Launching new policies and products can be an arduous and time consuming activity. Bringing together and expending IT resources, navigating compliance issues, connecting data from disparate systems all conspire to lengthen and complicate development cycles.
Mindtree and SAP Insurance have worked together to create a next-generation insurance platform and implementation program that speeds to market new products and lines of business. The combination of an SAP Insurance Center of Excellence, accelerators to streamline performance, and Mindtree’s deep Insurance and SAP experience, we can reduce the time it takes to introduce a new product from 6 months to 2 weeks.
To succeed in the contemporary insurance industry, rolling out competitive products quickly is key. Faster speed-to-market requires a system that creates a technology foundation that allows new products to be rolled out quickly. Delay can cost money and competitive position. Further, the system must be simple. Currently many companies are struggling with how to get many different systems talking to each other. This is important not only for speed of operations, but also for compliance with industry regulations, where different pieces of information need to be assembled from different sources at a moment’s notice. More automated systems and analytics being applied to a company’s data will ensure faster and improved reporting and compliance.
The Mindtree solution ensures that the final goal is always higher quality products, ones that fit into the technology infrastructure, and can be rolled out faster than competition. We accomplish this through deploying industry standards for underwriting and best-practice processes. We create new frameworks where a central data repository will hold all the company’s data. And finally, we deploy a series of solution accelerators that create the technology foundation for faster processes, reusable assets, and repeatable processes.
Mindtree has worked closely with SAP Insurance to develop four accelerators that sit on top of the SAP technology stack and speed solutions to market. These accelerators have been developed throughout the 9+ years of experience that Mindtree has developed while working on the product and policy components of the SAP Insurance offering.
They ensure a more efficient and faster creation and rollout of new products and lines of business.