DOWNLOAD PDF- Significant improvement in productivity of policy processing – around 40%.
- Rule based processing for self servicing thus significantly reducing the time to service.
- Implement quick & consistent changes to the policy guidelines and introduce new campaigns.
Business Situation
Our client is one of the leading multinational insurance company’s subsidiary in Asia, writing multiple lines of businesses including Auto, Personal Accident, Health, Home, Fire, Engineering and Marine.
With the growing business volumes, detariff process, intense competition, and various channels and systems of policy issuance and servicing, the client was experiencing performance and stability issues with their current platform.
Challenge
As part of the technology road map and architecture, the client was looking at implementing a state of art solution with capability to delink the product configuration, business rules and rating from the legacy application, and make it configurable.
In addition, there was a need for implementation of a work flow based system to enhance controls and also improve the productivity for policy issuance.
Solution
ValueMomentum configured and deployed iFoundry Product Configurator and iFoundry Rating Engine. The overall solution enabled the Carrier to successfully complete an SOA based e-Policy Administration System (ePAS) that provides a single transaction system for all LoBs for all business channels.
- This system enabled the externalization of key product decisions and consolidate decisions (Product Configuration, Underwriting & Rating) for multiple product lines.
- Externalization has helped create a single version of truth for all product configurations, underwriting & rating decisions.