![Improving Underwriting Efficiencies through a Scalable and Touchless Digital Platform](https://www.coforge.com/hubfs/Efficiencies.jpg)
Business Challenge
The client wanted to expand business into millennials and Gig economy using touchless digital platform which was efficient, fast & accessible with minimal distribution costs. The goal was to streamline underwriting rules for swift processing.
Coforge Solution
We embarked on various projects, including the creation of a Digital Agency Portal, API integration with partners, core policy platform modifications, and the introduction of Automation & DevOps. We embraced a cloud-first approach, implementing full-stack AWS hosting and a serverless microservices-based architecture. Our cloud-based platform leveraged third-party data to automate transactions, submissions, and underwriting. We designed a digital experience for agents to simplify customer acquisition and established a Rate, Quote & Bind API gateway for seamless integration with Duck Creek's core policy platform. Additionally, we developed new products and coverages for small businesses joining via the digital channel.
Results
- The seamless integration and touchless quote-to-policy workflow increased revenue by ~12%.
- The platform went live within a record 2 months, expediting online rate & quote processing and enabling our client to achieve financial targets earlier
- The client hit the yearly revenue target 4 months ahead of the plan.
- Increased submission and conversation rates by ~30% through Straight-through processing.
Key Highlights
- A lightweight digital portal (Agency Portal) allowing agents to Rate, Quote & bind a policy.
- An API Gateway for partner integrations.
- Changes to Duck Creek Policy for coverages, ratings, and additional products.