New channel introduction with 3 new products for expanded market reach

Case Study

Problem Statement   One of the main challenges was to create business growth at a reduced cost. To achieve this, the customer decided to:
  • Explore new distribution channels with a new market reach (individual and commercial) 24x7
  • Provide quicker policy issuance due to automated underwriting and real time decisioning
  • Enable online quote and straight through new business application submission with policy issuance based on select criteria
  • Enable cross selling of products
The carrier was also looking to improve profitability and have minimal overhead costs for new business. This was to be accomplished by:
  • Enabling straight through processing
  • Improving speed to market
  • Reducing new product introduction time
  • Improving customer experience by enabling 24x7 customer access to product details, online quotes, compare quotes and apply online
  The Solution   The initial solution was deployed for three products - Graded Benefit Whole Life, Accidental Death Benefit and Fixed Premium Deferred Annuity. The solution enabled the customer to learn about the products offered, obtain quotes, compare quotes, perform application submit and obtain a policy online - all in one session. The solution provided real time decisioning, system guided workflows and ‘save and resume’ capabilities to ensure a higher level of customer experience. Real time third party integration for medical checks (MIB) and credit card payments ( were intrinsic into the application process so the user experience was of the highest degree. The solution utilized the ACORD Data Model with extensions, as needed to meet the business needs. Key features of this solution included:
  • 24x7 availability to a new market segment  for education and new business (individual and commercial) with help aids
  • Online quote with quote compare, application submit, automated underwriting and real time decisions for policy issuance based on pre-defined business rules
  • Improved speed to market (product) with easy business and product rule maintenance
  • Easy to use web  interfaces, field level validation, and help aids for improved customer experience
  • Rule based information gathering, reflexive questioning, initial fraud checks  and automated workflows
  • Third party interfaces (MIB) for real time medical checks and for online credit card payments at policy issuance
  • Hosted solution
This turnkey hosted solution used open source software - JBOSS and MySql and provided integration with legacy policy administration system – Cyberlife and a staging data store.
The Benefits
  • Quick policy issue turnaround time (in minutes) through rule based decisioning
  • Real time third party interface (MIB and
  • Improved  underwriter, service personnel and IT productivity with reduced need for specialized customer service personnel
  • 30% acceleration in overall project timelines (requirements through deployment) due to pre-built artifacts
  • 50% IT time savings due to hands on training and hand-off procedures for developers and technical architects
  • Ease of product maintenance and introduction
  • Improved data accuracy enabling clean policy holder information and lead management
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