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DXC Technology (Tyson’s Corner, Va.), the IT services company formed as a result of the merger of CSC and the Enterprise Services business of Hewlett Packard Enterprise, has released Digital Insurance as a Service (DIaaS), which the vendor characterizes as an integrated, end-to-end solution tailored for the North American insurance market that enables insurers to maintain and expand their relevance with clients.
The new offering is designed to help insurers meet changing consumer demand for innovative digital services while at the same time upgrading their existing technology infrastructures. “With DXC’s DIaaS, insurers can accelerate their journey to digital,” a vendor statement says.
Using DIaaS insurers can launch simplified products quickly and deliver a streamlined digital customer experience across new business, servicing and claims, all withing a consumption-based pricing structure, according to DXC. Insurers also can tap the benefits of an easy-to-deploy infrastructure that eliminates the need for large and lengthy capital-intensive projects and helps align costs with revenue, the vendor asserts.
Versions of DIaaS for Life/Wealth and Property/Casualty
To provide a standardized deployment capability tailored for the North American insurance market, DXC says it has combined its deep industry expertise, software and services with an extensive partner network. Two versions of DIaaS are available: one for life and wealth insurers and one for property and casualty insurers.
The DIaaS solution comprises the following, by the vendor’s description:
- DXC’s OmniChannel Digital Consumer Engagement Platform;
- Modern, API-enabled policy administration systems for either life and wealth insurers or property and casualty insurers, including billing and claims;
- A robust, externalized product configuration, rating and rules engine;
- Data analytics, providing insights for the creation of tailored customer offerings and better understanding of risk;
- A comprehensive deployment environment encompassing cloud computing and storage, secure networks, API gateway, cybersecurity, disaster recovery, business continuity and more; and
- Across-the-board, 24×7 operations support for applications, infrastructure and cybersecurity.
DXC says that the modularity of DIaaS gives insurers the flexibility to consume the entire solution on a turnkey basis, or integrate their own components, including other policy systems or their own digital engagement platforms.
“Today, every insurer is working to deliver a more digital experience to their policyholders and distribution partners,” comments Donald Light, a Director in Celent’s (Boston) North America Property/Casualty Insurance Practice. “Insurers with siloed legacy systems face formidable obstacles to achieving their digital goals. Many insurers are looking to their external technology providers for tools and solutions to accelerate their digital journey.”
Insurers in a Race Against Time
“Fundamental to DXC’s strategy for insurance is a commitment to lead the industry’s digital transformation,” comments Phil Ratcliff, VP and general manager of the global insurance industry at DXC. “Insurers are in a race against time, as their competitors and new market entrants are raising the bar quickly. The breadth of our capabilities and our standing in the market, now combined with DIaaS, uniquely position DXC Technology to curate and implement an insurance ecosystem that will satisfy the expectations of today’s digitally savvy consumer, while delivering outstanding business agility.”
The DIaaS solution is the latest addition to DXC’s growing portfolio of digital insurance solutions, including automobile Usage-Based Insurance (UBI), digital claims FNOL and OmniChannel Digital Consumer Engagement Platform. In addition, DXC can surround DIaaS with a Business Process Services (BPS) capability.