Centralized Insurance Management System for Enhanced Product Configuration and Accelerated Policy Processing

The client currently manages separate property and life insurance systems alongside multiple front-office platforms, leading to complex processes, slow premium calculation and policy issuance, and difficulty in deploying new insurance products rapidly. These inefficiencies hinder customer service speed and limit sales growth opportunities.

A mid-sized insurance provider operating across numerous distribution channels, aiming to unify their property and life insurance systems into a single, flexible platform to improve operational efficiency and customer experience.

• Develop a unified insurance management platform integrating existing systems to streamline processes.
• Accelerate premium calculation and policy issuance workflows to reduce customer wait times.
• Enable low-code configurability for creating and modifying insurance products to adapt quickly to market demands.
• Achieve measurable improvements in sales conversion rates and policy volume, aiming for at least doubling the number of premium calculations and policy applications shortly after deployment.
• Increase total premiums due significantly over a multi-year period, targeting a 250% growth within three years.

• Product Factory microservices including product configurator, product catalog, and tariff engine for flexible product development.
• Policy Center microservices covering sales, commissions, subsidiary ledger, claims, policy management, billing, and debt collection.
• Claim Center microservices facilitating claims processing, payout management, billing, subsidiary ledger, and customer communication channels.
• Customer-facing portals such as agent portals and configurators enabling quick quote generation (within 30 seconds) and seamless policy issuance (within approximately 35 minutes).
• Integration of microservices to automate workflows and support rapid deployment of new and updated insurance products.

• Payment processing systems for policy premium collection
• Customer databases and identity verification services
• Pricing and rating engines for real-time premium calculations
• Existing legacy systems migrated into new microservices architecture

• System scalability to handle increasing policy volumes and concurrent user transactions
• High performance with response times under 1 second for key customer interactions
• Robust security measures compliant with data privacy standards for customer data
• Availability targets ensuring 99.9% system uptime
• Ease of configuration and updates with low-code capabilities to support rapid product changes

By implementing the new insurance management platform, the client aims to double the number of premium calculations and policy applications within three months, increase sales conversion rates by approximately 30% through optimized customer journeys, and achieve a 250% increase in total premiums due over three years, significantly improving operational efficiency and revenue growth.