Commercial Insurance Case Study
One of the largest property and casualty insurers in the United States and having a worldwide network of some 120 offices in 28 countries staffed by 10,600 employees, this is a multi-billion dollar insurance group. It is on Fortune magazine's list of "America's Most Admired Companies" and is the 176th largest U.S.-based corporation. It has a strong presence in the UK and in mainland Europe.
The objective was to provide an online platform to enable the company's UK brokers to trade more quickly and efficiently with the insurer, and to strengthen the company's competitive proposition in its bids for new broker business in the UK. The insurer required quote and bind capability with tailored client documentation generated and emailed automatically. The platform had to be able to cope with multiple product lines, many hundreds of brokers, and to be able to support product implementations in territories outside the UK.
Point Solutions used its Insuranto® framework to implement an online B2B hosted platform for the insurer. Authorised brokers as well as internal users are passed seamlessly across to the service via a secure handover from the corporate access control application. Users are able to quote using an internal rating engine, and save quotes for later use or proceed to bind. For both quote and bind events, the appropriate set of documents is generated and emailed automatically to the broker. For referred cases, the responsible underwriter is alerted via email. Borderaux reports are generated in respect of quoted and bound cases.
The strength and flexibility of the framework enabled the service to be live within 3 months of requirements finalisation. The initial deployment covered a single product (D and O) and a single territory (UK). To enable the insurer to successfully secure a special deal with a major distributor, certain aspects of the application were quickly specialised for the distributor.
The company now wishes to deploy products in its mainland Europe territories. Speedy implementations are possible using the internationalisation capability of the BrokerX framework, allowing the appropriate language pack to be automatically loaded for the locale, and enabling the company to be live with its local partners in the Netherlands, Spain and France and Sweden in 2009.
Further product and territory implementations are planned over the coming months. In addition, the company has the option to incorporate additional functionality provided by the framework to streamline and add value to its existing business processes. Options include co-branding of documentation or screens for business partners, full referral process allowing the underwriter to enter a premium, and integration with the insurer's back office facilitated by the xml messages output from the platform.
The platform has provided a versatile low-cost capability ideally suited to a multinational insurer and offering:
> Low cost of entry
> Excellent customer experience
> Scalability across multiple products, territories and languages.
> Secure and robust hosting arrangements.