Case Study: Java Microservices – Insurance

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Case Study: Java Microservices – Insurance

UW Transformation – Munich Re

Challenges

Lack of configuration capability
Incompatible with advancing digital technology
Adapting To Ever-Changing Compliance Requirement
Human errors were leading to risk of inaccurate underwriting/premium calculation
Speed to Market.

Apaar Solution

Extensive usage of iterative methodology
Automates the new business process with inbuilt underwriting rules for STP
Increased Operating Efficiency: Business users empowered and Agility in the configuration of underwriting rules
Underwriting rules are configured and not hard-coded which results in lesser go-to-market time for new products
Future ready for underwriting at point of sale
De-risking vendor dependency
Enhanced UW decision quality: provide a more coherent and uniform adjudication than at present
Reduced cost of underwriting capability and enhanced productivity
Leveraging, proactive data analytics for increased automated decision capability
Robust Features to upload and download data in the form of PDF, Excel and XML
Performance Oriented with fast response time

Highlights

TAT reduced to an average <4 minutes from 1-2 days for IFP STP cases
Enhanced Customer/Distributor Experience
4x increase in daily policy processing
Swifter on-boarding of new partners and enabling faster solution to partner demands
Improved scalability, application security, and high availability by introducing cloud technology
30% manpower reduced in the underwriting team and in greater higher profitability
Skill/load based case distribution to the UW team
Standardization enforced by introducing process flow which resulted in higher customer satisfaction and retention
Dashboard and scheduled reports also monitor the daily volume of IFPs

About Apaar

Apaar is a Young, Agile, Responsive and Diverse startup. Our methodology has been consciously to be lean and keeping things simple and focusing on solving complex problems. Out team comes with rich and diverse experience, giving us the advantage of resolving faster and better.

Case Study: Java Microservices – Insurance

UW Transformation – Munich Re

Challenges

Lack of configuration capability

Incompatible with advancing digital technology

Adapting To Ever-Changing Compliance Requirement

Human errors were leading to risk of inaccurate underwriting/premium calculation

Speed to Market.

Apaar Solution

Extensive usage of iterative methodology

Automates the new business process with inbuilt underwriting rules for STP

Increased Operating Efficiency: Business users empowered and Agility in the configuration of underwriting rules

Underwriting rules are configured and not hard-coded which results in lesser go-to-market time for new products

Future ready for underwriting at point of sale

De-risking vendor dependency

Enhanced UW decision quality: provide a more coherent and uniform adjudication than at present

Reduced cost of underwriting capability and enhanced productivity

Leveraging, proactive data analytics for increased automated decision capability

Robust Features to upload and download data in the form of PDF, Excel and XML

Performance Oriented with fast response time

Highlights

TAT reduced to an average <4 minutes from 1-2 days for IFP STP cases

Enhanced Customer/Distributor Experience

4x increase in daily policy processing

Swifter on-boarding of new partners and enabling faster solution to partner demands

Improved scalability, application security, and high availability by introducing cloud technology

30% manpower reduced in the underwriting team and in greater higher profitability

Skill/load based case distribution to the UW team

Standardization enforced by introducing process flow which resulted in higher customer satisfaction and retention

Dashboard and scheduled reports also monitor the daily volume of IFPs

About Apaar

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Contact us

114, 115 1st Floor, Building 2(A-3), Sector-1,Milllennium Business Park, Mahape, Navi Mumbai-400710

info@apaarinfosystems.com

+91 72084 92494