Policy issuance is an important facet of the policy lifecycle. However, what is more important within this facet is ensuring financial planning and security. However, there are many outdated systems that most of the insurers use that causes hindrance in the policy payments that impacts the policy issuance process. Adapting to the right insurance technology is important at this time to streamline the policy payout cycle and expedite policy issuance for both general and Motor Insurance. 

This case study will be reflecting upon the technology adaptations that one of our clients-who is one of the largest global insurance and asset management providers implemented. With our modular technology solutions, the client achieved scalable business benefits that helped them streamline policy calculations and expedited policy issuance in Motor and General insurance lines of business. 

Client Profile At a Glance 

Our client is one of the largest insurance and asset management providers with a global presence. Their aim is to create value for all the stakeholders while building a fairer and more resilient society. With an emphasis on sustainability in their strategy, they are committed to providing best-in class customer experience and drive positive impact on societal welfare. 

Key Challenges Our Client Faced 

Optimized policy payments calculation during the entire policy management process will not only be expediting the policy issuance process but will also be introducing seamlessness in the operational infrastructure. Insurers need the expertise of advanced insurance technology for bringing smoothness in the policy payout life cycle. Our client was reeling not only with an inefficient policy management operational infrastructure but also caused hindrance in their operations in Motor insurance. 

Here are the challenges that our client faced in a nutshell: 

• Unorganized Policy Data 

• Time-Taking Payout Cycle 

• Absence of STP and NSTP Policy Issuance 

• Unorganized Underwriting Hierarchy 

Technological Partnerships Adapted 

iNube’s modular technological adaptations played an extremely important role in helping the client to achieve scalability and along with their objective of optimizing policy issuance processes. The technological implementations enabled the client to bring organization in their policy administration that catered to efficiency in both General and Motor insurance lines of business. 

Here are the technological installations adapted: 

Unified Sales and Distribution Management Platform 

A unified sales and distribution management platform was implemented that offered an optimized workflow-enabled policy issuance module 

Motor Inspection Module 

The module simplified vehicle inspections from both the client and the end-customer’s end enabling vehicle inspection through a link 

Rate Configuration Module 

An advanced module that enabled seamless region-based GST, commission and premium coverage configuration for major lines of businesses  

Rule Configuration Module 

A rule configuration module effortless guides the workflows in the policy issuance process with a pre-set rule to expedite policy issuance 

Report Generation 

The automated report generation enabled enhanced visibility in the different policy issuance processes 

Optimized Policy Data Collection 

A master platform was installed that enabled upload of IMDs, Line of business, contract types etc. 

User Management 

An efficient user management module enabled the client to manage different business stakeholders seamlessly. 

Intermediaries Onboarding 

The client was effortlessly able to onboard customers and issue policies on a real-time basis for a wide variety of customers through a varied list of intermediaries 

End-to-End Policy Administration Module 

The module enabled the client to conduct end-to-end policy administration with a variety of integrable additional modules 

Internal User Modules 

Different internal user modules were installed for enabling workflow in underwriting, finance and superadmin operations 

Decoding the Scalable Results-Customer Benefits 

Enhanced Financial Calculation 

• Enhanced commission calculation for all policies issued with respect to different intermediaries 

Application of Various Rules and Rates 

• Efficiently accommodated huge data sets into core systems 

• Applied various rules and rates through the system 

Enhanced Visibility 

• Generated multiple reports with accurate system data 

• Enabled generation of output files after commission calculation 

Seamless Intermediary Onboarding 

• Hassle-free intermediary onboarding with a stable policy issuance flow 

• Policy issuance for varied LOBs with different policy coverages 

Increased Business Volume 

• Increase in business volume due to policy issuance flow and underwriting approval flow 

Unlocking Key Milestones 

60+ payout cycles running 

670K+ policies issued 

114K+ users created 

$4M+ quotes generated 

150K+ policies issued 

With the modular technological implementations, the client unlocked multiple scalable business benefits. The software solutions lended a helping hand to the client in overcoming the operational challenges that they were facing in their way to issue policies. Not only were they able to calculate policy commissions accurately but also expedited policy issuance. Additionally, with the vehicle inspection module, the client was able to seamlessly conduct vehicle inspection that accelerated policy issuance TAT.   

Overall, the new system implementation brought a transformative impact in the operational workflow of the client and helped them achieve impactful results.