Streamlining Insurance with Digital Broker Engagement Platform
Overview.
Client is a leading international specialty insurance carrier with operations spanning 180 countries and offering a diverse portfolio of over 100 insurance products within five segments namely - U.S. Property & Casualty, Professional Liability, Accident & Health, U.S. Surety and Credit, and International. Client faced slow processing times and needed a digital platform to streamline workflows and accelerate growth. Coforge's solution: a modern, multi-channel platform designed to reduce processing time, improve business agility, and support rapid product development.
The client was facing a critical challenge of high submissions processing time. Here's a breakdown of the key challenges:
Inefficient Manual Processes: The client relied on outdated manual procedures, leading to slow underwriting and broker workflows, errors, and extended processing times (days for submissions).
Lack of Differentiated Product Experience: The existing system lacked a user-centric design, hindering the broker experience and potentially impacting sales.
Business Expansion and Agility: The client's growth was hampered by the limitations of their current system, making it difficult to launch new products quickly.
Complex Rating Sheet Changes: Updating rating sheets was a manual and time-consuming process, hindering the ability to adapt to market changes.
Solution
Coforge's insurance experts designed a digital broker engagement platform for binding policies in a remarkably short timeframe of just 8 weeks. Here are the key highlights of the solution.
Persona-Based Workflows: The platform offered separate, user-friendly interfaces for underwriters, brokers, and sub-brokers, business rule-driven journeys, streamlining workflows and reducing errors.
Flexible Rating Solution: A flexible rating system allowed for easy updates to rating sheets, enabling faster adaptation to market dynamics.
Intuitive Product Configurator: The platform included an intuitive product configurator, empowering the client to launch new products quickly using pre-built components.
Modern, Scalable Platform: The multi-channel platform was designed to scale with the client's growing business, supporting future expansion.
By implementing the digital broker engagement platform and addressing the client’s challenges, we successfully accelerated processes, reduced operational costs, and enabled rapid product expansion. This platform empowered underwriters and brokers, revolutionizing the way marine liability insurance was offered in the market.
The Impact
Processing Time Submission processing time reduced from days to 10 minutes
Business Agility 15% OPEX reduction with improved business agility
Product Launches 4 new products launched in just 6 months
Gross Written Premium $15 Mn target achieved in 8 months
