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.
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.