NTT DATA, a digital business and IT services leader, announced today the launch of their Global Insurance Digital Platform (GIDP), a cloud based, digital platform and partner ecosystem, that provides best-in-class consulting, partnerships, Business Process as a Service (BPaaS), Third-party Administration, and technology to the Life & Annuity Industry. GIDP, along with partner integration provides the ability to quickly launch new products, proactively use data, reduce operational costs, mitigate risk, and remain competitive.
“The new virtualized world has forced a digital operating model on life insurers and many of them, along with solution providers, are taking the digital challenge as a must to survive and thrive,” said Keith Raymond, Senior Analyst at Celent. “The pandemic accelerated digital adoption and platforms that connect an ecosystem of core administration systems, claims management, agent automation, and analytics help insurers leverage their existing investments and get to market faster.”
GIDP's componentized approach connects seamlessly via event-based APIs and is built on a strong foundation of deep industry knowledge, BPO, infrastructure, security, compliance, and automation. GIDP promotes business process digitization, improves decision-making based on robust data, and delivers product innovation.
GIDP’s ecosystem provides clients with immediate access to our wide array of industry-leading, global and regional partners – offering turnkey solutions across the value chain. While GIDP is global, it provides the unique benefit of being a highly customisable, regional solution, specific to individual needs to help each client speed up their digital transformation journey and enhance the end user experience.
Designed for Life and Annuity industry needs:
- Business Process as a Service (BPaaS) -- Rapidly scale with our mature TPA/BPO processes to deliver end to end cloud-based business process services or specific functions.
- Data, Analytics & AI -- Support regulatory compliance, distribution analytics, data-driven processes, straight-through processing, hyper-personalised customer interaction, and underwriting.
- Digital Core Modernisation -- Launch and expand new platforms and ecosystems with cost containment, efficiency, and simplified application rationalisation.
- Digital Customer Engagement -- Align the carrier with distributors, including portal and mobile channels, and utilise customer insights.
- New Business and Rapid Product Launch -- Test and learn with new products, distribution channels and new markets.
- Non-Strategic (Closed) Blocks -- Realie immediate access to capital, de-risked balance sheets, and a reduction in operational costs.
“We are in the ERA of interconnected companies,” said Masahiro Kashibe, Global Insurance Alignment Lead at NTT DATA Corporation. “NTT DATA’s Global Platform brings together best of breed partnerships to support our clients in accelerating the journey to maximize data and digital transformation and to optimize processes, costs, innovation and increase client engagement.”
Bruno Abril, Partner NTT DATA EMEAL Insurance, remarked: “We are glad to bear fruit of three years of collaboration with other NTT DATA companies globally. Our sister companies in the US and Japan markets are leaders in this field, and this joint effort has granted us with maturity and leadership in other regions, both in EMEA and LATAM. GIDP enhances our BPaaS/BPO capabilities and provides our life insurance clients with a unique selling proposition for facing critical challenges such as low interest rates, increased regulation, cost pressures, evolving client demands or security risks."
To read more about NTT DATA’s Global Insurance Capabilities visit: https://insurance.nttdata.com/
To read more about our 2021 research visit: L&A Insurers Shift Their Digital Transformation Into High Gear
* GIDP™ is trademark of NTT DATA Corporation in Japan, The United States of America Canada, Spain, Portugal, Belgium, Italy, United Kingdom, Netherlands, Luxemburg, Germany, Ireland, Austria, Switzerland, France, Denmark, Finland and Sweden.