One of the major challenges faced by the insurance industry is the long time-to-market in introducing innovative insurance products. In addition, the industry has to comply with complex state-speciﬁc rules, regulatory requirements and business validations. A concerted focus on improving efficiency of the underwriting process and enforcing discipline by standardizing the process is essential to retain competitive advantage.
Mindtree’s SAP practice has signiﬁcant experience in using the SAP Product and Policy Lifecycle platform. The platform enables clients to conﬁgure complex insurance products with integrated rating, form attachment and business validation rules through reusable product templates. It brings in product agility and facilitates roll-out of multiple products in a short span of time. SAP Product and Policy Lifecycle platform can be easily integrated with other enterprise services like generation of policy documents and booking of policies.
Mindtree’s delivery teams work in an agile development mode and our services include business analysis, technical design, product implementation and quality assurance.
Our areas of expertise include property and casualty insurance, underwriting, policy administration, rating rules, state-speciﬁc validations, and regulatory requirements.
The efficiency of processes depends on multiple enterprise applications along with external applications. We improve process efficiency with our technical expertise in:
A policy administration system delivered by the Mindtree team for a large insurance major enabled them to realize their overall platform strategy for underwriting. Below are the key beneﬁts delivered:
Collaboratively developed a Software Factory Model of product development using SAP Product platform for a large P&C insurer. Reusable product templates formed the basis for the Software Product Factory. Principles of inheritance, composition were used to implement complex products from the reusable product templates.
Developed an automated unit testing framework for SAP Product platform for a large P&C Insurer
Developed standardized templates to capture product requirements and used innovative tools to compare products and deﬁne the implementation strategy based on sizing differences and quality considerations.