Insurance
Optimize your operational and IT investments
How do you reduce your cost of ownership while strengthening governance and
achieving greater IT flexibility? By getting more value from your existing IT and
operational investments.
With premium profits slowing and scrutiny from regulators growing, insurers are
striving to reduce discretionary spending and total cost of ownership while meeting
rigorous compliance, auditing, and risk management standards. Meanwhile, they must
ensure business processes and systems support the organization in attracting and
retaining a profitable agent network and enabling cross-selling activities across
product channels.
Today, five of the top 10 leading insurance carriers and brokers choose Keane as
their IT services and business processing partner. Solutions we’ve delivered include:
- A P&C insurer reduced its policy issuance process from 14 days to 1 — making most steps 100% paperless. As a result of Keane’s help Web-enabling the company’s policy administration process, policy holders now receive policies faster, pay reduced rates, and can pay online. The success of this project won the P&C insurer the Computerworld Honors Program Laureate Award in 2006.
- Application Portfolio Management and Outsourcing. A top P&C insurance
group saved $40 million in IT costs after undergoing an APM assessment and then
outsourcing its applications portfolio to Keane. In addition, the insurer was able
to reduce labor costs by almost 50% while improving performance and creating a more
business-focused IT organization.
- Application Outsourcing. A life and annuities insurance firm boosted
service levels to 99% for levels 1, 2, and 3 production support after outsourcing
its life insurance applications to Keane.
- Claims Processing. Keane is designing, developing, and managing
an innovative insurance industry solution that will vastly compress the claims processing
cycle, reduce agent attrition, and improve overall customer satisfaction. The solution
is based on a highly configurable, meta-data driven service oriented architecture.
Tailored solutions, optimized results
Keane has worked inside insurance and financial services firms for more than 40
years. We understand the nuances and subtleties about your business, processes, and
systems that can only come from working hands on with people, processes, and systems
like yours. With this insight, we’ve designed solutions that meet the insurance industry’s most pressing needs:
- Application Portfolio Assessment
A business-based, metric-driven approach to application rationalization that identifies
and delivers real savings and performance improvement opportunities. Keane’s approach
classifies applications in five areas: retain, invest in, replace, retire, or offshore.
We then take swift action on outsourcing and infrastructure consolidation opportunities
so you can quickly free up vital capital while planning longer-term improvements.
Typical cost savings are 10 - 15% from retiring redundant applications; 20-40% from
server consolidation; and 30-50% savings in operation support.
- Post M&A IT Integration
A post-M&A integration methodology that minimizes negative customer impact while
ensuring business continuity, system scalability, and alignment with long-term revenue-generation
and operational goals.
- Claims Processing
A BPO solution that reduces operating costs, improves process efficiencies, expands
capacity, and mitigates risk. Functional areas include data capture, claim intake/notice
of loss, claim adjudication, and quality audits for all claim types, including healthcare,
dental, disability, and property and casualty claims.
- Enterprise Cost Optimization
Keane’s Enterprise Cost Optimization helps financial services institutions lower
IT cost of ownership, reduce operational risk, and enhance management capacity offshore.
The offering starts with a rapid assessment of your application portfolio and business
processes, and executes on practical and actionable recommendations for optimizing
your IT investments through application portfolio rationalization, application and
business process outsourcing, and legacy modernization.
In addition, Keane offers
Application Services,
Business Process Outsourcing, and
Infrastructure Services tailored for the insurance industry.