Streamline Back-Office Insurance Functions
Your insurance operations are complex. Multiple systems make administration costly. Multistep processes slow down underwriting and delay products' speed to market. Managing the complexity leaves you no time to focus on growth and profitability.
Be more productive with HP Life & Annuity Services. HP provides end-to-end administrative and support services for processing life and annuity policies, including:
- Data entry for new business, such as information from insurance applicants including type of product, age, sex and medical history
- Policy administration
- Generating and sending bills
- Receiving and applying premium payments
- Preparing policy documents
- Processing and paying financial transactions and claims
- Non-financial transactions, such as name and address changes
We help you shift your business focus from managing complicated transactions to pursuing new opportunities, new markets and increasing sales. You can lower your administrative and capital expenditures, all while increasing the efficiency of your existing information technology (IT) environment.
Lower Insurance Operational Costs
With our IT outsourcing (ITO), business process outsourcing (BPO) and software applications, HP helps insurers address the “operational squeeze” of administering multiple books of business. By implementing HP Life & Annuity Services, insurers can:
- Convert fixed expenses to variable expenses
- Optimize existing applications through maintenance and rationalization or migration to a new system
- Speed up processing with new methods for product and service delivery
- Increase customer service by leveraging support centers for policyholder servicing and work force management
- Improve access to customer information through document imaging and scanning
Plus, the HP agile infrastructure adds extra value to your policy administration services by leveraging capabilities (such as HR, mailroom, output and procurement) across multiple clients for economies of scale, flexibility and responsiveness.
Life & Annuity Solutions Tailored To Your Needs
HP assesses the unique needs of your enterprise and then determines the technology solution that best meets your strategic business objectives:
- Updates legacy systems through a program of preservation and renewal
- Consolidates multiple systems
- Outsources policy administration to a more flexible and cost-effective environment
- Provides straight-through and automated underwriting to streamline processing
HP's global team works with you to get it right. We'll find a custom solution that equips you to respond to market changes quickly and to secure new opportunities ahead of the competition.
HP Offers Insurance Industry Expertise
For more than three decades, HP's solutions have helped companies reduce their total cost of administration, accelerate time-to-market for new products and streamline their infrastructures:
- More than 35 years of insurance industry experience
- Administered more than 5 million policies for life and annuity services
- Team of 15,000 industry experts with an average of more than 15 years of experience in insurance
- Installed more than 90 policy administration systems (HP SOLCORP) across more than 60 global customer organizations
Our solid history of performance makes us a global leader in BPO, ITO and administration systems for the insurance and wealth management industries. We're ready to put that experience to work on your behalf.
For more information about what HP Enterprise Services can do for you, submit a business inquiry.