Insurance Broker Solution

Insurance Broker Solution

Customer

Our customer is a software development company that offers service of working environment for insurance brokerage agents.

Challenge

Insurance brokers have to have a single environment to store customer information, send requests for quotas to insurance carrier markets, issue insurance policies, and store all related documents and email communication in a single place – for tracking purposes and for policy expiration notifications.

Managing quotes for given customer from sending information to market, to issuing policy and tracking renewal opportunities required a system which would store current quote status and track all status changes, including secondary logical branches when standard process changes anywhere in the middle, because one or many of agents make non-standard decisions.

The important part of the system was also to implement business logic, which automatically estimates different figures like dates, prices and commissions, providing a user an opportunity to review and change those in the process.

In order to provide a general picture of system output for people from management, reporting should be implemented, which allows to control values like total company revenue, specific broker’s revenue, specific broker’s workload and so on.

Solution

To reach the goal a set of applications has been developed:

  • Web application for:
    • entering customer information
    • entering quote and policy information
    • sending emails to subcontractors
    • displaying current quote, policy and communication status
    • creating reports
  • A plugin for Microsoft Outlook to analyze replies from subcontractors and store all related emails to website database.
  • System service to send periodical reports about expiring policies to remind about pending renewals.
  • Web service to perform underlying business logic.
  • Database with stored procedure layer to manage a quote from creation to issuing, reviewing and renewing policies, which would control transaction statuses and a list of possible actions for each status.

Results / Benefits

Implementation of product helped customers to concentrate on their business goals while they avoid doing manual job of gathering information required for their business process. Policy renewal notification excluded the risk of not renewing insurance policies when customer needs that. 

Technologies

Verticals

Ticketing System
Electronic Guide App
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