Development of a Mobile Premium Calculation and Customer Data Security Platform for Financial Services

The client relies heavily on manual Excel sheets to calculate insurance premiums and maintain customer records, leading to time-consuming processes, prone to errors, limited flexibility for scenario testing, and security concerns regarding sensitive customer data. As their customer base expands, these issues hinder operational efficiency and data security.

A mid-sized financial services provider specializing in insurance policies, retirement plans, and wealth management, seeking to improve customer engagement and operational efficiency through digital transformation.

• Automate insurance premium calculations to improve accuracy and reduce processing time.
• Develop a secure, mobile-enabled platform that allows customers to calculate their premiums and share relevant data conveniently.
• Enhance flexibility to enable experimentation with various calculation scenarios and input variables.
• Implement robust security measures, including encryption, to ensure confidentiality and data integrity.
• Reduce dependence on manual spreadsheets, thereby increasing operational efficiency and data security.
• Deliver a user-friendly mobile application to improve customer experience and accessibility.
• Complete the project within a 6-7 month timeframe, ensuring seamless deployment and adoption.

• Automated premium calculation engine based on multiple configurable algorithms.
• Scenario management allowing input variable testing and comparison of different premium options.
• Secure user authentication and AES-based data encryption/decryption to protect sensitive information.
• User-friendly interfaces optimized for mobile platforms (Android and iOS) that enable customers to input data, view premium estimates, and share information.
• Administrative dashboard for managing calculation rules, user data, and system settings.
• Audit trail and logging to track changes and access to sensitive data.

• Secure authentication services (e.g., OAuth, Active Directory)
• Encryption services for secure data handling
• Scalable cloud hosting platform for backend APIs
• Analytics and monitoring tools for system performance and user engagement

• System should support at least 10,000 concurrent users with optimal performance.
• Premium calculation response time should be under 2 seconds.
• Data encryption should comply with industry standards (AES encryption).
• Application must adhere to security best practices to prevent unauthorized data access.
• Scalable architecture to accommodate future feature expansions.

The implementation of this mobile platform is expected to significantly enhance customer experience by enabling quick and accurate premium calculations, increase operational efficiency by automating manual tasks, strengthen data security with encryption, and reduce reliance on error-prone spreadsheets. Overall, these improvements aim to boost customer satisfaction, reduce processing time, and support scalable growth of the financial services provider.