Digital Transformation Roadmap and Insurance Management Solution

Digital Transformation Roadmap and Insurance Management  Solution

About Client

RapidValue built a highly scalable mobile solution for one of the largest life insurance companies in the United States. With paperless policy issue and management the mobile app delivered improved user experience. Our solution helped the client improve customer acquisition by 5% within six months of the release of the app. The app now has a rating of 4.5 in the app store.

Digital Transformation Roadmap and Insurance Management  Solution

Requirement

The customer being a traditional insurance company wanted to provide services which were more in line with the current generation. They wanted to invest in digital channels to provide services. The first step was to build a unified customer experience mobile application to expand their mobile footprint.

Digital Transformation Roadmap and Insurance Management  Solution

Solution

As per customer requirement, RapidValue implemented a highly scalable solution for the customer. The strategy consultants created digital transformation roadmap in six weeks. RapidValue technical architect implemented the solution architecture. The UX/UI and engineering teams designed and built the iOS mobile app for end customers which allows users to:

  • View policy details, insurance products details, investment details, portfolio performance and breakdown.
  • Pay premiums and renew policies.
  • Look-up providers, get loan details and update beneficiaries.

We also enabled push notifications for premium payment reminders, developed in-built calculator for retirement planning and contribution, earnings potential and disability insurance and integrated Chatbots for customers.

High Level Architecture

Digital Transformation Roadmap and Insurance Management  Solution

Results

Some of the results achieved for the customer are:

  • Increased customer acquisition: the customer was able to acquire 5% more new customers within six months of the release of the app.
  • Efficient use of agents: the app allows agents to focus more on complex insurance products and HNW individuals
  • User behavior driven design: the design is engaging and lets customers use the app with e ciency and satisfaction.
  • Environment friendly: Paperless policy issue and management.
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