December 2017

Transform your life and annuities business to reduce expenses and promote business growth.

LifeAdmin Core Overview

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So, you need a way to reduce overhead and “keep the lights on” costs to allow investment in your company’s future.

As a carrier, you are driven by the need to support ever-changing business requirements and

enable your company to enter new markets and launch new products. In addition to market-driven

concerns, reducing operations costs has become a key imperative for insurers to allow you to reinvest

in the business and drive growth. The question is: how should you manage your existing platforms to

both enable new types of product and operational capabilities while also reducing your operational

costs?

Changing demographics and legacy system barriers inhibit business growth, risk containment, and

profitable returns. Increasing regulatory burdens add to the pressure by diverting resources away

from growth initiatives. New competitors have set a high bar for the customer experience needed

to attract and retain customers. The challenge: offer innovative products, market them quickly, and

provide a superior customer experience while also managing your core business.

Business growth needs to happen simultaneously with cost cutting and support for increasing regulations and changing customer demographics.

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IS YOUR LEGACY SYSTEM HOLDING YOUR BUSINESS BACK?

Like many life and annuity insurers, you likely face

a growing portfolio of legacy core applications

segmented by business line and tied together

with a complex network of systems interfaces

running on multiple platforms. This dependence

on outdated systems contributes to high costs

for infrastructure, operations, support and

maintenance activities.

You’re spending money on “keep the lights on”

requirements that you need to spend on growth

opportunities. The big question is: how can you

move to a better, more integrated system that

delivers savings without a large, up-front cash

investment?

FOCUS ON BUSINESS

The Cognizant LifeAdmin Core™ platform allows

you to simultaneously accelerate growth and

make operational cost reductions, without a

large capital investment. Cognizant provides end-

to-end, platform-based services and you only pay

for what you use.

The solution leverages a best-in-class platform

and domain-led business process services in a

Cognizant cloud-based infrastructure to help you

achieve your strategic business objectives by

focusing on your core business and new growth

opportunities.

SUPPORT YOUR GROWTH

Cognizant LifeAdmin Core will support your

business growth in several ways. The primary

focus is to give you a reduced total cost of

ownership and standardized, efficient, and

optimized processes.

Transferring end-to-end business processing

services frees up time for your internal resources

to focus on growth. The use of predictive

analytics also enables you to transform your

business in the areas of churn prediction,

segmentation of customers/agents, and

profitability improvement. Cross-selling and

up-selling can be achieved more efficiently and

effectively, with better analytics and customer

communication tools.

REDUCE CAPITAL EXPENDITURE

Legacy systems represent a major source of

costs for infrastructure, operations, and

maintenance. A smarter idea is to let us manage

all the hardware and software, while paying only

for what you use. That is why LifeAdmin Core

is delivered on a business process as a service

(BPaaS) basis with non-linear pricing based on

the number of policies administered. In short,

you pay in a way that significantly benefits your

cash flow and operating budget.

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ENJOY VARIABLE PRICING

Cognizant LifeAdmin Core is available under

multiple commercial options, allowing your

business to convert fixed costs into variable

expenses, including payment on a per-policy

basis with service-level agreements based on

outcomes. By leveraging an end-to-end business

processing solution, you can reduce the total

cost of ownership while changing to a predictive

pricing model with no compromise on quality.

CUT OPERATIONAL OVERHEAD

We manage the full range of business processes,

including new business underwriting, policy

administration, claims, and billing for simple

and complex financial products. Not only do we

reduce costs and modernize processes, we help

align your business and operating models with

process optimization.

Our solution gives your business the foundation

to increase operational efficiency through

automated work flows, increased customer self-

service, and implementation of digital assets.

SIMPLIFY OPERATIONS

Cognizant LifeAdmin Core lets you provide

real-time policy servicing for customers and

sales channels throughout the policy lifecycle,

increasing retention and loyalty. It also helps you

reduce risk and improve compliance, while better

managing the business to optimize performance.

ACCELERATE INNOVATION

LifeAdmin Core will reduce the time to launch

new products by up to 3X times over the

traditional platforms thanks to pre-built product

templates. The solution can also accelerate your

efforts to launch a successful direct-to-consumer

distribution channel, with the necessary data

intake and analytics capabilities integrated with

our end-to-end platform.

