Redefining Travel Insurance Distribution with On-Demand Coverage and Scalable Platform
Overview.
A travel insurance provider sought to capitalize on changing consumer behavior by offering on-demand, globally accessible products through affinity partners. Coforge's solution: a multi-tenant, cloud-based platform enabling rapid, white-labeled product rollouts and personalized experiences.
The client wanted to drive top line growth while addressing the following key challenges:
Driving Growth with Changing Preferences: The client aimed to increase revenue by offering on-demand travel insurance catering to evolving customer needs.
Distribution Cost Reduction: Reducing the costs associated with traditional distribution channels was crucial for achieving profitable growth.
Seamless Affinity Partner Integration: The client needed a platform that could integrate seamlessly with various affinity partners (auto clubs) across the globe.
Rapid Product Rollout: The success hinged on the ability to quickly launch white-labeled travel insurance products for different partners.
Solution
Coforge designed a global travel insurance platform to address these challenges. Key features included:
Multi-Tenant, Single-Instance Cloud PaaS: This architecture offered a single platform serving multiple clients (affinity partners) while allowing for individual customizations.
Highly Customizable and Configurable: The platform empowered affinity partners (5 Auto Clubs and a direct-to-consumer sales) to tailor the user interface and functionalities to their specific branding and customer base.
White-Labelling Capabilities: The solution facilitated the rapid rollout of white-labelled travel insurance products, creating a seamless experience for each partner's customers.
Improved Digital Experience: Through a customizable and configurable user interface, the platform offered a user-friendly experience for both affinity partners and end-customers.
This successful digital transformation project resulted in a more efficient, customer-centric, and profitable travel insurance product. The new system not only improved customer engagement and branding but also validated the client's IT strategy, proving it to be effective and beneficial in the long run.
The Impact
Distribution Partner Revenue AUD 65 Mn earned through a 5-year extension
Platform Expansion Accelerated rollout to Thailand and Canada, 1 year ahead of plan
Business Unit Expansion Platform strategy adopted across other business units
