Case Study: a major global life and annuity insurer achieves faster policy issuance and lower IT costs with HCL modern application management

One Of The Europe’s Largest Global Life & Annuity Insurer - Customer Case Study

The customer, one of Europe’s largest global life & annuity insurers, faced significant challenges due to its 13 legacy systems, which caused inefficient policy issuance, high IT costs exceeding budget by three times, and a declining market share. To address this, the insurer partnered with vendor HCL on a modernization initiative to consolidate its application landscape and improve operational efficiency.

HCL implemented a multi-team strategy to transform and migrate complex insurance products to a new target platform. This involved building functionality, ensuring data compatibility, and conducting thorough testing. The solution successfully consolidated 13 systems down to 7 in the first phase and then to 5 in the second, transforming over 700,000 policies. The results for the customer were substantial, including a 30% reduction in support costs in phase one, a further 20% reduction in phase two, a 20% decrease in policy issuance time, and a 10-20% improvement in new policy sales due to enhanced cross-selling opportunities.