Closed Block Insurance Outsourcing

Reduce fixed costs and profit on closed blocks

Industries /Insurance /Life and Annuity /Closed Block Insurance Outsourcing

Closed Block Conversion and Profitability

To remain competitive, an efficient business strategy is essential. Continuing to service discontinued products can be particularly challenging. The resources needed to administer closed blocks and maintain legacy platforms often consume staff’s time and interrupt their contributions to long-term strategic initiatives. But you could redirect resources and maintain profitability by consolidating administrative platforms that support your business and reducing the underlying fixed costs of policy blocks that are closed to new business.

Our Insurance Closed Block Outsourcing services can help you maintain the profitability of closed blocks of life insurance, annuity, pension and worksite business. We convert the closed blocks onto our LifeSys™ platform, transitioning the products from a fixed-cost structure to a variable-cost structure. By doing so, you can streamline costs and increase savings. Our experts manage the conversion process and administer the closed block using established service-level agreements.

Key Benefits

Our closed block outsourcing provides a flexible approach that supports all traditional (non-variable) life and annuity and most voluntary benefits products.

Offering Details

Our award-winning Automated Full-Time Equivalent (AFTE) robotic process automation tool will streamline work processes, reduce errors and boost scalability. Because the nature of outsourcing is changing, automation can help you manage increasing costs and complexity. Use employees more effectively by shifting them away from repetitive, labour-intensive tasks.

Automation tools complete these tasks quickly and consistently, which allows your employees to focus on business-critical activities. Our innovative AFTE solution achieves automation with advanced methods and tools. These include automation solutions, an AFTE Command Centre, systems monitoring and automation services, and our Universal Test Automation Framework.

Next, our LifeSys™ Processing System is a scalable and flexible platform that incorporates closed block conversions from existing platforms into one. By consolidating closed blocks onto a single platform, you can streamline processes, improve efficiencies and increase savings. Retire your legacy administrative systems for reduced risks and licensing costs, and consolidate onto a single platform to improve processes and increase efficiencies.

More than 30 carriers have transformed their insurance businesses with NTT DATA’s end-to-end business function management.