Pega works with some of the leading Life insurers in the world. We completely endorse this report from Swiss Re
At Scottish Widows Pega drove simplicity by reducing 700 work types down to 23 core processes, to improve customer service levels. At Aegon Pega helped to reduce manual working by 40% and costs by 18%, while simultaneously improving first contact resolution by 28%.
So, this can be done.
According to Swiss Re Institute’s new sigma report, many life insurers are now paying increased attention to how they can enhance the value of existing portfolios, instead of taking the traditional route of going after new business. Strengthening relationships with policyholders and providing better claims management are among the steps being taken towards long-term profitability. One way to address profitability woes is by tackling operational costs. Insurers need to get rid of operational inefficiencies such as those brought about by ineffective operating models, highly complicated business plans, and legacy IT systems.