De-risking Core Transformation for Tier 1 P&C Insurance Carrier

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 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.

Challenges

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

Goal

• De-risk the core by developing a middle office platform that synthesis with the core - system of records
• Consolidate multiple code bases into single omni-channel code base.
• Enable third-party partners to access the system for UI application development.
• Bring multiple LOBs such as retail, commercial and group business under one system.
• Reduce the time for product configuration, deployment, and launch.
• Deploy scalable cloud infrastructure to scale based on key business events.

Key Results

• Core system was integrated with multiple third-party components like rule engine, inspection, claims, renewal, and analytics.
• Personalized and fully digitized customer journey across the platform with accurate data capture.
• Increased speed to market for new product development and launch time reduced to 3 to 4 weeks from months.
• Addition of business analytics enabled comprehensive understanding between agent, broker, aggregator, & Bancassurance consequently improving new business, renewal, endorsement, and cancellation.
• Implementation of INSILLION allowed streamlined implementation projects along with effortless integration with the carrier’s Core, CRM, & DMS systems with APIs for brokers & aggregators.
• Externalising of product module from core to cloud-based platform resulted in easy product implementation; with 30+ retail and commercial products of the carrier migrated to INSILLION.