SunTec

SunTec Solutions for Insurance

Redefining Value Chain Management

A low risk approach to identify and mitigate revenue leakages, rationalize products, connect with external partner ecosystems and present highly contextual offers.

Focus on Operational Efficiency and Personalization

The insurance sector is going through an unprecedented shift with rising customer expectations, increasing regulatory requirements and new competition from fintech startups. Insurers fully understand that digital transformation is critical to improving both operational efficiency and the customer experience. Organizations have initiated multiple steps to modernize their back and front offices, but the pace of progress is yet to pick up. This is partially the case because of burdensome legacy systems that insurers are finding hard to navigate, before they are able to address the real customer experience issue. At the same time, they need to find ways to partner with emerging fintechs to increase the extent of personalization they offer to their customers. It is not an easy path, but insurance companies have no choice. The only way to stay relevant and competitive is to move up the value chain – give up the traditional product-based approach and transition to a customer focused organization.

The Challenges

Legacy System Transformation

Updating technology without disrupting daily activities

Regulatory Compliance

Handling quick changes, transparency and easy audit

Operational Efficiency

Process automation, new RegTech capabilities

Expanding Competitive Landscape

Traditional insurance areas are being disrupted by FinTechs and other players

Digital Savvy Customer

Needs faster processes, more options and a better experience to attract the discerning customer

Multi-party Approval Process

Digital payments workflow to accommodate multiparty approval processes

How SunTec Simplifies Your Transformation Journey?

Xelerate helps insurance companies quickly transition from a product-based to a customer-focused organization. It allows organizations to adopt Digital Transformation without replacing the legacy core. In fact, it builds on the robustness of your legacy core and enhances it by adding sophisticated customer engagement capabilities including product innovation, partner ecosystem and revenue management. Insurance companies can quickly adopt to add more functionality, offer customized products, manage complex deals and elevate the customer experience.

SunTec Offerings

See how we combine components of Xelerate to create specific solutions for digital transformation, revenue management, customer experience orchestration and partner ecosystem management.

Dynamic Offer Bundling

Enable dynamic offers to customers with pick and choose flexibility treating every customer individually with different risk covers and benefits.

Partner Management

Partner management for distributors, data providers, agencies and other players. Handles onboarding to actual revenue share computations and settlement.

Billing Consolidation

Xelerate facilitates consolidated bills for partners covering multiple products and services (even if their charging / utilization is done using a different platform).

Complex Deal Management

Orchestrate complex deals with an E2E workflow to streamline processes, acting as a single source of truth and bringing in operational efficiencies.

Our Latest Insights

Global businesses across all industries face tremendous challenges around how to capture market share, retain existing customers and attract new prospects.

The stakes around trust are higher than ever as customers demand personalized financial services, fairer prices, and greater visibility into fee structures.

From Netflix’s viewing recommendations to Amazon’s suggested shopping lists, modern customers expect brands to deliver a seamless contextual experience or personalization.