Introduction
In the dynamic world of life and annuity insurance, carriers are constantly seeking ways to streamline operations, reduce costs, and enhance service delivery. Recognizing these challenges, a prominent life and annuity carrier embarked on a strategic journey to consolidate its policy administration systems onto a single, efficient platform. This ambitious initiative aimed not just to modernize operations but also to position the carrier for future growth. To achieve these goals, the carrier partnered with TLAG, leveraging our expertise in strategic management consulting, systems integration, and vendor selection.
Project Overview
Our engagement with the life and annuity carrier was centered around a comprehensive overhaul of their policy administration system (PAS). The project entailed outsourcing the consolidation of PAS to a Business Process Outsourcing (BPO) provider, a move designed to streamline operations and enhance offshore capabilities. TLAG's role was pivotal in shaping the business strategy, guiding the approach, and directing the overall initiative.
We designed a conversion strategy, executed all Extract, Transform, Load (ETL) processes from source systems, and provided Business Subject Matter Experts (SMEs) to ensure the project's success. A critical component of our engagement was the selection and implementation of a new business underwriting workbench, Resonant, which marked a significant milestone in the project's execution.
Engagement Details
The engagement was characterized by its breadth and depth, involving:
A dedicated team of 14 professionals over two years, demonstrating our commitment to the project's success.
Leadership in business strategy, vendor selection, and comprehensive systems integration.
Execution of ETL processes from proprietary vendor applications, showcasing our technical proficiency.
Management of the carrier's offshore delivery team, enhancing operational efficiencies.
Provision of Life Business SMEs, underpinning the project with deep industry knowledge.
Project Categories
This engagement spanned several critical areas, including:
Strategic Management Consulting: Guiding the carrier through the strategic planning and execution phases.
Vendor Selection: Leading the process to select the most suitable vendors, ensuring alignment with the carrier's objectives.
Systems Integration Services: Seamlessly integrating disparate systems to create a unified, efficient PAS platform.
Results and Impact
The project culminated in a transformative impact on the carrier's operations and strategic positioning. Key outcomes included:
Successful consolidation of policy administration onto a single platform, significantly reducing operational complexities and costs.
Enhanced offshore capabilities with the BPO provider, improving service delivery and operational efficiency.
Seamless implementation of the Resonant underwriting workbench, which has become a cornerstone of the carrier's underwriting process.
Client testimonials laud the project's success, highlighting TLAG's strategic insight, technical expertise, and collaborative approach as critical to achieving these outcomes.
Key Takeaways and Lessons Learned
Reflecting on the project, several key lessons emerged:
The importance of clear strategic vision and planning in undertaking large-scale IT transformations.
The value of selecting the right partners and vendors, a process that requires deep industry knowledge and thorough due diligence.
The effectiveness of a collaborative approach, involving both internal stakeholders and external partners, in driving project success.
Conclusion
The successful consolidation of the life and annuity carrier's policy administration system stands as a testament to TLAG's expertise in strategic management consulting, systems integration, and vendor selection. This project not only delivered significant operational efficiencies and cost savings for the carrier but also positioned them for future growth and innovation. Our ability to navigate complex transformations, leverage industry insights, and foster collaborative partnerships underscores our value proposition to clients in the life and annuity insurance sector.
