Development of a Cloud-Native Digital Insurance Platform for Income Protection

The client currently faces limitations in scaling their initial MVP platform for disability insurance, encountering challenges related to feature expansion, complex sales processes, and inefficient workflows. Their internal team lacks sufficient capacity for ongoing development and testing, hindering growth and user experience improvements. Additionally, their platform needs to support seamless document handling, real-time quote and underwriting data access, secure payment processing, and effective communication channels to serve a growing customer base and agent network.

A mid-sized InsurTech startup specializing in income protection and critical illness insurance products, aiming to enhance digital sales channels and streamline policy management.

• Establish a flexible, scalable cloud-native architecture to support increased user volume and data management needs.
• Develop a user-friendly platform enabling consumers to receive instant, personalized disability insurance quotes for free.
• Create an agent portal to facilitate streamlined selling processes, including quote generation, application submission, and policy binding.
• Enhance the client portal with features to efficiently add new insurance types without duplicating business logic.
• Implement secure and reliable payment processing and identity verification integrations.
• Integrate dynamic quote, underwriting, and form management APIs for real-time data access and seamless document handling.
• Enable automated communication through email and messaging integrations to improve user engagement.
• Ensure strict security, data privacy, and compliance standards through secure storage and authentication mechanisms.

• Instant, personalized disability and critical illness insurance quote generator accessible via web forms.
• Agent portal for running quotes, submitting applications, and instant policy binding based on client eligibility.
• Enhanced client portal supporting addition of new insurance types with minimal custom development.
• Secure payment processing integration using reliable platforms (e.g., Stripe).
• Real-time quote retrieval and underwriting decisions via integrated APIs.
• Automated document management with eSignature capabilities using document templates and digital signing solutions.
• Communication modules including email and SMS notifications powered by integrated services.
• External API services to enable third-party system integrations and partner collaborations.

• Payment processing platforms (e.g., Stripe) for handling transactions
• Identity verification services (e.g., XVerify) for client validation
• Quote and underwriting APIs for real-time data and decision-making
• eSignature services for seamless document signing (e.g., DocuSign or equivalent)
• Communication platforms for automated email and SMS messaging (e.g., SendGrid, Customer.io)

• Scalable architecture capable of supporting increased user load and data volume
• High availability and fault tolerance to ensure uninterrupted service
• Secure data storage and transmission to comply with privacy standards
• Fast response times for quote generation and API interactions (target sub-second to a few seconds delays)
• Robust authentication and authorization measures to protect user data

This project aims to deliver a user-friendly, scalable digital platform that offers instant, personalized insurance quotes, streamlines the agent selling process, and automates policy binding and document management. The platform is expected to improve operational efficiency, reduce time-to-approval, and enhance customer engagement. Anticipated results include increased platform adoption, faster policy issuance, and a significant reduction in manual processing efforts, ultimately leading to improved revenue streams and customer satisfaction.