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Innovative approach to Product Development

The Insurance industry is observing a change in the usage pattern of products and policies with constantly evolving consumer behavior and expectations. New risks such as driverless cars and new patterns of Insurance consumption, such as usage-based insurance are emerging. Insurance carriers are looking to overcome the challenges of regulatory compliances, legacy infrastructure and change management to ensure a faster time to market. This calls for special focus on customer centricity and agility in creating new Insurance products. Insurance carriers require strong technology partners who bring domain expertise to the table along with the understanding of innovation in the Insurance ecosystem across products, coverage pricing and channels.

Key Capabilities

Zensar helps customers deliver products in sync with changing end-user mindsets and emerging market trends. We aid in optimization of operations and decision making from product ideation to go-live

Product Ideation and Modelling

Zensar, with its deep understanding of the P&C, L&A and Health Insurance, helps identify the requirement and scope for new Insurance products demanded by end-users. We have worked with large and mid-tier carriers to help conceptualize new product ideas, identify product models and build the project plan to ensure all business and technology objectives are met.

Regulatory Compliances

The Insurance industry is heavily regulated with a cumbersome governance and compliance process. It is imperative to ensure that the new product to be launched complies with all national and regional laws in addition to robust policies around consumer protection while ensuring timely execution and cost efficiency in the process.​

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Coverage, Pricing, Marketing and Distribution

Product ideation and definition is followed by coverage mapping which lays down details regarding claims, adjudication, policy management, payments and closure. The changing roles of agents, brokerage, commissioning has pushed carriers to deliver an enhanced experience of partner onboarding, slabs of payments, commissions plans etc.​​

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Product Implementation and Deployment

With fast-paced dynamics within the Insurance industry, carriers are looking for the fastest way to ensure effective completion of product inception, delivery, go-live, quality assurance and continuous upgrades. Carriers are faced with the choice of relying on in-house systems, built with a technology service provider or simply buying from an Insuretech organization.

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Application Maintenance and Support

With our rich experience in application maintenance and support combined with our proven expertise in the P&C, L&A and Health Insurance domain, we can support Insurers with configuration, integration, conversion, version upgrades, testing and support across all lines of business.

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Our Thought Leadership

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