Modernization of the OEM Platform For An American Global Insurer
Property and Casualty InsuranceBusiness Impacts
99% Straight through processing with real-time policy issuance from core
Free up 10-15% bandwidth of sales managers and Ops team
Reduced onboarding time from 2 months to 3 weeks
Improved control & flexibility
Customer Key Facts
- Location : United States
- Industry : Property and Casualty Insurance
Problem Context
The client is an American diversified global insurer and the third-largest property and casualty insurer.
The Client was unable to meet the requirements of the expanding business due to various inefficiencies and necessary manual intervention.
It sought digital transformation to update its existing system by automating the majority of the manual processes and seamlessly integrating with OEM systems, making it suitable for the expansion in business.
Challenges
- Prolonged onboarding period of OEMs to the legacy tech stack
- Limited visibility and control for Underwriters over the pricing rules
- Business validations extension to new OEMs
- Manual intervention for policy processing
- Increased turnaround time and lead to a breach of SLAs
Technologies Used
AWS Lambda
Amazon CloudFormation
Amazon S3
Amazon EC2
Amazon SQS
Amazon SNS
Amazon ECS
Amazon API Gateway
Amazon DynamoDB
Bitbucket
Jenkins
Solution approach and Overview
Migrated on-prem OEM application to the cloud by developing a platform for OEM integration, a flexible, configurable and scalable system capable of meeting the demands of the fast-growing business
Prescribed the technologies and high-level architecture to overcome the identified gaps in individual modules
Solution Key Features
- Base foundational Platform to deliver features for Security, Error handling, SLA Pre-breach triggers and Data Visibility
- End-to-End Policy Issuance Module to enable near real-time policy booking with minimal manual intervention
- Near real-time claim registration & automated surveyor appointment
- End-to-End Claims Integration for processing claims with minimal manual intervention
- Endorsement & Cancellation Module
Result
Migrated Client’s on-prem OEM application to cloud and developed a flexible, configurable and scalable platform that can facilitate OEM integration.
