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Life policy administration transformation from IBM
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| Update legacy systems
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Is your insurance company expanding product and service lines? Optimizing distribution channels? Refocusing on your core business processes? Reducing costs while improving productivity and profitability? Seeking competitive advantage by increasing speed to market and business process flexibility? Our life policy administration solution helps define and plan initiatives to enable improvements across your company based on your own unique strategy.
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| Why IBM?
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IBM has developed business partner relationships with providers of best-of-breed policy administration solutions and supporting applications. -
AdminServer
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Adobe
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Alfinanz
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Computer Sciences Corporation (CSC)
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Document Sciences
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Fineos
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FIS Software
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IDIT Technologies
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Informatica
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LIDP Consulting Services Inc.
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MapInfo (Pitney Bowes)
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SunGard Insurance Systems
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TIA Systems Ltd.
Their solutions, coupled with IBM middleware, infrastructure and services, are designed to deliver the cost-competitive, scalable and security-rich infrastructure you need. IBM provides:- More than 40 years experience in the insurance industry with hundreds of successful completed transformation services engagements worldwide.
- Skilled insurance-literate services providers, many from companies just like yours.
- Flexible financing.
- Broad set of capabilities that span the full lifecycle of transformation from diagnostics, to plan, select, develop, test, convert, implement and finance.
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| Cross enterprise results
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Whether your insurance company needs to update or rebuild legacy in-house applications or establish a platform for revamping and adding vendor software, IBM can help you develop the right strategy for your company. Our specialists can help identify the right set of IBM or IBM Business Partner applications to meet your specific business requirements and IT budget.
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The benefits of updating legacy and aging back-office systems include a marked improvement in operational efficiency. These improvements span your organization to enhance the management and maintenance of policies, including:
- Billing.
- Simple and complex changes.
- Regulatory compliance requirements.
- Policy holder communications.
- Internal processing of policy provisions—such as cash value accumulation, loan availability and payback and unit linked fund activity.
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Our solution provides the assessment and provision of tools to support advance business models and, if necessary, assistance in planning for transformation to required capabilities. Advanced business models and systems help enable your carrier to:
- Streamline operations and eliminate manual policy handling, where possible.
- Develop automated processes which can reduce the cost of operations and increase employee productivity.
- Enhance your carrier's overall value proposition to the market and competitive positioning by implementing systems that provide more accurate quality service.
- Enhance customer relationships and increase customer loyalty by enabling automated process handling and information access across channels.
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| IBM helps Korean life insurer transform itself
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IBM helped Kyobo Life Insurance, headquartered in Seoul, Korea, transform its core insurance systems. IBM provided a customer-centric core insurance system uniting all customer channels, allowing enhanced service, reduced costs and an improved competitive position. Since implementing the IBM solution, Kyobo has realized the following business benefits.- Ability to create customized products using rules-based product system, resulting in 83% reduction in time to market for new products.
- Respond to customer demands with offerings such as Family Account, for which Kyobo Life has been given exclusive rights in the Korean market.
- Save US$20 million from faster and more convenient processes.
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| Improve your bottom line
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IBM life policy administration transformation solutions can help your team design a tailored policy administration modernization and transformation strategy. This solution is designed to help companies streamline operations and save money. We can help you:- Standardize processes to eliminate redundant activities and lower operational expenses.
- Automate policy administration processes to reduce paperwork and administrative costs.
- Speed policy processing and increase employee productivity and revenue.
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Questions about this solution? Contact an IBM Financial Services specialist.
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