How one of the largest private insurer in India achieved a faster time-to-market across all of its digital channels leveraging InsureMO
InsureMO's microservices-based architecture enables the insurer to onboard digital channels at a faster pace and lower costs.
The rapidly growing private general insurance companies in India, backed by the largest public sector bank, aim to become the most trusted general insurer for a transforming India. They are committed to upholding their legacy of trust and security, having served over 100 million customers. The insurer has a robust multi-distribution model, including Bancassurance, Agency, Broking, Retail Direct Channels, and Digital tie-ups, and offer a diverse range of products across various lines of businesses. They cater to customers across all segments, including Retail, Corporate, SME, and Rural, ensuring accessibility via both digital and physical modes.
Key Challenges:
The insurer wants to be a leader in digitization, constantly strengthening their digital distribution networks and processes to support their extensive distributor network, including bank branches.
Insurer faced a challenge of onboarding digital channels in a cost-effective and timely manner. The legacy software systems used by Insurer were disparate and not scalable, making it difficult to offer multi-channel distribution to end customers.
- Reduce dependencies on Core Policy Administration Systems (PAS) and onboard digital channels quickly and cost-effectively for existing retail products.
- Integrate existing legacy and disparate software systems into a unified seamless communication and data exchange platform.
The Solution:
To overcome this challenge, Insurer decided to adopt InsureMO’s insurance middle office platform with microservices-based architecture. This platform provided a wide variety of APIs and configurability, enabling faster time-to-market and incremental innovations. The platform’s scalability and efficiency allowed Insurer to build a more agile and responsive business.
The Impact:
- InsureMO’s dynamic digital platform adoption was a significant step in Insurer’s digital transformation journey.
- The platform enabled Insurer to build a more agile and responsive business that adapts quickly to changing market conditions, driving growth and profitability.
- Moderate CapEx and OpEx of the InsureMO platform made digital propositions more viable, sustainable, and encouraged incremental innovations across products.
- Insurer provided innovative technology solutions to distributors and end customers through their preferred modes and platforms.
- Overall, InsureMO’s insurance middle office platform empowered Insurer to drive growth and profitability by building an agile and responsive business.
