Enabling a Web-based Administration Platform for a Fortune 1000 US Company
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Synopsis
The rapidly changing demand of the insurance industry necessitates the need to move existing legacy systems and processes online. It is at the heart of every business development. That is why a provider of property and casualty products and services engaged with us to consolidate its business on a modern, web-based underwriting and policy administration platform. The rich interaction and customization abilities of the web-based platform helped the client reduce the overall implementation costs.
About the Client
Among the top 50 providers of property and casualty business in the US, the client has premium volumes of USD 2 billion. They provide personal and commercial insurance for small to medium-sized businesses through a countrywide network of retail and wholesale agents. The client also offers specialty insurance products to customers in niche markets across the US.
Business Challenge
Over the years, the client’s business had been growing significantly through inorganic means. To be better prepared for the future, they wanted to consolidate their business on a web-based underwriting and policy administration platform built using Duck Creek Technologies (DCT) in the Personal and Commercial lines of business. About 400,000 policies from the Personal Lines were to be converted to the DCT platform almost immediately after the new business Policy Administration System (PAS) went live. To fulfill these needs, the client needed an implementation partner that could acquire deep understanding of its systems and business in a short span of time. We were able to deliver this and much more.
Our Solution
We used our pool of DCT subject matter experts from our centers of competence to convert and renew existing personal lines policies, roll-out commercial lines products, fine tune the performance of DCT systems, and get the project back on schedule. Our resource pool was fully trained on inhouse training framework and .NET, web services, XML, XSD, and XSLT technologies to successfully execute the project.
We also transitioned the Quality Assurance (QA) program from a different vendor working in staff augmentation mode. Our team stabilized the operations and set up a QA Center of Excellence to manage expansions into QA for grandfathered coverages, rates, rules and forms, operational workflow changes and underwriting rule changes. Source and target system assessments were conducted to identify the right conversion approach—automated, semi-automated or manual—for some of the LoBs to Personal and Commercial lines on DCT.
Changes in grandfathered coverages, rates, rules and forms, operational workflow and underwriting rules were suggested and the recommendation approach for conversion was decided. We created the roadmap, data migration strategy, and project, resource load and budget plan to be used during the implementation of the client’s products.
Post implementation, our team of professionals was deployed to provide support for future implementations.
Delivering More Value
Through our web-based platform, with rich interaction and customization abilities, the client is now able to achieve:
- More Savings: Maintenance of policies on the web-based platform resulted in annual savings of approximately USD 25 million. The infrastructure and support costs incurred in maintaining the cover-all system were also reduced. We provided right number of skilled DCT resources—reducing the time required for project implementation.
- More Speed: Real-time integration with the platform resulted in faster processing time and reduced costs.
- More Ease: Updates based on business changes were applied with ease using our modern, template-driven product
- More Improvements: A new rating approach for the Personal lines auto product was implemented.