ONE Insurance

Mergers and Acquisitions (M&A) are considered a viable strategic growth avenue for insurance carriers. M&A holds a lot of importance in helping these carriers gain a competitive advantage or enter a new market. An inevitable consequence of the inorganic growth that rises from M&A is a disproportionate increase in the number of core insurance systems. To address this system sprawl, a tactical solution where one stays the course for a long-term strategic roadmap is necessary. This is vital to prevent any complexity and operational overheads that may rise from undermining the value of a merger or acquisition.

Best-of-breed vs all-in-one solutions?

This has been a long-running debate. The availability of virtually infinite computational resources coupled with an economical pay-per-use pricing model has democratized innovation. This makes the technology easily accessible to anyone with an idea. Other disruptive innovations are just around the corner making a strong case for adoption of a best-of-breed strategy. With cutting edge offerings up for grabs from vendors big and small, insurance carriers are given myriad choices of integration. 

Strategic partnerships with the right vendors for the right services and timely exchange of data is vital for an insurance carrier. The on-time data exchange to and from their services will aid these carriers to leverage their core system data to its maximum potential. 

Coforge’s ONE Insurance offering is the Swiss army knife for insurance carriers in navigating the integration challenges of an aggressive merger and acquisition strategy or a complex web of vendors and services.

Our seasoned enterprise architects can help you pick the best integration patterns based on your needs. Our cadre of system professionals have deep expertise covering the full spectrum of leading insurance platforms. Coforge’s services can help provide you with a crucial edge over your competition.  Data is the “new oil”. Now, it is a question of increasing revenue by providing seamless experiences to agents, customers, and aggregators. Improving profitability by carefully delving through minutiae of risks as well as improving turn-around time and reduced operational cost is key to success. 

Connected Insurance:
Coforge’s Connected Insurance is an industry-focused set of applications and integration services that helps insurers improve business growth and capture new markets at speed.

We,

• Manage the complexity of inorganic growth
• Provide Enterprise Application Integration Strategies and Services
• Offer vendor integration services

Expected Business Outcomes

• Manage Complexity of Inorganic Growth: Manage the complexities arising from our mergers and acquisitions
• Leverage Your IT Landscape to the Fullest: Cater to complex business requirements through partnerships with best-of-breed products
• Gain Valuable Industry and Market Insights: Exchange data with vendors and service providers in a timely and secure manner
• Speed-to-Market: Collaborate with the right partners and technology to turn ideas into actionable solutions
• Reduce Overall Costs to Serve: Streamline IT and systems operations

Our Connected Insurance Services Framework is as shown below: