By: Riddhish S Trivedi, General Manager

A story on building tailored insurance PAAS ecosystems around core platforms.

Ok, so sci-fi geeks like me will recognize that this twisted title is not my invention, but borrowed with creative liberty from Philip K. Dick’s ‘We Can Remember It for You Wholesale,’ the DNA for one of the greatest sci-fi movies ever made (I’m referring to the Arnold version, of course – look it up).

The true inspiration comes from a client quote regarding the development of a customer onboarding ecosystem. The concern here was that since there’s no product that can solve their business problem fully, would we be able to curate a solution, or rather, ‘Frankenstein’ something together?

In recent months, I’ve seen several customers enquire about point solutions centered around a product – for instance, a ‘build me a broker’ portal with a particular CRM platform or ‘solve for my document ingestion woes’ with a particular EDM/OCR solution. While individual platforms have made solid strides in creating tailored versions for industry or horizontals, sometimes, even the most sophisticated platforms need a complementary stitch (adding additional modules to a core system to achieve the final solution) here and there to build a best-in-breed, custom solution.

That’s where LTIMindtree differentiates itself through its advisory and service lines for the insurance industry. First, the insurance group is a set of industry insiders – folks who have been there, done that. We comprise ex-actuaries, insurance operation managers, distribution leaders, and even people who have worked at insurtechs – so we think like an insider and understand just how important customization is to our customers, and the political challenges of transforming legacy. Helping the IG are the service lines or horizontals that bring expertise across the technology continuum – from customer experience to data to cloud and legacy management. We work together like a well-oiled machine to tailor a solution for you.

Next, Mindtree has key strategic partnerships across the insurance and technology ecosystems to ensure that we have experts for each key platform. Our enterprise partnerships run across the gamut of CRM tools, policy admin platforms, MarkOps ecosystems, data & intelligence tools, CX platforms and more. We’re a 2022 ServiceNow America’s Emerging Provider, a leader in Duck Creek services, and have advanced AI and Machine learning specialization on MS Azure.

This brings us to tailored solutions. Here is a recent example:

We recently worked on a project with a mid-size annuity provider where we architected a broker portal built on Salesforce Financial Services Cloud. The solution is designed to have new business submission screens for brokers. To repurpose these screens as wizards for end-consumers we proposed using Unqork – a low code/no-code CX platform. We have a strong channel partner relationship with both entities. Sapiens, another partner, was looked at for the illustration software that projects the investment performance. The user experience between all three platforms/partners was designed to work seamlessly.

Our job does not end with building tailored PAAS solutions. We firmly believe that the real work starts once delivery takes place and we target adoption. As a direct marketer, I believe that testing and learning is an implicit activity for any release. This is no longer limited to a marketing function, but has relevance in other functions too.

Enough on the execution. The million-dollar question then is, how do we begin? Well, that’s where the LTIMindtree insurance group has established frameworks and playbooks to help organize a set of transformation needs into a logical execution plan. Years of advising and implementing insurance modernization solutions have led to institutionalized knowledge within LTIMindtree on the pitfalls and pearls of a successful transformation program, which we bring to the table for our clients.

In conclusion, we can certainly ‘Frankenstein’ a solution for you, but instead of a platform that will draw the ‘ire of the townspeople with pitchforks,’ we prefer to think of it as more of a ‘Swiss watch’ that will function smoothly for years!

For more on how LTIMindtree can build insurance ecosystem solutions around core platforms, please Contact Us