About the Client
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 Challenge
Our client was losing out on market capture in Marine Line business in London due to the absence of any online platform. This was because their existing business was running with discrete underwriting system built on legacy technology which had become conglomerate of old platform and technology. Due to this there was lot of manual intervention both at broker and underwriter level which was impacting the overall efficiency of operations. This not only impacted their competitiveness in the market but also brought significant complexity and cost to the organisation. Due to all these challenges the business was not able to deliver new products rapidly, cross-sell and scale up their existing business.
Objective
- A unified 360-degree broker view for Marine line of business.
- Improved broker experience which is currently impacted by manual intervention reducing their overall efficiency of operations and competitiveness in the market
- Improved ability to rapidly deliver new products, cross-sell and scale
- Rationalize the application landscape to reduce the conglomeration of various platforms and technologies
Our Solutions
Coforge addressed this loss by implementing a green field application leveraging the digital backbone of Sitecore, ESB & a customized configurable rating engine in just 8 weeks using the Agile Methodology. The solution provided flexible quote to policy workflow portal 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.
Benefits Delivered
- Meeting Expected revenue of 1 ml $ in 1st year, which was previously unthinkable
- UWs, Brokers benefited from a Faster TAT for Policy creation and submission and had a more Connected and enhanced Experience
- Enhanced broker 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 that reduced time to market from multiple days to ~10 minutes
- Increased average market share with brokers by ~25% through cross selling and new revenue channels
