A leading life insurance provider creates a new multi-million-dollar market by developing a groundbreaking Web-based sales platform to attract new customers.
A leading annuities and life insurance company wanted to find new customers for its products by addressing the untapped middle market. Its strategy: create a new portal to guide customers to an online purchase, make them feel comfortable with their decisions, and enhance the brand image. Offering life insurance online through a simple, accessible and automated system would be unique, but the company believed that providing real- time underwriting through an online channel would greatly improve the customer experience, remove barriers to purchasing, improve time-to-market, shorten the conversion cycle, and enhance customer service.
The first step was to help the client establish a project management office (PMO). Our team used an agile development methodology and onshore/offshore development to help the client create a real-time online life insurance purchasing capability. To deliver SOA- based middleware services, we again used an agile development methodology and an onshore/offshore model. By using a mixture of onshore and offshore resources we were able to keep the project both cost-effective and flexible.
The 30-month effort helped lead the successful release of the client's real-time insurance products portal. The new online portal with SOA-based middleware system removed barriers between systems and reduced the traditional six-week insurance product lifecycle to a as little as 30-minutes. It also streamlined and automated processes, and reduced manual overhead and human error. By shortening the online application process and connecting customers with its products more efficiently, the client improved its customer service, increased success of its new insurance policies, and sold $5 million worth of new policies through the online channel in the first three months of operation.