BOOST CUSTOMER EXPERIENCE

Because Cognizant LifeAdmin Core provides

advanced integration capabilities, it can help to

enable a 360-degree view of customers.

You get the ability to track service delivery across

all interactions, the capacity to understand the

lifetime value of key business segments, the

tools to review the product and related pricing

of those segments, and other key distribution,

underwriting, and claims analytics. Data ceases

to be a problem and becomes an asset.

The solution provides greater agility and enhanced

capabilities while streamlining processes. Modern

technology provides system flexibility, achieving

faster time to market, ease of maintenance and

upgrades, and simple integration.

You also get access to Cognizant’s rich offering of

social, mobile, analytics, and cloud tools, to help

you modernize your customer engagement and

customer experience capabilities.

FUTUREPROOF INVESTMENT

With LifeAdmin Core you do not have to worry

about updating business processes or software.

We will keep the software, technology, and

business processes up to date, including those

for regulatory and compliance, and future proof

your business.

THE COGNIZANT DIFFERENCE

Making the transition to BPaaS is a serious

undertaking. But it does not have to be a

risky one if you choose Cognizant as your

transformation partner. We are a market leader,

performing BPaaS conversions faster, cheaper,

and better than product vendors or other system

integrators.

We’ve converted more than 3 million policies

over the past seven years. Our policy conversion

framework helps minimize the risk of conversion,

keeps costs down, and achieves completion

within optimal timeframes.

COGNIZANT LIFEADMIN CORE IN ACTION

Client challenge

A leading US provider of life, annuity, retirement,

and wealth protection faced major risks with

its aging legacy business, servicing 1.3 million

policies. The company had the goal of reducing

operating costs while minimizing conversion and

compliance risks.

Our solution

We helped the client migrate from its legacy

systems to a LifeAdmin Core BPaaS platform

consolidating the policies from several of their

13 legacy systems, featuring over 70 peripherals

and more than 120 interfaces.

Business outcome

The customer expects a significant savings of up

to 46% in price per policy in 10 years.

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BUSINESS ADVANTAGES IN BRIEF

Regain the freedom to focus on running your business.

Cognizant LifeAdmin Core allows your company to concentrate on

business growth by:

• Freeing up capital to focus on new markets and growth

• Reducing time to market for new products or features up to 3X times

over traditional platforms

• Providing business agility and simplifying business operations

• Reducing overhead with operational process optimization

• Reducing total cost of ownership by up to 50%

• Improving customer interactions

• Eliminating capital expenditure for technology

• Providing one holistic view of the customer

World Headquarters

500 Frank W. Burr Blvd.Teaneck, NJ 07666 USAPhone: +1 201 801 0233Fax: +1 201 801 0243Toll Free: +1 888 937 3277

European Headquarters

1 Kingdom Street Paddington Central London W2 6BD EnglandPhone: +44 (0) 20 7297 7600 Fax: +44 (0) 20 7121 0102

India Operations Headquarters

#5/535 Old Mahabalipuram RoadOkkiyam Pettai, ThoraipakkamChennai, 600 096 IndiaPhone: +91 (0) 44 4209 6000Fax: +91 (0) 44 4209 6060

© Copyright 2017, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means,electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners.

INVESTING IN THE RELATIONSHIP, DELIVERING EXTRAORDINARY RESULTS

Cognizant Digital Operations is committed to helping you re-engineer, digitize, manage, and operate your most essential business processes, lowering operating costs, improving user experiences, and delivering better outcomes and top-line growth.

We help you run better by applying traditional optimization levers, and we help you run differently by creating competitive advantage through making your processes digital-ready, which often leads to more effective operating models and corresponding top-line revenue growth.

ABOUT COGNIZANT

Cognizant (NASDAQ-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innova-tive and efficient businesses. Headquartered in the U.S., Cognizant is ranked 205 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.

LET'S GET STARTED

Why waste resources on your legacy systems when we can provide superior platform-based services that will promote business growth for a lower total cost of ownership? Learn more about the Cognizant LifeAdmin Core by contacting us now at LifeAdminCore@Cognizant.com or visiting www.cognizant.com/lifeadmincore.