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Life and Annuity Issuers Still Need Modernization Help: Genpact

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What You Need to Know

  • A unified orchestration layer can help combine old, in-office systems with new, cloud-based systems.
  • This kind of tech upgrade could lead to more sales of blocks of life insurance and annuity business.

Genpact is trying to increase sales of information technology modernization services to U.S. life and annuity issuers.

The company recently published a whitepaper on a strategy for combining old, in-office systems with new, cloud-based systems: plugging all of the systems into the same “unified orchestration layer.”

A UOL can help make the old systems and new systems look more alike and reduce the number of times users see log-in screens when moving from one system to another.

A UOL can also help system managers and users make more use of all kinds of modern tech tools, such as systems that can read ordinary English; data analysis systems; and systems that can identify and learn rules, by detecting patterns in data.

What It Means

Life and annuity issuers that are still relying heavily on fax machines and postal mail may soon be able to do more business with you and your customers online.

But the tech upgrades could also lead to more sales of blocks of life insurance and annuity business.

Yatin Dalvi and Aashish Jain, two Genpact insurance IT experts, said in an email interview that one incentive for insurers to modernize is that buyers tend to pay more for blocks of business on modern IT systems.

Genpact handles policy administration services for about 100 insurers.

The UOL Approach

Life insurers have been using electronic computers to run their businesses since 1954, when MetLife accepted delivery of the second Univac mainframe computer sold to a commercial company.

Many life insurers now have systems and processes that have been in place for decades, and IT managers are reluctant to make moves that might disrupt the systems.

Plugging both the old systems and new systems into the same unified orchestration layer can help an insurer combine systems, and make new tools available to managers and users of the older systems, without disrupting any of the systems, and without moving any data from the current locations, Dalvi and Jain said.

(Image: jijomathaidesigners/Shutterstock)


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