Our client, a subsidiary of a leading insurance company, develops market savings products that are needed to build core insurance functionality that meet the needs of their organization’s policies with respect to policy and claims management. They needed a platform to drive standardization and best practices globally.
Virtusa, with Pega, architected and designed a unique platform to meet all regulatory compliance, region-specific security, and data privacy requirements that are unique to each country. The result was a product that reduces claims handling time while also providing an improved run-time efficiency
- Need for building a package of ‘Core’ insurance functionality that can be tailored to meet the requirements of an internal or external organization for a policy and claims management system
- Lack of a combination of core functionality with a set of operational processes that allow the requirements to be developed, deployed,and managed as quickly and cost-effectively as possible
- Need for a policy and claims management platform that was compliant to the common operating model to globally drive standardization and best practices
- A multi-entity, multi-language, secure system – PEMSA Standard, is developed leveraging industry leading PEGA PRPC 6.1 along with PEGA Frameworks (IIF, CPMi, PCF)
- Architected and designed to meet all regulatory, compliance, region-specific security and data privacy requirements unique to each country
- Workflow and process orientated delivery of middle and back office operations of the insurance business value chain
- Multi-channel / distribution platform with centralized development, deployment & hosting capabilities
Replacement of heterogeneous systems with single system to reduce TCO to improve maintainability and extensibility.
- Ability to launch new products/market campaigns
- A robust platform allowing accordance with regulations in each serviced country
- Reduced claims handling time by 20%+ and improved run time efficiency
- High speed to market
- Reduced operational risk by using corporate standards, assets and governance