Accelerate Time to Market through a Unified Broker Portal for a Global Specialty Insurer.
Overview.
A leading insurer empowered a newly acquired underwriting unit with a modern broker portal built in just 8 weeks. This replaced a fragmented legacy system, boosting broker experience, efficiency, and new product launches. The result: a 20% productivity gain, 10-15% cost reduction, and a $1 million revenue increase in the first year.
Our client were acquiring a captive underwriting unit who were keen to make a mark in the Marine Liability product marketplace. The underwriters used a fragmented legacy platform to interact with their brokers. The UW unit had a choice to move to another insurer but as per the deal terms, our client promised this team to be empowered with a modern, intuitive quote-and-bind portal for their broker community. This will allow them to meet their in-year-growth targets, help the insurer launch a new product within record time and gain a competitive edge against other players.
Objective
A unified 360-degree broker view for Marine line of business which will deliver improved broker experience, Improved their ability to rapidly deliver new products, cross-sell and scale, increase the overall efficiency of operations and above all, achieve a competitive advantage in the market.
Soution.
Coforge addressed this challenge by leveraging the existing digital backbone of Sitecore and ESB. Coforge started the green filed development using Agile methodology and planned the sprints in a manner so that the Minimum Viable Product for this line of business was delivered in just 8 weeks. The solution provided flexible quote to policy workflow portal including a flexible rating solution for underwriters & brokers. The portal was built on modernized, integrated, multichannel, responsive multi device ready Sitecore CMS platform. It also provided multi-persona and role-based application for underwriters, brokers and their sub-brokers. The portal has the capability for User Administration and Login via Active Directory implementation along with seamless persona based automated user journey.
The impact.
$1 million
revenue expected met in 1st year
20%
Improved business agility with delegated business rules
10-15%
reduced operation cost
25%
Increased average market share with brokers through cross selling and new revenue channels