Insurance Giant's Cost Reduction Journey with Our Agency Commission Management System

Eai

Executive Summary

One of the fastest growing mid-tier insurance carriers and risk underwriters, the client is known for providing a wider range of quality insurance products and services for customers all across Europe. Headquartered in London, the client covers motor vehicles, property, mortgage payment protection, motor gap, business travel through their insurance products. The client also offers services like the premium collection, policy issuance and claims handling by acting as a third-party administrator (TPA) for their customers.

Client Challenges

  • Due to severely customized and hard-coded operations of the in-use legacy system, the client found it expensive and time-consuming to add and maintain new schemes for additional lines of business (LOBs)
  • This inflexibility hampered the client’s ability to evolve according to the changing business needs and deliver what their customers wanted. Consequently, most of the business opportunities went untapped by the client
  • To eliminate this limitation, the client tried to customize an off-the-shelf policy administration system
  • It didn’t prove much beneficial, as client had unique requirements for agency commission management and TPA services
  • For the solution to work efficiently, it not only had to meet these requirements, but it needed to integrate with other best-in-the-business applications
  • To minimize the operational cost and time, the challenge in front of the client was to define products and operations without any coding effort
  • Importantly, it was necessary for the integrated solution to work with the systems of larger organizations with interdependent needs and similar technology requirements

Our Solutions

Appointed a team led by a senior business analyst to conduct a thorough analysis of our client’s existing business model, current and future business needs.
To put that analysis in concrete actionable form, we took the following approach-

    A) Defining the System Needs:

  • We began by developing a real-world business domain model to provide a common template for documenting and communicating requirements specific to agency commission management and TPA services
  • It enabled the client to separate the essential core system from the definitions of the insurance products, which simplified the handling of additional LOBs
  • B) Recommendation of a Well-Planned Solution:

  • To bring flexibility in the entire system workflow, we advocated a solution that supports easy configuration of products
  • It ensured the planned revisions if and when a product changes
  • More importantly, it enabled the client’s configuration to cover coverages, transactions and atomic actions throughout the various processing stages in the life cycle of a policy
  • To break the data silos and equip the client with complete control over the solution, we implemented interactions between other components, such as billing and claims
  • To select the best possible solution for each contributing component, we composed the interface between the policy administration component and other components

Quantifiable Benefits

  • 22%. improvement in the business processes’ efficiency
  • 30%. reduction in time due to increased automation
  • 20%. cost reduction due to a flexible and efficient architecture

About Futurism Technologies

Futurism Technologies is a global business leader, that bringing 360-degree Digital Transformation for business enterprises of various sizes, as well as technology providers by delivering assured business efficiency through a set of new-age technologies. We provide end-to-end high quality and cost-effective IT services to a variety of industries. With state of the art offices in India, US, UK, Australia, and UAE, we have become a global trusted partner of our clients by delivering age-defining and convention-defying digital transformation solutions.

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