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Case Study - Online Digitised Insurance Products


The Client

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 Solution

The Metaportal addresses insurance products with 3 levels of digitisation complexity:
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 business processes
Tier 3: Open process for placing and handling complex commercial risks

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 Processing bureau.

Business Value

· 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 costs
· 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.


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