Leading Innovation in Insurance

The Challenge :

  • Increasing pressure on insurer’s profitability has led them to look for new distribution channels, fueling the drive for MGA adoption to reduce value chain costs. Current time-consuming process of updating lengthy forms, long TAT to get quotations from insurers, data entry errors, long development time to implement and release products pose additional challenges.

The Solution :

  • Global UCM platform to connect anywhere in the value-chain.
  • End-to-end solution including architecture & system integration.
  • Integration of third-party providers for increased pre-fill and risk visibility and implementing scenario based premium calculation.
  • Developed a platform with simplified quoting journey and instant online quote that can be bound to a policy.
  • Technical platform to accept information through email, digital broker channel, and from shopping platform.
  • Azure DevOps: for CI/CD, Deployment automation, release management, and Agile dashboard setup.

The Outcome :

  • Significant reduction in overall Turn-around time.
  • Superior underwriting UX.
  • Simplified processes for quick onboarding of products in pipeline.
  • User-friendly, easy to navigate responsive UX.
  • Common APIM layer to be leveraged for multiple apps.

 


 

The Challenge :

  • Separate technology team for all LOBs to manage different aspects of marketing & service needs and absence of best practices and continuous improvement led to unscalable custom solutions. There was no transparency of process and defined intake mechanism for service/change requests.

The Solution : 

  • Single channel for intake mechanism with immediate acknowledgement.
  • Use of standard tools like JIRA for tracking requests with customized dashboards for sharing information, measuring progress and maintaining project in control.
  • Implementation of Agile methodology to maximize visibility, support adhoc requests and manage shareholder expectations with clearly defined project deliverables.
  • Established guidelines and best practices for timely delivery.
  • Feedback cycle for continuous process improvement.

The Outcome :

  • 30% reduction in Campaign Execution.
  • 1.3x New Lead Generation in Customer Acquisition Process.
  • 34% savings in total cost – result of MArTech Support.
  • Optimized targeted marketing for digital offerings & support.

 


 

The Challenge : 

  • To develop a core insurance platform built around agility to launch new products, pricing and improve customer communications, an API channel focused on interactions with aggregator and provide a modular architecture for services to be used across channels and brands.

The Solution : 

  • Robust middleware solution that provides a clear decoupling between system of records, third party services and systems of engagement.
  • Developed a comprehensive set of technical APIs & components that form the foundation for rest of the build (Logging, Auditing, Caching, Encryption etc.)
  • Engagement Scale.
  • Multi-year engagement across products & brands.
  • 180+ system APIs, 30+ process APIs and 30+ experience APIs.
  • 22 resources in the onsite-offshore model.

The Outcome :

  • Agility to launch.
  • New Products.
  • Underwriting Rules.
  • Promotions & Discounts.
  • Real time, high performance access to quotes from Price Comparators.
  • Easy to add new external consumers or PCW to Quoting APIs.

 


 

The Challenge :

  • Demand for huge number of APIs (150+) needed APIs to be prioritized and delivered quickly, thus required a self-sufficient team to build these APIs at a faster pace. To reduce Mainframe footprint and thus MIPs, Mainframe data had to be moved to ODS (MongoDB) and to be exposed to channels via APIs.

The Solution : 

API Assessment 

  • Identification of top 10 high volume transactions and mapping them to APIs to be picked up as high priority.
  • Identification of APIs for shared customer journeys and picked APIs for prioritized journeys.

Team Formation

  • Strong team of 20+ members consists of PM, BA, Cards SME, Designer & Developer formed.

API Design & Development 

  • Defined processes and methodologies to quickly start and deliver an API, proven set of templates for all kind of problem statements.

Technology Stack

  • Java latest, RESTful, RAML .

The Outcome :

  • No real-time dependency on mainframes.
  • Potential savings of GBP 3.8mn/year once all APIs for top 10 txns are deployed to live.
  • Top 10 high volume transactions, lost & stolen, PSD2 customer enquiry, HVT.
  • Delivery of system API – Total 80+ APIs, 50+ Live.