Life and Annuity Issuers Still Need Modernization Help: Genpact

What You Need to Know

A unified orchestration layer can help combine old, in-office systems with new, cloud-based systems.
This kind of tech upgrade could lead to more sales of blocks of life insurance and annuity business.

Genpact is trying to increase sales of information technology modernization services to U.S. life and annuity issuers.

The Hamilton, Bermuda-based company recently published a whitepaper on a strategy for combining old, in-office systems with new, cloud-based systems: plugging all of the systems into the same “unified orchestration layer.”

A UOL can help make the old systems and new systems look more alike and reduce the number of times users see log-in screens when moving from one system to another.

A UOL can also help system managers and users make more use of all kinds of modern tech tools, such as systems that can read ordinary English; data analysis systems; and systems that can identify and learn rules, by detecting patterns in data.

What It Means

Life and annuity issuers that are still relying heavily on fax machines and postal mail may soon be able to do more business with you and your customers online.

But the tech upgrades could also lead to more sales of blocks of life insurance and annuity business.

Yatin Dalvi and Aashish Jain, two Genpact insurance IT experts, said in an email interview that one incentive for insurers to modernize is that buyers tend to pay more for blocks of business on modern IT systems.