Insurance

Optimize your operational and IT investments

How do you reduce your cost of ownership while strengthening governance and achieving greater IT flexibility? By getting more value from your existing IT and operational investments.

With premium profits slowing and scrutiny from regulators growing, insurers are striving to reduce discretionary spending and total cost of ownership while meeting rigorous compliance, auditing, and risk management standards. Meanwhile, they must ensure business processes and systems support the organization in attracting and retaining a profitable agent network and enabling cross-selling activities across product channels

  • A P&C insurer reduced its policy issuance process from 14 days to 1 — making most steps 100% paperless. As a result of Z3 Technologieshelp Web-enabling the company’s policy administration process, policy holders now receive policies faster, pay reduced rates, and can pay online.

  • Application Portfolio Management and Outsourcing. A top P&C insurance group saved millions in IT costs after undergoing an APM assessment and then outsourcing its applications portfolio to Z3 Technologies. In addition, the insurer was able to reduce labor costs by almost 50% while improving performance and creating a more business-focused IT organization.

  • Application Outsourcing. A life and annuities insurance firm boosted service levels to 99% for levels 1, 2, and 3 production support after outsourcing its life insurance applications to Z3 Technologies.

  • Claims Processing. Z3 Technologies is designing, developing, and managing an innovative insurance industry solution that will vastly compress the claims processing cycle, reduce agent attrition, and improve overall customer satisfaction. The solution is based on a highly configurable, meta-data driven service oriented architecture.

Tailored solutions, optimized results

Z3 Technologies has worked inside insurance and financial services firms for more than 40 years. We understand the nuances and subtleties about your business, processes, and systems that can only come from working hands on with people, processes, and systems like yours. With this insight, we’ve designed solutions that meet the insurance industry’s most pressing needs:

  • Application Portfolio Assessment
    A business-based, metric-driven approach to application rationalization that identifies and delivers real savings and performance improvement opportunities. Z3 Technologies approach classifies applications in five areas: retain, invest in, replace, retire, or offshore. We then take swift action on outsourcing and infrastructure consolidation opportunities so you can quickly free up vital capital while planning longer-term improvements. Typical cost savings are 10 - 15% from retiring redundant applications; 20-40% from server consolidation; and 30-50% savings in operation support.

  • Post M&A IT Integration
    A post-M&A integration methodology that minimizes negative customer impact while ensuring business continuity, system scalability, and alignment with long-term revenue-generation and operational goals.

  • Claims Processing 
    A BPO solution that reduces operating costs, improves process efficiencies, expands capacity, and mitigates risk. Functional areas include data capture, claim intake/notice of loss, claim adjudication, and quality audits for all claim types, including healthcare, dental, disability, and property and casualty claims.

  • Enterprise Cost Optimization 
    Z3 Technologies Enterprise Cost Optimization helps financial services institutions lower IT cost of ownership, reduce operational risk, and enhance management capacity offshore. The offering starts with a rapid assessment of your application portfolio and business processes, and executes on practical and actionable recommendations for optimizing your IT investments through application portfolio rationalization, application and business process outsourcing, and legacy modernization.