Pega Boosts Hit Rate for Global Insurer

Challenges

This global P&C insurer grappled with several underwriting hurdles:

• Slowing Premium Growth: Stagnant premium growth, especially in a soft market environment, threatened the company's profitability.
• Low Quote Conversion Rates: A low quote-to-policy conversion rate indicated missed opportunities to convert potential customers. This inefficiency translated to lost revenue.
• Limited Customer Segmentation: Underwriting decisions lacked the granularity of data-driven segmentation. Without a clear understanding of risk profiles, the company couldn't tailor its offerings effectively.

Solution

• Data Cleansing & Analysis: Coforge experts meticulously cleansed and analyzed vast amounts of historical insurance data to identify patterns and trends. This process unearthed key risk factors that significantly influence underwriting decisions.
• Actionable Insights Model: Leveraging Pega 7.3 and Pega DM 7.3, Coforge built a sophisticated analytical model. This model extracted valuable insights from the cleansed data, providing underwriters with actionable recommendations for more informed decision-making.
• Efficient Delivery Model: To ensure project success within a tight timeframe, Coforge employed a combined onshore-offshore delivery model. This approach utilized a 15% onshore team for close collaboration and an 85% offshore team for efficient development, delivering the solution in just 5 weeks.

The Impact

• Significantly Improved Hit Rate with high Quote-to-Policy Conversion
• Enhanced Underwriting Efficiency with Data-Driven Risk Assessment
• Reduced Risk Assessment Cost through Improved Risk Understanding