About the customer
The client is a leading international specialty insurance group with offices in the United States, United Kingdom, Spain and Ireland, transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance.
Business Challenges
Our client were acquiring a captive underwriting unit who were keen to make a mark in the Marine Liability product marketplace. The underwriters used a fragmented legacy platform to interact with their brokers. The UW unit had a choice to move to another insurer but as per the deal terms, our client promised this team to be empowered with a modern, intuitive quote-and-bind portal for their broker community. This will allow them to meet their in-year-growth targets, help the insurer launch a new product within record time and gain a competitive edge against other players.
Objective
A unified 360-degree broker view for Marine line of business which will deliver improved broker experience, Improved their ability to rapidly deliver new products, cross-sell and scale, increase the overall efficiency of operations and above all, achieve a competitive advantage in the market.
Our Solution
Coforge addressed this challenge by leveraging the existing digital backbone of Sitecore and ESB.
Coforge started the green filed development using Agile methodology and planned the sprints in a manner so that the Minimum Viable Product for this line of business was delivered in just 8 weeks.
The solution provided flexible quote to policy workflow portal including a flexible rating solution for underwriters & brokers. The portal was built on modernized, integrated, multichannel, responsive multi device ready Sitecore CMS platform.
It also provided multi-persona and role-based application for underwriters, brokers and their sub-brokers. The portal has the capability for User Administration and Login via Active Directory implementation along with seamless persona based automated user journey.
Value Delivered
The UW team were able to meet their expected revenue of 1 ml $ in 1st year, which was previously unthinkable UWs, Brokers benefited from a Faster turn around time for Policy creation and submission and had a more connected and enhanced user experience Improvement in underwriter and brokers productivity by ~20% Improved business agility with delegated business rules, resulting in reduced operation cost by 10% - 15%. Reduced submission processing timelines from multiple days to ~10 minutes Increased average market share with brokers by ~25% through cross selling and new revenue channels
