“New Technologies and Business Models Will Drive Digital Disruption in Insurance.” - Gartner’s predictions for 2016
Global Insurers are making significant investments in latest technologies to improve customer retention and reduce costs. Insurance CIOs worldwide have identified digital transformation as the most disruptive factor in the industry. Insurance companies are rightly embracing eBusiness strategies and extending their online presence to web and mobile platforms. They are increasingly focused on investing in innovation and modernizing their core and legacy systems to enhance operational efficiencies.
Insurers have been facing marked challenges in meeting the ever changing behavior of customers and their expectations in terms of products and service, and how they access and utilize the information that informs and enables them to take business decisions. In addition, rising operating costs and significant losses from catastrophic events have made it difficult for them to sustain in the market.
Key Challenges in the Global Insurance Industry
- Adoption of disruptive digital technologies including SMAC
- Legacy modernization, process and systems improvement
- Improving IT efficiencies and lowering costs
- Customer retention by ensuring enhanced customer experience
- Performance, security and privacy of applications and data
- Big data analytics and business intelligence
- Complying with ever-widening regulatory landscape
- Enterprise risk management & fraud detection
Cigniti helps global insurers in their digital transformation, thereby deliver improved customer experience and gain competitive advantage. We make sure your applications / systems run seamlessly by ensuring efficient back-office operations. Our testing services portfolio and matchless track record prove us as a trusted advisor and preferred technology partner for the Insurance clients. We offer customized Advisory and Transformation Services in testing for Life Insurance (Life, Annuity, and Pension), Property & Casualty (P&C), Auto, and Re-insurance segments.
Our Key Differentiators
- Deep-domain expertise across different segments of Insurance sector – Life, Property & Casualty (P&C), Auto, Business, Marine, Auto, Home, Agri, Travel, and Re-insurance, etc.
- Regulatory testing specific to various geographies including State-based Insurance Regulatory System, Federal Regulation of Insurance, NAIC, ABI, IRDA, IRTA, and Unclaimed Property Act (UPA))
- Proprietary IPs & tools (Delimit-Ex, SMART tools), reusable test repositories and tool-agnostic test automation frameworks that reduce testing efforts by 25%-30%
- SMEs & BAs who are experts in end to end policy life cycle management and who understand business priorities to deliver high quality solutions
- Resources with industry recognized certifications like LOMA, ANSI, CPCU in Life and Non-Life insurance domains
- Customers across the globe from Insurance domain
- 200+ test resources with expertise in insurance applications
Benefits of Associating with Cigniti
- 100% business process test coverage and regulatory compliance with functional testing that helps an organization hone its global enterprise risk management capabilities
- Successful Digital Transformation across SMAC stack with Digital Assurance Services that offer enriched customer experience
- Customized Insurance Domain Competency Group (DCG) that offers specialized QA & testing practice with reusable test assets & repositories
- Advisory and Transformation Services that help organizations move from their existing setup to a high-maturity Agile DevOps Organization
- Modernization of legacy systems ensuring compatibility
- Enhanced performance and security of applications offering improved business outcomes
Cigniti’s Digital Assurance Solution
Client Testimonial - Magma Fincorp Ltd,
Leading General Insurance Provider in APAC