Post the global financial crisis, the life insurance industry is under tremendous pressure to reduce cost and increase operational efficiencies. The industry is poised with the challenge of legacy modernization as most core platforms exceed 20 years of age and hence unable to adapt to new products. Attracting the ‘Millenials’ requires not only new products but simple ones with minimum human intervention. Above all, the existence of ‘Big Data’ has forced Life Insurers to revamp their IT systems in order to transform the way data is handled to derive actionable insights.
Tech Mahindra, with over two decades of experience in this domain, offers innovative solutions catering to every aspect of the life insurance value chain. Apart from offerings targeted towards legacy modernization, Tech Mahindra’s solution portfolio covers areas like claims, policy servicing, new business and underwriting, closed book accounting among others. Our next generation Infrastructure Services and Business Intelligence/Analytics Frameworks have made Tech Mahindra a vendor of choice among many global life insurers.