De-Risking Core Transformation for Tier 1 P&C Carrier with P&C Insurance Software

Insillion TeamInsillion TeamJuly 8, 2023

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Overview

INSILLION’s digital transformation of this tier 1 P&C insurance carrier’s core system with modern cloud-based infrastructure enabled increased speed to market and agile functionality.

About the Client

The client is a Tier 1 P&C insurance carrier based in India and is a part of a conglomerate. The carrier's joint venture partner is a global insurance organization that works with over 50,000 licensed agents and has an annual GWP of $1 billion. The carrier provides general insurance coverage for personal and commercial lines.

Challenge

  1. 20+ year legacy core is to be upgraded to a modern digital platform to meet growing market opportunities.
  2. Maintenance of multiple portal applications for LOBs, Agencies, B2B, and Banca was a hassle.
  3. Current core system cannot integrate with APIs, making it challenging to work with emerging channels and launch products.
  4. Legacy data architectures did not meet established needs for speed to market or the ability to innovate.
  5. Implementation of new data elements, parsing, building schemes, and data model planning was time-consuming and expensive.
  6. Marine and Travel applications provided by the JV Partner needed replacement.

Results

  1. Core system was integrated with multiple third-party components.
  2. A fully digitized and personalized customer journey is enabled across the platform with accurate data capture. 
  3. Speed to market improved, reducing product launch time to 3–4 weeks. 
  4. Business analytics offered a unified view across multiple channels, enhancing performance.
  5. INSILLION enabled streamlined implementation and easy integration with carriers' Core, CRM, DMS, and broker/aggregator APIs. 
  6. Externalizing the product module to a cloud-based platform supported seamless migration of 30+ retail and commercial products.

Author Details

Insillion Team

Insillion Team

Insillion helps carriers and MGAs modernize and scale with our cloud-based, low-code platform. With over 20 years of experience, we go beyond technology, collaborating with industry leaders to address insurance’s most pressing challenges through our content.

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