Development of a Fully Digital Life Insurance Platform with Rapid Premium Calculation

Existing life insurance purchasing processes are often opaque, paper-driven, and time-consuming, leading to difficulty in delivering quick, clear, and convenient service. Customers experience delays and lack transparency, hindering acquisition and customer satisfaction. The client seeks a seamless, fully digitized solution to streamline underwriting, policy creation, and application processes, thereby reducing application time and enhancing user experience.

A mid-sized insurtech company aiming to modernize its life insurance offerings through a fully digital, user-friendly platform that enables instant coverage approval.

• Create a fully digital platform enabling users to obtain pure life insurance coverage in less than 3 minutes.
• Implement an intuitive user interface with an easy-to-use policy builder and premium calculator.
• Automate and digitize the underwriting process to facilitate instant coverage decisions.
• Ensure the platform supports paperless application submission and policy issuance.
• Deliver the product within a fixed, predictable budget to accelerate market entry and reduce development risk.
• Enable rapid integration of additional expert technical resources as needed to adapt to regulatory and partnership requirements.
• Provide ongoing support to quickly resolve issues and ensure smooth operation post-launch.

• User-friendly policy builder interface enabling customers to select coverage options easily.
• Real-time premium calculation module capable of determining personalized coverage within 3 minutes.
• Automated underwriting engine digitizing the approval process for immediate provisional coverage.
• Digital application generation and submission without paper forms.
• Secure user authentication and data encryption to protect sensitive information.
• Backend management system for policy processing, data storage, and audit trails.
• Option for integration with external insurers and third-party verification services.

• External insurance provider systems for policy validation and issuance.
• Third-party underwriting and verification services.
• Payment gateways for premium collection.
• Identity verification and KYC tools.
• Customer support and communication channels.

• System availability of at least 99.9% uptime.
• Response time for premium calculation under 2 seconds.
• Data privacy compliant with relevant regulations (e.g., GDPR).
• Scalability to support increasing user load and geographical expansion.
• Secure architecture with encryption, access controls, and audit logs.

The implementation of this platform aims to deliver a rapid, transparent, and efficient insurance purchasing experience, enabling customers to obtain coverage within 3 minutes. This streamlined process is expected to increase customer acquisition rates, reduce operational costs associated with traditional insurance sales, and accelerate time-to-market. By automating underwriting and application handling, the platform supports scalable growth and improved customer satisfaction, positioning the company as a leader in digital life insurance solutions.