June 2018

Accelerate growth with a cloud-based life and annuities platform.

LifeAdmin Core Overview

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Reducing overhead frees capital for business investments.As a carrier, growth is critical to survival. You need to enter new markets, launch new products and have cash available to invest in your business. Supporting constantly-changing business requirements, while reducing operational costs and managing existing IT platforms to enable new product and operational capabilities, can pose a significant challenge.

Legacy systems can hinder business growth and increase risks. Greater regulatory burdens often divert resources away from growth initiatives, and new competitors set a high bar for experiences that attract and retain customers. How do you offer innovative products, market them quickly, and provide a superior customer experience while managing your core business and maintaining costs?

Being future ready drives growth.

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SUPPORT GROWTH NOT LEGACY SYSTEMS

If you’re like many life and annuity insurers, you struggle to manage a growing portfolio of legacy core applications, segmented by business line and tied together by a complex network of system interfaces running on multiple platforms.

Outdated systems contribute to high infrastructure, operations, support and maintenance costs. Instead of investing in growth opportunities, you’re forced to spend money on system maintenance, and moving to a more efficient, integrated system can require a large, up-front investment.

The Cognizant LifeAdmin Core™ platform allows you to focus on your business, accelerate growth and reduce operational costs without a big capital investment.

Our business process as a service (BPaaS) solution leverages a best-in-class platform and business process services in a Cognizant cloud-based infrastructure to help you achieve your strategic business objectives.

Cognizant LifeAdmin Core supports business growth by reducing total cost of ownership and creating standardized, efficient and optimized processes.

Transferring end-to-end business processing services to LifeAdmin Core frees up time for internal resources to focus on growth initiatives. Predictive analytics enable you to improve churn prediction, customer/agent segmentation and profitability. In addition, LifeAdmin Core’s superior analytics and customer communication tools enable your agents to cross-sell and up-sell more efficiently and effectively.

SYSTEM OF INTELLIGENCE

SYSTEM OF ENGAGEMENT

SYSTEM OF RECORD

ANALYTICS DIGITAL INTAKE COGNITIVE BOTS CUSTOMER 360 ENABLEMENT

PRODUCER MANAGEMENT

NEW BUSINESS & U/W

CLAIMS WORKFLOW FORMS MANAGEMENT

ORACLE INSURANCE POLICY ADMINISTRATION – OUT OF THE BOX

SERVICES

PRODUCTS

CALL CENTER POLICY SERVICES CLAIMS TECHNOLOGY/ITO

INDIVIDUAL LIFE INDIVIDUAL ANNUITIES

ACCELERATORS

CONVERSION FACTORY

INDUSTRIALIZED BUSINESS PROCESSES

PRE-BUILT CYCLE PROCESSES

PRODUCT TEMPLATES

PRE-BUILT INTERFACES

CARRIER SPECIFIC EXTENSIONS

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LIFEADMIN CORE LETS YOU PAY-AS-YOU-GO

As a BPaaS solution, LifeAdmin Core offers variable pricing based on the number of policies administered. Cognizant manages the hardware and software, and you pay only for what you use, which can significantly benefit your cash flow and operating budget.

Cognizant LifeAdmin Core is available under multiple commercial options, allowing your business to convert fixed costs into variable expenses, including payment on a per-policy basis, with service-level agreements based on outcomes. By leveraging an end-to-end business process solution, you can adopt a predictive pricing model without compromising quality.

REDUCE OVERHEAD AND SIMPLIFY OPERATIONS

We manage the full range of business processes, including new business underwriting, policy administration, claims and billing for simple and complex financial products. This reduces costs and optimizes processes, aligning your business and operating models.

LifeAdmin Core provides the foundation to increase operational efficiency through automated work flows, increased customer self- service and implementation of digital assets. Our system is flexible, making maintenance, upgrades and integration simple.

Cognizant LifeAdmin Core lets you provide real-time policy servicing for customers and sales channels throughout the policy lifecycle, increasing retention and loyalty. It also helps reduce risk and improve compliance while optimizing performance.

Best of all, Cognizant keeps the software, technology, and business processes up-to-date, so you don’t have to—including those for regulatory and compliance.

ACCELERATE TIME TO MARKET

LifeAdmin Core’s pre-built product templates reduce time to market as much as 3X over traditional platforms, allowing you to develop and launch new products and riders, a critical requirement for future competitiveness.

In addition, integrated data intake and analytics capabilities enable you to accelerate your efforts to launch a successful direct-to-consumer distribution channel.

RICH CUSTOMER DATA HELPS BOOST EXPERIENCE

Because Cognizant LifeAdmin Core provides advanced integration capabilities, it helps enable a 360-degree view of customers.

