Platform replacement to deliver business agility & Achieve Brexit compliance
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.
Our client’s Italian Surety business, run from London, had an operational challenge as the business was executed on a vendor product, which had stability issues.
The existing application was not able to support the growing needs of the business and was also running the risk of being Brexit non-compliant. Additionally, the source code of the application lacked quality causing system outages when any changes or new functionalities were being rolled out.
The existing portal lacked omnichannel capability, restricted the user activity during system processing times and lacked automation as payment reconciliations were manual, making the process error prone and lengthy. The client had a pressing need to address all the above before the contract expiry with the solution provider.
Coforge proactively worked with our client’s CIO and his team, to document these challenges as a business case and proposed to re-platform and migrate the solution to be designed on the client’s evolving digital backbone. Some of the salient features of the solution included:
Designing a scalable solution where different roles like content delivery, authoring, reporting, search engine can be delivered in a low-code, configuration led approach Business-rules led implementation to support reuse and modular development for new functionalities to be rolled out to production quickly.
A portal with responsive and adaptive design to support multi-site and multi-lingual capabilities as business users spread across Milan and London
Intuitive reporting and dashboard capability based on user persona : Admin, Underwriter, Agency, Brokers
Ability to generate bond documents in 80 different templates and emailing capability to issue them electronically to their customers.Value Delivered
The solution was delivered within timelines and budget to ensure business continuity as the legacy platform was retired
Reduced client’s IT Operational costs by $0.5 Mn
Brought stability and growth in the business - New business grew by 20% in the first year
Brought operational efficiency by means of intelligent automation. For e.g. Generate digitally signed automated documents in 283 + flavors
Decreased processing time from few days to few minutes. For e.g. automation of renewals and financial reconciliation.
Helped in achieving regulatory Compliance with on-time Brexit implementation, without which they could not continue to run their business