Modern Broker Portal Fuels Growth for Specialty Insurer
Overview.
A leading global specialty insurer, facing pressure to integrate a newly acquired captive underwriting unit, needed a modern solution to empower their brokers and accelerate product launch. The existing fragmented legacy system hindered efficient communication and posed a challenge to achieving ambitious in-year growth targets. Coforge's solution – a unified broker portal built on Sitecore – delivered in just 8 weeks using an Agile methodology. This streamlined platform transformed the underwriting process, boosted underwriter and broker productivity, and ultimately helped the client achieve significant market share growth.
A global specialty insurer faced several challenges when integrating a newly acquired underwriting unit focused on the Marine Liability market:
Outdated Legacy System: The underwriters relied on a cumbersome and fragmented legacy platform, hindering their ability to efficiently interact with brokers and launch new products.
Time-Sensitive Growth Targets: Aggressive in-year growth goals necessitated a rapid and efficient solution to improve broker service and expedite product launch.
Competitive Landscape: To gain a competitive edge, the insurer needed to empower their underwriters with a modern and user-friendly broker portal.
These challenges combined to limit the unit's potential for growth and threatened their ability to achieve their ambitious goals.
Solution
Coforge implemented a comprehensive solution to address the client's challenges and empower the underwriting unit:
Unified Broker Portal: We developed a new, user-friendly portal built on Sitecore, a modern content management system. This portal offered a 360-degree view of brokers and streamlined the quote-to-bind workflow.
Agile Development: Utilizing an Agile methodology, Coforge delivered a Minimum Viable Product (MVP) within 8 weeks, ensuring a rapid time to market.
Flexible Rating Engine: The portal included a flexible rating solution, providing both underwriters and brokers with greater control over the quoting process.
Multi-Channel Access: The solution offered a responsive and multi-device ready design, allowing brokers to access the portal from any device.
Role-Based Access Control: We implemented a multi-persona and role-based application, ensuring secure access for underwriters, brokers, and sub-brokers.
Streamlined User Management: Active Directory integration and automated user journeys simplified user administration and onboarding.
The Impact
$1 million
Revenue target achieved by the UW team within the first year.
25%
Increased market share with brokers through cross selling and new revenue channels.
10-15%
Reduced operational cost with increased agility through delegated business rules.
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