LifeAdmin Core turns data into an asset. You can track service delivery across all interactions, understand the lifetime value of key business segments, review the product and related pricing of those segments, and access other key distribution, underwriting, and claims analytics.

You also have access to Cognizant’s rich offering of social, mobile, analytics and cloud tools to help modernize your customer engagement and customer experience capabilities.

THE COGNIZANT DIFFERENCE

Making the transition to a BPaaS solution is a serious undertaking, but Cognizant has the scale and capabilities needed to deliver consistently and cost-effectively. Our LifeAdmin Core policy conversion framework reduces costs and minimizes conversion risks by leveraging out-of-the-box products.

Cognizant is a recognized market leader in BPaaS conversions, with more than three million policies converted over the past seven years. We offer a faster, cheaper and better alternative—typically completing the first system conversion in less than 12 months and subsequent conversions in eight to nine months.

COGNIZANT LIFEADMIN CORE IN ACTION

Client challenge

A leading U.S. provider of life, annuity, retirement and wealth protection faced major risks with its aging legacy IT systems. The company serviced 1.3 million policies and wanted to reduce operating costs while minimizing conversion and compliance risks.

Our solution

We helped the company migrate from its legacy systems to a LifeAdmin Core BPaaS platform, consolidating policies from two of 13 legacy systems—comprising 70% of overall transaction volumes—more than 70 peripherals and 120 interfaces.

Business outcome

The customer expects to save up to 46% in price per policy over 10 years.

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BUSINESS ADVANTAGES IN BRIEF

Regain the freedom to focus on running your business.Cognizant LifeAdmin Core allows your company to concentrate on business growth by:

• Freeing up capital and management time to focus on new markets and growth

• Speeding up the time to market for new products or features by up to 3X compared to traditional policy administration systems

• Simplifying and harmonizing business operations

• Reducing the total cost of ownership by up to 50%

• Improving and simplifying the customer experience

World Headquarters

500 Frank W. Burr Blvd.Teaneck, NJ 07666 USAPhone: +1 201 801 0233Fax: +1 201 801 0243Toll Free: +1 888 937 3277

European Headquarters

1 Kingdom Street Paddington Central London W2 6BD EnglandPhone: +44 (0) 20 7297 7600 Fax: +44 (0) 20 7121 0102

India Operations Headquarters

#5/535 Old Mahabalipuram RoadOkkiyam Pettai, ThoraipakkamChennai, 600 096 IndiaPhone: +91 (0) 44 4209 6000Fax: +91 (0) 44 4209 6060

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ABOUT ORACLE INSURANCE

Oracle provides modern, innovative technology that enables insurers to drive their digital transformation strategy forward. With Ora-cle’s flexible, rules-based solutions, insurers can simplify IT by consolidating individual and group business on a single platform, quickly deploy differentiated products, and empower their ecosystem to improve engagement with customers and partners. Learn more at oracle.com/insurance.

ABOUT COGNIZANT INSURANCE

Cognizant’s Insurance practice is one of the largest industry verticals that partners with insurers to evolve their business and technology landscape and enable end-to-end digital transformation. Thirty-three of the top 50 U.S. insurers and seven of the top 10 global insurers rely on us to help manage their technology portfolio across multiple business entities and geographies. We serve the entire range of lines of business within life, annuities, and property and casualty insurance.

Our consulting-led approach, deep domain expertise and partner ecosystem enable clients to address the dual mandate of “optimizing the business” while “driving digital at scale.” From large-scale core system transformation to adoption of cutting-edge technologies like artificial intelligence, analytics, blockchain, automation and machine learning, we partner with insurers to envision and build the digital insurer of the future.

Our partnership includes helping insurers build their own technology platform with the capabilities they need or providing one for them, incorporating digital capabilities to achieve immediate results. Learn more about Cognizant’s Insurance practice at http://www.cognizant.com/insurance.

ABOUT COGNIZANT DIGITAL OPERATIONS

Cognizant Digital Operations helps clients re-engineer, digitize, manage and operate their most essential business processes, lowering oper-ating costs, improving user experiences, and delivering better outcomes and topline growth. Across the practice, we are creating automated, data-driven platforms and industry utilities. We help clients run better by applying traditional optimization levers, and we help them run differently by creating competitive advantage through making their processes digital-ready, which often leads to more effective operating models and corresponding topline revenue growth. Visit us at cognizant.com/cognizant-digital-operations.

ABOUT COGNIZANT

Cognizant (Nasdaq-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innova-tive and efficient businesses. Headquartered in the U.S., Cognizant is ranked 195 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.

LETS GET STARTED

Why waste resources on your legacy systems when we can provide superior platform-based services that will promote business growth for a lower total cost of ownership? Learn more about the Cognizant LifeAdmin Core by contacting us now at LifeAdminCore@Cognizant.com or visiting www.cognizant.com/lifeadmincore.