DXC Technology provides insurance-specific services across the Enterprise Technology Stack, including business process as a service and insurance software. DXC’s capabilities were positioned as a Leader in:
- New Business Setup/Underwriting
- Benefit & Fund Management
- Operations Transformation
- Life Claims Administration
NelsonHall, a leading global analyst firm dedicated to helping organisations understand the “art of the possible” in digital operations transformation, has identified DXC as a Leader in the Overall market segment, as shown in the NEAT graph. This market segment reflects DXC’s overall ability to meet future client requirements as well as delivering immediate benefits to life, annuities & pension clients.
Leaders are vendors that exhibit both a high ability relative to their peers to deliver immediate benefit and a high capability relative to their peers to meet client future requirements.
NelsonHall has identified DXC as a Leader in the New Business Setup/Underwriting market segment, as shown in the NEAT graph. This market segment reflects DXC’s ability to meet future client requirements as well as delivering immediate benefits to life, annuities & pension clients with specific capability in new business setup and underwriting.
NelsonHall has identified DXC as a Leader in the Benefit & Fund Management market segment, as shown in the NEAT graph. This market segment reflects DXC’s ability to meet future client requirements as well as delivering immediate benefits to life, annuities & pension clients with specific capability in benefit and fund management.
Overview (excerpted from the NelsonHall NEAT evaluation for DXC Technology)
DXC has ~25 years of experience in providing third-party administration services to life, annuities, and pension carriers in the U.S. market, with a recent expansion into Canada. DXC also leverages its breadth of insurance software and IT business solutions and capabilities to support its BPS offerings for LA&P clients. DXC reports ~4k FTEs dedicated to LA&P client engagements, utilizing both IP platforms and partnered solutions to offer comprehensive capabilities to carriers.
DXC provides a full complement of traditional BPO, BPS, and BPaaS services to life, annuities, and pension carriers in new business setup, customer administration and policy servicing, distribution support in licensing and appointments, and distribution compensation and commissions. Additional services include BPO and BPS support in acquisitions, transition services for closed blocks, unit value pricing and trading, policy conversions and system consolidations.
- Ensuring biometric partnerships and incorporating data into the carrier's underwriting process
- Serving as a licensed third-party administrator (TPA) in the U.S. and licensed broker-dealer in Canada, and utilising this expertise in compliance and regulation
- Providing conversational artificial intelligence (AI) capabilities in DXC Assure for Life and Wealth, as well as partnered solutions to enhance the customer experience
- Continuing to curate a growing partnership ecosystem that provides comprehensive digital and service offerings, for instance, health and supplemental capabilities to Life, Annuity and Pension (LA&P) carriers
- Securing cloud-enabled solutions for TPA, BPS, and BPaaS client engagements to reduce operating costs
- Investing extensively in talent skilling and expertise, and comprehensive proprietary digital solutions
DXC continues to evolve its TPA business through enhanced digital capabilities and aims to grow its portfolio of integrated insurance solutions through IP, acquisitions, and partnerships within the market. Currently, DXC offers a curated list of ecosystem partners to facilitate comprehensive offerings to LA&P carriers.
DXC will continue to centralise product development and externalisation of calculations to speed product introductions and transitions and provide cost efficiencies.
DXC will focus investments on expanding customer engagement capabilities within the solutions utilised in both TPA and BPS and in IT to create additional back- and front-office efficiencies, including those achieved by providing end-users with additional easy-to-use self-service functionalities. DXC will also invest in expanding digital products while enabling modular implementations and seeking additional ways to capture, leverage and display data for analytics and business insights. This is an internal focus as a TPA and for the BPS offering, combining this development with automation and AI to reduce manual touches.
DXC investments in IP and technology partnerships will grow in the digital solution portfolio, with a specific expansion of customer service administration capabilities. Look for increased implementations of customer experience modules and "CX-as-a-service" engagements. With the recent implementation of the TPA engagement in Canada, expect to see further enhancements to this client's systems and additional client engagements in this region.