Leading through industry transformation
iSoftStone insurance consulting services provide senior-level industry expertise to life & annuity and retirement product carriers in order to provide improvements in performance and competitive advantages. We apply our deep domain expertise and capabilities to ensure that our clients can accurately plan and execute on enterprise initiatives to transform their company.
To keep pace with constant change in the industry and marketplace, insurers must adapt and provide the right set of product and services. We partner with our clients to respond to recent trends which include:
- Development, implementation, and support of retirement income products to maintain and capture retiree’s retirement savings.
- Rationalizing platforms and accessing long-term viability of current technologies.
- Assessment and implementation of the right level of BPO and TPA services vis-à-vis performing these functions internally.
- Creation of Master Plan administration strategies to address the increasingly disparate retirement income fund sources.
- Development and expansion of new distribution channels to increase premium volumes.
Here are a few of our recent projects.
Major enterprise annuity solution
iSoftStone led the creation, execution, and management of the overall test strategy for the implementation of a front-to-back annuity administration platform, including real-time integrations with DTCC and B/D systems as well as traditional batch integrations with financial systems, actuarial, and operational reporting. This implementation was the first step of a consolidation effort which will substantially reduce the client’s annual run rate.
iSoftStone helped the client define the business requirements and manage the implementation of a new sales illustration and suitability toolset. The purpose of the toolset was to increase the overall rate of STP which decreased the issuance timeframe as well as the percentage of not-takens. Providing ease of use for the client’s sales community, this program helped them open new channels.
Performance analysis for a BPO arrangement
The iSoftStone team help the client analyze their existing technology integrations with their BPO partner in order to validate their SLA arrangements and to help them test the scalability of the solution. After the project, the client was able to identify “hot-spot” concerns with the existing integration model and proactively resolve them prior to occurrence in production.
New indexed product launch
iSoftStone provided product industry expertise to the client to help them with the current trends in product offerings and helped them in the process of developing a new indexed product offering. This effort included determining the impact on existing platforms and the timeframe to launch.
Automated testing to reduce development cycles
The iSoftStone team provided technical leadership for our client in the implementation of IBM tools to increase their development capabilities to a continuous build methodology. After a seven-month window, the client was able to exponentially increase their development bandwidth and output.