DHFL Pramerica Life Insurance Turns to OpenText for Enterprise-Wide Digital Transformation

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Dec 13, 2017, 08:00 ET

India Professional Services Centre of Excellence Helps Life Insurance Provider Improve efficiencies in its Operations and Drive Customer Satisfaction

WATERLOO, Ontario and NEW DELHI, Dec. 13, 2017 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX, TSX: OTEX), the global leader in Enterprise Information Management (EIM), and DHFL Pramerica Life Insurance, one of India's fastest-growing life insurance companies, today announced completion of a large-scale digital transformation project that has digitized key business processes at DHFL Pramerica Life Insurance, from creating insurance policy documents to managing new insurance agents and channel partners.

"Our customers are demanding a dynamic digital experience from us as an insurance company," said Anoop Pabby, Managing Director & CEO of DHFL Pramerica Life Insurance. "Shifting our operations to a digital-first approach is helping us manage our rapid growth while continuing to scale our high-level of customer service. Our customers and insurance agents are responding well to these changes."

"India is a strategic part of OpenText's future," said Mark J. Barrenechea, Vice Chairman, CEO and CTO, OpenText. "DHFL Pramerica Life Insurance is showing that embracing digital technologies to deliver world-class customer experiences and intelligent automation of business systems can generate meaningful growth."

"Working with OpenText has provided us with the expertise to implement technology solutions that enable our business success," said Mayank Bhargava, Chief Information Officer at DHFL Pramerica Life Insurance. "OpenText's Indian Professional Services Centre of Excellence has been instrumental in supporting our team as we move to a paperless future, and their expertise is helping us to innovate across the organization."

As part of a multi-year contract, OpenText will provide DHFL Pramerica Life Insurance with implementation support and managed services to maintain their digital solution and support long-term user adoption and satisfaction.

"Our partnership with OpenText has brought a refreshing, progressive approach to building operational stability," said Vishal Chopra, EVP & Head Operations at DHFL Pramerica Life Insurance. "This engagement with OpenText to deliver managed services has helped ensure that the right technology and talent mix is in place to deliver a fully-digital operation. Using OpenText managed services has allowed our internal teams to focus their time and energies on creating superlative customer experiences and innovative insurance products. This has helped reduce our turnaround times & speed to market as well."

DHFL Pramerica Life Insurance has deployed OpenText Content Suite to generate and manage customer-facing documents, such as insurance quotes and policies. The life insurance sales process often requires customers to provide multiple forms and pieces of documentation. OpenText Content Suite helps to securely manage this sensitive information.

OpenText Process Suite seamlessly enables policy processing across multiple teams at DHFL Pramerica Life Insurance. Process Suite is also being used to automate interactions with insurance agents, ensuring that this important sales channel can rapidly deliver quotes and information that comply with regulatory requirements and business rules.

This solution helps ensure that key business processes, content, and information are delivered to customers, partners, employees and agents securely across both desktop and mobile environments.

As part of this solution, OpenText manages multiple digital platforms at DHFL Pramerica Life Insurance. By leveraging the expertise and flexibility of OpenText Managed Services, DHFL Pramerica Life Insurance can bring new insurance services to new market rapidly, scaling-up technology resources where necessary.

"We are happy to be part of DHFL Pramerica's transformation into a digital insurer and continue to help DHFL Pramerica Life Insurance unlock the value of their investment," said Manoj Nagpal, Vice President, OpenText, India. "As experts in Enterprise Information Management, OpenText is committed to supporting its customers in their digital transformation."

About DHFL Pramerica Life Insurance Company (DPLI)
DPLI is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), one of India's largest housing finance companies (the second largest in the private sector) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI), a financial services leader headquartered in the U.S. DPLI represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades.

DPLI has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. For further information on the Company, please visit www.dhflpramerica.com.

About DHFL
DHFL was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access for Indians to own a home of their own. Today, led by Mr. Kapil Wadhawan, CMD, DHFL, the company is CARE Triple A rated and reckoned as one of India's leading financial institutions with a large presence across the country, in addition to representative offices in Dubai and London.

Throughout its years of growth, DHFL has stayed true to its core vision of financial inclusion, especially to the low and middle income customers across India. The company's wide network, coupled with insights into local customer needs, has enabled the company to provide meaningful financial access to customers even in India's smallest towns. With a strong business foundation, an extensive distribution network, proven industry expertise and a deep understanding of the Indian customer, DHFL is a respected and trusted financial services company in India with a concerted focus towards enabling home ownership to the low and middle income customer. For further information, please visit www.dhfl.com.

About PFI
PFI, a financial services leader with $1.366 trillion of assets under management as of September 30, 2017, has operations in the United States, Asia, Europe and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. Prudential International Insurance Holdings & Prudential Financial Inc. of the United States are not affiliated with Prudential Plc, a Company incorporated in the United Kingdom. In the U.S., PFI's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, on-premises or in the cloud. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.

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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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