Case Study - Online Digitised Insurance
Our client was a large multi-billion Dollar financial services group headquartered
in North America.
The Business Challenge
Operational cost reduction is a competitive advantage for insurers. Future
enhancements would link distribution to digitised back-office processes for
further cost reductions. The Metaportal represented the applications that
will allow insurance products to be bought (quote, bound, issued), serviced
and fulfilled over the Internet for respective distribution channels (broker,
association, etc.) and by respective carriers of the parent company. The Metaportal
implements a B2B business process for professional intermediaries such as
brokers, agents, or directly to corporates.
The Metaportal addresses insurance products with 3 levels of digitisation
Tier 1: Rules based, table driven. 100% web distributed via
agents, via affiliates or direct: e.g. Term Life, Employer Liability
Tier 2: Structured submission process with back-end and offline
Tier 3: Open process for placing and handling complex commercial
Over 100 screens were developed with external interfaces to a medical rating
agency as part of underwriting a Document Management System and a Payment
Gateway. mi2g employed their distributed project management methodology
and successfully rolled out using a phased approach.
mi2g's implementation used PRINCE2 and Six Sigma (6s) methodologies.The
development tools deployed were JSP/Java/EJB, XML, WebLogic, JMS, Java Mail,
JNI and C. Furthermore, there was an API interface to a Credit Card Payment
· Methodology and software code re-use is built in to provide an affordable,
fast-to-market solution for other insurers
· Reduced error rates from online digitised processes reduced administrative
· Reduced cycle time (from 5 days to 15 minutes) helps recruit and
retain new/renewal business
· Tier 3 products will link with digitised processes to provide further
operating cost reductions
· Easy access to new or alternative web enabled distribution channels
(e.g. 3,000 IBG agents) helps to expand sales
· License costs are minimised via enterprise-wide deals with external
partners, e.g. Cybercash
· Easy re-branding enables rapid deployment of products into new channels
for minimal expense.
[CONTINUES - EXCERPT ONLY - FULL VERSION AVAILABLE THROUGH mi2g CONTACT]
|Please fill out the contact
form to receive the full version of this case study in an electronic format.