Case Study: a provider of annuities and life insurance policies in the US achieves faster product launches and lower costs with HCL modern application development

Collaborative Engagement To Launch New Product In Record Time With Reduced Cost

The customer, a provider of annuities and life insurance policies in the US, had to re-launch its variable annuity products following the 2007-8 financial crisis and needed to build in management levers to respond to market conditions. They collaborated with vendor HCL on a modern application development initiative to overcome this challenge.

HCL implemented an innovative, work-stream-based solution that employed a data-driven approach to build flexibility into the new product design, allowing critical rider levers to be adjusted for market conditions. This collaboration resulted in a 30% acceleration of new product development timelines and a 30% reduction in cost, saving hundreds of thousands of dollars.