(Image source: NTT Data homepage.)
NTT DATA (Tokyo/Plano, Texas), a digital business and IT services provider, has announced the launch of its Global Insurance Digital Platform (GIDP), which the vendor describes as a cloud based, digital platform and partner ecosystem, that provides best-in-class consulting, partnerships, business process as a service (BPaaS), third-party administration, and technology to the life & annuity Industry. Along with partner integration, GIDP provides the ability to quickly launch new products, proactively use data, reduce operational costs, mitigate risk, and remain competitive, according to the vendor.
Keith Raymond, Senior Analyst, Celent.
“The new virtualized world has forced a digital operating model on life insurers and many of them, along with solution providers, are taking the digital challenge as a must to survive and thrive,” comments Keith Raymond, Senior Analyst, Celent. “The pandemic accelerated digital adoption and platforms that connect an ecosystem of core administration systems, claims management, agent automation, and analytics help insurers leverage their existing investments and get to market faster.”
NTT Data says GIDP’s componentized approach connects seamlessly via event-based APIs and is built on a strong foundation of deep industry knowledge, BPO, infrastructure, security, compliance, and automation. GIDP promotes business process digitization, improves decision-making based on robust data, and delivers product innovation.
GIDP’s ecosystem provides clients with immediate access to our wide array of global and regional partners, offering turnkey solutions across the value chain. While GIDP is global, it provides the unique benefit of being a highly customizable, regional solution, specific to individual needs to help each client speed up their digital transformation journey and enhance the end user experience, the vendor says
The platform is designed for life and annuity Industry needs, providing the following as described by the vendor:
Business Process as a Service (BPaaS): Rapidly scale with our mature TPA/BPO processes to deliver end to end cloud-based business process services or specific functions.
Data, Analytics & AI: Support regulatory compliance, distribution analytics, data-driven processes, straight-through processing, hyper-personalized customer interaction, and underwriting.
Digital Core Modernization: Launch and expand new platforms and ecosystems with cost containment, efficiency, and simplified application rationalization.
Masahiro Kashibe, Global Insurance Alignment Lead, NTT DATA.
Digital Customer Engagement: Align the carrier with distributors, including portal and mobile channels, and utilize customer insights.
New Business and Rapid Product Launch: Test and learn with new products, distribution channels and new markets.
Non-Strategic (Closed) Blocks: Realize immediate access to capital, de-risked balance sheets, and a reduction in operational costs.
“We are in the ERA of interconnected companies,” comments Masahiro Kashibe, Global Insurance Alignment Lead, NTT DATA. “NTT DATA’s Global Platform brings together best of breed partnerships to support our clients in accelerating the journey to maximize data and digital transformation and to optimize processes, costs, innovation and increase client engagement.”