Digital Insurance Broker Case Study

Digital Insurance Broker (Case study)

the objective:

Implement a complete digital insurance broker platform with a systematic approach. The Client – a fortune 500 Financial services company whom we were involved with from the beginning and partnered their digital journey through every stage.

The Approach and Process

The perfect know-how of high-end technology with the right roadmap toward achieving the objective led to a highly successful impact by the technology evangelists at Innovecture.

A systematic approach starting from partnering with one of the best business and technology executives, our team co-created the product, organization and technology roadmap. We formed teams of product owners, architects and engineers  and conceptualized, designed and developed various digital insurance products.

Innovecture designed ACORD compliant APIs to cater to sectors such as personal and commercial auto, general liability, worker’s compensation, pet and various other kinds of insurance offerings. We implemented “Proof of Insurance” through block-chain and played a Systems Integrator role across multiple vendors to implement an integrated customer experience.

THE OUTCOME:
With consistent efforts and making use of all the expertise in technology and business, the client experienced reduced time to market with new provider integrations being rolled out in weeks instead of months, and new product offerings being rolled out in weeks instead of quarters. There was an overall smoother API based onboarding for insurance providers, also giving them the ability to provide instant quotes and issue policies online, with offering insurance through multiple channels. They were able to have a customized insurance buying experience as per their country and geographical location.

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