The Client
A leading Global P&C (Property & Casualty) and Specialty insurance group with operations in 180 countries selling 100+ products.
Business Challenge
The client faced limitations with their current IT systems which hindered improvements to their combined ratio. They needed a platform that efficiently introduced white-labelled travel insurance products with global affinity partners, simultaneously reducing costs. Additionally, they aimed to tap into changing consumer preferences to launch on-demand global travel insurance products.
Coforge Solution
Coforge adopted a comprehensive approach to develop a holistic solution for the client:
- Improve combined ratio by streamlining operations and accelerate growth – unattainable within the current IT infrastructure.
- Elevate business engagement by enhancing product proposition, branding, and marketing capabilities.
- Demonstrate the viability of the proposed IT strategy.
Results
The client experienced significant benefits because of the implemented solution:
- Long-Term Partnership: Secured a five-year extension with distribution partners in Australia, valued at AUD 65 million.
- Cost Savings: Achieved an annual IT expenditure $1 million lower than the legacy solution.
- Expanding Platform Presence: Advanced platform expansion plans for Thailand and Canada, ahead of the original schedule.
- Confidence Boost: Increased executive confidence in expanding the platform strategy to other business units, including Specialty Risks.
- Creation of New Revenue Streams: Introduction of a new product line through partner collaborations.
- Accelerated Feature Implementation: Faster turnaround on feature requests due to component-based design.
- Streamlined Content Management: Effortless management and release of fresh content, along with partner-specific branding and white-labeling.
- Enhanced User Experience: Simplified user journey for purchasing travel insurance on-the-go, complemented by integrated analytics and marketing capabilities.
- Improved Partner Onboarding: Quick onboarding of new partners, leading to reduced operational time.
It enabled clients to leverage:
- Highly customizable & configurable portals - Improved time to market
- Re-branding of in-house brand - Direct consumer sales uplift
- Re-designed and improved portals - Enhanced user experience
- Customizable and configurable UI - Elevated Digital experience
- Effortless travel products roll out - Simplified maintenance.
- A new Sitecore based CMS platform - Marketing and Customer Engagement
- Deployment on a single cloud PaaS instance - Unified, cloud-based solution
