurance point-of-sale, point-of-service and underwriting platform for partners, producers and customers for agency, bancassurance, direct and alternate distribution models. It helps engage with customers with an efficient, modern and seamless sales and service experience. 2 LifeEngage Solution Overview
LIFEENGAGE PRODUCT FEATURES Designed with a mobile-first approach, all functionalities are mobile ready while being available on desktops as well, providing your agents and customers a consistent experience both online and offline. LifeEngage also comes in with built in social media integration and collaboration features. The platform readily leverages analytics to facilitate consultative selling and need based product recommendations, as seen in Figure 1. Its state of the art new business capabilities will help your business users configure the end to end new business components starting from product definition, rates, calculations, rules and application templates with minimal or no IT intervention, drastically reducing time to market for new products. Multi-channel and multi-platform Industry aligned business and data model High Configurability Offline-Online Sync Exhaustive Functional Coverage System Integration Options Social Media Integration Usage Tracking and Integrated Customer Analytics Gamifying Adoption Over The Air Updates Accelerated Product Setup Integrated Rule and Calculation engines Collaboration Enabled Business Themes Multi-Channel Support Office in a Box For partners & producers Once & Done In Sales Process Functional Components Product Configuration Financial Need Analysis Sales Illustration Sales Fulfillment Underwriting Integration Agent Service Customer Service Configuration UIs for Core product attributes Rates and Charges Rules Forms & pdf templates Life Stage analysis Risk profiling Need based calculation Graphs & Charts Product Recomm. & selection Quick quote Benefit illustration Inforce Illustration Quote Comparison Illustration PDF generation Smart data capture Reflexive questions Document upload E-signature Online payment STP Case Management UW Workbench Referrals Automated rating Loading & Exclusions Performance & Compensation Alerts My Business Rewards & Recognition Knowledge center Statements Policy Enquiry Proposal Enquiry Transaction triggers Premium Calendar Alerts Key Features BYOD Support Multi Device Multi Platform Online Offline Sync Rule Driven Workflow enabled Figure 1: LifeEngage Key Functions & Features at a Glance LifeEngage is built on industry standard domain models and state of the art technical components to provide you a flexible, scalable and robust solution. LifeEngage Solution Overview 3
Cognizant Solutions Overview LifeEngage provides you flexibility to go for either standalone installation of individual business applications or end to end implementation, both on mobile or on web as seen in Figure 2.. While the former can be easily integrated with your existing IT landscape, the latter unleashes the full benefits of the product. LifeEngage provides multiple benefits that have a direct positive influence on your top-line and bottomline. Based on past engagements we see that LifeEngage has significant positive influence in tracking business Key Performance Indicators. Figure 2: LifeEngage Platform - Mobile and Web User Interface Screens 4 LifeEngage Solution Overview
WHY LIFEENGAGE FOR THE DIGITAL AGE INSURER? THE BENEFITS Policy sales cycle time reduced by Upto 15 days Upto Zero NIGO rates Upto 30% Improvement in cross-sell/up-sell Upto 20% reduction in free-look cancellations LifeEngage Features Figure 3: LifeEngage Features Influencing Key Business Levers to Provide Substantial Benefits In short, LifeEngage is built for business it improves sales, gets your products to market faster, increases agent effectiveness, reduces customer acquisition costs, and delivers on the experience and interaction customers expect. LifeEngage Solution Overview 5
LET S TALK LifeEngage provides you flexibility to go for either standalone installation of individual business. To experience Cognizant s LifeEngage in detail please contact us at LifeEngageBDSupport@cognizant.com. About Cognizant Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world s leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 217,700 employees as of March 31, 2015, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant. World Headquarters 500 Frank W. Burr Blvd. Teaneck, NJ 07666 USA Phone: +1 201 801 0233 Fax: +1 201 801 0243 Toll Free: +1 888 937 3277 European Headquarters 1 Kingdom Street Paddington Central London W2 6BD England Phone: +44 (0) 20 7297 7600 Fax: +44 (0) 20 7121 0102 India Operations Headquarters #5/535 Old Mahabalipuram Road Okkiyam Pettai, Thoraipakkam Chennai, 600 096 India Phone: +91 (0) 44 4209 6000 Fax: +91 (0) 44 4209 6060 Copyright 2015, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners. 18851/rotl/6-15