Insurance Services
Enable revenue growth, reduce operating expenses, and do both while increasing agent and customer satisfaction. Today’s competitive insurance marketplace puts carriers in this demanding triangle.To move ahead of their competition, world-class carriers recognize they need the help of a true partner — a partner who understands the insurance marketplace, knows its technologies and processes, and can lead clients to cost-effectively adopt transformational capabilities.
Packets has mastered these multiple disciplines. What’s more, Packets is a local firm with a global delivery capability. Unlike many “pure play” offshore outsourcers, we grew up on your home turf, servicing your industry. We have more than 40 years of experience serving insurance firms. As a result, we have a better understanding of our clients’ issues, and can quickly deliver innovative solutions and services, while leveraging global delivery to achieve the cost effectiveness demanded in today’s marketplace.
That’s why five of the top 10 leading insurance carriers and brokers choose Packets as their IT services and business processing partner. And it’s why we are the only firm that can truthfully say that more than 90% of our clientele would consider working with us again.
Sectors We Serve
Packets has designed services and solutions that meet the needs of individual insurance sectors, including property and casualty, life and annuity, brokerage, reinsurance, and third-party administration.Challenges We Tackle
Business Challenge:
Pressure for Growth and Differentiation Strategic Response: To grow and differentiate themselves, insurance firms need more useful business intelligence that will allow them to bring new products to market faster and enable cross-selling and up-selling to different parts of the business.Packets Solutions
- SOA Strategy & Planning: As customers’ lives change, so do their financial needs. We help you harness the power of SOA to create a flexible infrastructure so you can respond to business and market demands faster.
- Business Intelligence & Optimization: We enable intuitive, comprehensive aggregations of sales, risk, demographic, and competitive data to allow carriers to design and launch profitable, innovative insurance products.
- Unified View of Customer: Packets helps you form a single perspective of a customer, aggregating all data about the products or services a customer has received — and the relationship of that customer to other individuals doing business with your firm.
Business Challenge: Increased Self-Service
Strategic Response: To meet the growing demands of customers and agents, insurance firms need to consolidate customer information, improve reporting and data visualization, and enhance the online customer experience.Packets Solutions
- Packets Vx: A technology framework enabling rapid implementation of highly interactive, intuitive, and visually compelling rich Internet applications. Our money visualization tools transform your customers’ online experience, helping you retain customers and grow revenue.
- Agent/Customer/Employee Portals: We design portals that allow agents, customers, and carrier employees to more effectively access product, marketing, and corporate information; sell and service policies; and automate key activities.
- CRM Vendor Assessment: We help you implement the right CRM solution for your business, leveraging Packets’s extensive knowledge of the CRM market.
Business Challenge: Demographic Shift
Strategic Response: To meet the needs of an aging population, insurance firms need to focus efforts on workforce capacity planning and developing new retirement services products.Packets Solutions
- Retirement Services Solution: Packets’s self-service money visualization tools allow your customers to better plan their retirement and choose the products that fit their particular needs and goals.
- IT Outsourcing: Packets’s outsourcing solutions are backed by a proven global delivery model that mitigates risk, drives down costs, and keeps you in control of your outsourced operations.
Business Challenge:Consolidation
Strategic Response:
When it comes to consolidation, the biggest challenge for insurers is to standardize and optimize business processes and integrate IT architectures across acquired/acquiring entities. In addition, insurance firms must be prepared for cyclical M&A activity depending on insured events.Packets Solutions
- People, Process & Technology Strategy Planning & Roadmap: Packets helps companies integrate the whole business, not just the technology that supports it.
- People: We evaluate skill set needs, and provide training and compensation, all while helping to ensure cultural compatibility.
- Process: We examine your operations architecture, processes, and sourcing strategy to bring about efficiencies and eliminate redundancies.
- Technology: We work with you to integrate your IT architecture and data center, rationalize your application portfolio, and consolidate your infrastructure.
- Change Management: We partner with you to ensure your organization is ready for change, to develop a stakeholder commitment strategy, and to communicate and train your most valuable assets — your employees.
Business Challenge:
Business OptimizationStrategic Response:
To optimize their businesses, insurance firms are focused on outsourcing non-core functions and retaining — and enhancing — their core customer-facing functions, while ensuring a business-IT alignment.Packets Solutions
- Application Outsourcing: Packets’s outsourcing solutions are backed by a proven global delivery model that mitigates risk, drives down costs, and keeps you in control of your outsourced operations.
- Rapid Transformation and Sourcing Assessment: We evaluate your technology architecture and global delivery model, and help you create a roadmap that will get you to your business objectives sooner.
- Business Process Outsourcing: Packets has expertise in an array of insurance business functions. Packets’s Business Process Outsourcing services deliver operational excellence while driving down costs.
- Business Process Re-engineering/Business Process Management: We help you assess your current business processes, identify opportunities to optimize those environments, and implement appropriate changes.
Business Challenge:
Technology InnovationStrategic Response:
Insurance firms are looking for technology innovation in a number of areas:- Process automation
- Standards and integration technologies (e.g., SOA and ACORD)
- Modernization of legacy systems, package integration
- Infrastructure consolidation
- Mobile technology
Packets Solutions
- Service-Oriented Architecture Readiness Assessment: As customers’ lives change, so do their financial needs. We help you harness the power of SOA to create a flexible infrastructure so you can respond to business and market demands faster.
- ACORD Framework: We apply the industry-standard ACORD formats for data, transactions, and processes to allow carriers to achieve increased speed to market, lower operational costs, and achieve straight-through processing efficiencies.
- Application Development, Package Integration: As your product portfolio grows, so does the complexity of your IT infrastructure. Packets integrates multiple vendor solutions and third-party networks, so that servicing them is seamless.
- Legacy System Conversion: We leverage our rich history of guiding carriers through core system consolidation and migration.
- New Package Assessment: Our vendor and technology-agnostic methodologies assist carriers in selecting appropriate, strategic third-party solutions.
- Remote IT Infrastructure Management: Expert, cost-effective outsourced services for desktop, help desk, network, and core systems support.
- Blackberry Solution: A crisis management solution that combines wireless and dashboard technology that allows for alerts, notifications, and mobile reporting.
Business Challenge:
Catastrophe ManagementStrategic Response:
For effective catastrophe management, insurance firms need enhanced demographic knowledge, experience-based underwriting, the tools for faster crisis-response, and smarter reinsurance.Packets Solutions
- Business Intelligence and Dashboards: We enable intuitive, comprehensive aggregations of risk, market, and exposure data to allow carriers to make more precise actuarial, underwriting, and marketing decisions.
- Geocode-assisted Underwriting: Packets’s toolsets support location-specific analysis for underwriting and accumulation decisions.
- Automated Reinsurance Business Rules: Packets’s efficient, predictable, cost-effective solutions enable integration, management oversight, and support of the rapidly evolving reinsurance marketplace.
- Mobile Crisis Management Solutions: Wireless solutions for catastrophe response management.
Business Challenge:
Continuing Regulatory PressureStrategic Response:
To meet regulatory mandates, insurers are looking to enhance data quality and reporting capability while improving auditing, monitoring, validation, and archiving.Packets Solutions
- Sarbox Compliance Solution: An integrated set of procedures, dashboards, and audit tools that allow you to verify your internal controls and financial reporting.
- Business Intelligence Optimization: We enable intuitive, comprehensive aggregations of financial, operational, and procedural data to allow carriers to proactively monitor and comply with NAIC and state regulations.