Insurance as a Service

Re-inventing Insurance with
the right technology

The Innovecture Impact (Case study)

Insurance Service Case Study

Summary

The client, a Fortune 500 Insurance and Risk Broker embarked upon the digital transformation journey to launch new insurance products and platforms. In this critical phase of change, Innovecture has been working with the client as a strategic partner to build and launch these new products and platforms.

Engagement

Engaged right from the inception of Digital transformation; Innovecture has been helping the client define the product vision, roadmap, architecture of the platform, designing and launching various technology products.

Planned around a duration of 3 years, the objective of the program is to launch various products to meet some of the new business models such as shared economy as well as some of the traditional /core insurance business models such as cybersecurity and personal liability insurance. Innovecture has formed multiple teams of product owners, architects, full stack engineers in US and India to deliver these products with technology ranging from UX design, angular, Java 8, springboot, lambda, AWS, and MongoDB.

As a result of the innovative approach, Innovecture is now a major contributor to creating various product lines as follows-

 

  • Self-service analytics dashboard to measure, benchmark, and analyze their insurance program’s performance and make informed decisions on how to grow and develop the program.
  • White label UI/UX: A configurable and secure platform, where clients can easily choose a single insurance provider or multiple insurance providers to quote, bind and issue policies.
  • Embeddable user interface (UI) and APIs that allow the product to seamlessly blend into a client’s user experience and extend their brand.
  • Access to a flexible payment engine.
  • Customer service capabilities such as chatbot assistants using Artificial Intelligence and Machine Learning.
  • Rules-Based Orchestration Engine
  • Common API Gateway

THE OUTCOME:
Innovecture’s initiative will enable the client to create new digital framework that will help the company to have rapid time-to-market for various product lines and industries. It will also enable seamless and intuitive end-user experience and has helped the company to launch their multi-lingual products in different markets. The solution will also help the company to create insights for the new market trends and also help them in carrying out efficient predictive analysis and forecasting. With Innovecture as a strategic partner, this Fortune 500 Company is now looking forward to penetrating new markets, launch new products and also significantly grow their revenue over the next 3 years.

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