A legacy system hindered a leading insurer's Marine Line business. Coforge built a new online platform in 8 weeks using Sitecore, improving broker experience, reducing turnaround time, and boosting revenue by $1 million in the first year.
Our client was losing out on market capture in Marine Line business in London due to the absence of any online platform. This was because their existing business was running with discrete underwriting system built on legacy technology which had become conglomerate of old platform and technology. Due to this there was lot of manual intervention both at broker and underwriter level which was impacting the overall efficiency of operations. This not only impacted their competitiveness in the market but also brought significant complexity and cost to the organisation. Due to all these challenges the business was not able to deliver new products rapidly, cross-sell and scale up their existing business.
Objective
A unified 360-degree broker view for Marine line of business.
Improved broker experience which is currently impacted by manual intervention reducing their overall efficiency of operations and competitiveness in the market
Improved ability to rapidly deliver new products, cross-sell and scale
Rationalize the application landscape to reduce the conglomeration of various platforms and technologies
Solution.
Our client was losing out on market capture in Marine Line business in London due to the absence of any online platform. This was because their existing business was running with discrete underwriting system built on legacy technology which had become conglomerate of old platform and technology. Due to this there was lot of manual intervention both at broker and underwriter level which was impacting the overall efficiency of operations. This not only impacted their competitiveness in the market but also brought significant complexity and cost to the organisation. Due to all these challenges the business was not able to deliver new products rapidly, cross-sell and scale up their existing business.
The impact.
1mn $ in 1 year
Meeting Expected revenue which was previously unthinkable
20%
Improvement in underwriter and brokers productivity
~10%-15%
Improved business agility with delegated business rules, resulting in reduced operation cost
25%
Increased average market share with brokers through cross selling and new revenue channels
