Case Study at a Glance:
- Industry: Insurance: Personal Auto
- Company: Under NDA
- Company Size: 11-50 employees
- Site: Under NDA
- Timeline: Modernization Insuretech Platform in 1.5 Years
Background:
The insurance company specializes in personal auto insurance and offers low premium rates and efficient claim settlement programs. Customers can choose from a variety of policy options, including full insurance that covers both the vehicle and personal injury protection (PIP) if needed. The company also has a network of pre-approved service centers across the US to make claim settlement and repairs more convenient and cost-effective. The company’s unique selling points include its low insurance premiums, easy and transparent billing, preferred service providers, and simple claim process. Additionally, the company has implemented best practices such as custom-built analytics, a small and efficient team, streamlined processes, and an alert system for management. As a result, the company has consistently increased its profits year after year.
The ask:
In 2019, our Customer set a goal to modernize their existing insurance platform by adding a process that would improve scalability, performance, and ease of onboarding new agents and customers. The goal was to make the system so user-friendly and efficient that once a customer was onboarded, they wouldn’t consider using any other insurance provider. To achieve this, the company also aimed to increase profitability by implementing the latest technology, offering attractive commissions to agents, and keeping employment and infrastructure costs low.
Key Product Parameters for System Improvements
Architecture:
- Conversion from a large monolithic application to a service-based architecture
Workflow:
- Implementation of a new, streamlined workflow for underwriting
- Implementation of an efficient workflow for claims
Management:
- Diary management system for agents, employees, and management
- Quick search for claims
- Provide analytical data to Directors
- Ability to quickly add custom rules as per company and government requirements
- Ability to audit the system as per government norms
- Multilevel Dashboard for Managers and Directors
Customer-facing features:
- Ability to add/edit discounts to the Insureds
- Ability to add, edit, send customized letters to Insureds
- Implementation of multiple payment installments options
Alerts:
- Implementation of alerts for management, agents, and customers
- Quick search for policies, people, phone, driving license, underwriting, claims
Integrations:
- Integration with payment processing systems for Credit/Debit cards and ACH
- Credit Check API integrations
- 3rd party Rater integration
- Auto data, CLUE report integration
Our Solution
- The Agile Soft team started analyzing the existing insurance application to understand the system areas that are causing underperformance.
- Project solution and conceptualization began with close interactions with business stakeholders for their inputs and feedback.
- We assigned a dedicated Business Analyst to interview the stakeholders for requirement elicitation and then to analyze the gathered requirements.
- Based on the gathered requirements, feedback, suggestions, a detailed plan of enhancements was proposed to add new cutting-edge functionalities to the platform.
- Visual wireframes for the entire application were then created to guide the development process.
- The team then moved on to the visual designing phase, where the design was aligned with the client’s brand guidelines.
- The architecture of the application was redesigned with a scalable Service-oriented architecture to ensure future scalability and maintainability of the application.
- To ensure that the application met the stakeholders' requirements, regular presentations cum reviews were conducted to gather feedback for fine tuning the development items.
- The application went through an extensive testing process, which included unit testing, functional testing, UI/UX testing, interrupt testing, regression testing, performance testing, and system integration testing to ensure that the product is of the highest quality.
Solution Software & Application
After analyzing the existing application, we implemented the following solutions to align with the priority of the requirements:
- Moving from a monolithic system to ASP.Net MVC implementation for scalability and maintainability.
- Re-architecting the infrastructure for scalability, stability, and security.
- Implementing an audit log that allows for straightforward investigations and compliance with regulations.
- Implementing Microsoft SQL Service to improve the performance and security of the database.
- Implementing Reporting services using Microsoft Reporting services that allows for easy generation and sharing of reports.
- Implementing a disaster recovery plan to ensure that the system can quickly recover in case of an outage.
- Implementing alerts using socket programming to enable quick notifications to Management and Agents.
Results
Adopting ASP.Net MVC-based technologies has brought significant benefits to our client’s auto insurance business in the following areas:
- Time-to-market: Quickly implement the new government (Insurance Regulator) mandate.
- Tailor: the policies to the needs of the Customer.
- Simplicity: A single platform supporting wide auto insurance activities such as:
- Hassle-free onboarding of Agencies & Agents
- Reliable Rating Engine
- Simplified endorsement workflow that supports speedier binding & issuance
- Efficient claims workflow and timely payment
- Real-time usability , management reports for financial visibility
- Interoperability: Multiple third parties are now connected by using API integration.
- Scalability: The tenant and message-driven architecture ensure scalability, duly supporting the rapid growth of the business, while keeping the commute costs in check.
- Agility: The company can introduce new insurance products without affecting the existing system.
- Compliances: Quick adherence to government mandates and timely reporting.
- Customer benefits: Improved Agent experience for quote, binding and issuance. A cost-effective, on-time claim settlement system making claims simple.
About the Company:
Agile Soft Systems Inc. is software design, development and testing company with offices in US and India. We enable Insurance, Banking, Financial Services, ISVs and global brands to build, enhance and maintain world class software products.
We use a unique approach that combines the best of onshore and offshore development, which allows us to tailor our services to meet our client’s specific needs and contribute to product innovation.
Our goal is to help companies achieve true digital transformation of their business processes by providing services that optimize efficiency and modernize their IT infrastructure to be more resilient and robust.
We bring in a combination of business expertise and industry insights, along with innovative technologies to provide specialized skills and tailored solutions to our clients.
Visit us on: https://www.agsft.com