Merrill-based Church Mutual, an insurer rated A (Excellent) by A.M. Best Company, is the leading insurer of religious institutions in the United States. It has 935 employees across the nation. Church Mutual began developing a new policy processing system several years ago. Church Mutual has entered into an agreement transferring ownership of the system to Tech Mahindra.
“Tech Mahindra brings a high level of system integration expertise for global insurance players,” Church Mutual President and CEO Mike Ravn explained. “With them maintaining the policy administration system going forward, our company will be able to focus our technology efforts and resources on strategic work. This move will save us development and maintenance costs for years to come.”
As part of the engagement, Tech Mahindra would be converting the existing Policy administration and billing systems into a cloud based model and take this product along with Church Mutual to the Tier 2 and Tier 3 P&C carriers in US market. The focus of this cloud model would be faster processing and Line of Business rollouts using Insurance Product Modeling. With this cloud model, Insurance carriers can focus their attention on their core business and technology can convert costs from Capex to Opex model.
“Our in-depth understanding of the insurance business processes has enabled us to design solutions that will help insurance customers derive the best value from their IT investments. We are proud to partner with Church Mutual in this digital transformation journey,” said CP Gurnani, MD & CEO, Tech Mahindra.
The goal of the partnership is to create a state-of-the-art system that supports Church Mutual’s strategic growth needs. This will be a technology that other insurance companies may want to purchase, providing Church Mutual and Tech Mahindra with potential royalties from future licensing fees.
Tech Mahindra’s innovative solutions are equipping the insurance industry help move along with the uncertain future and exploit emerging opportunities since 20+ years. The Insurance practice at Tech Mahindra has a strong team of domain experts and boasts of some major names in the industry as customers.
