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Improving Insurance Channel Partner Relationships

Improving Insurance Channel Partner Relationships

About Client

Our client is a leading long-term life insurance provider in India. It offers a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, and Health. They have over 30 individual and 10 group products in its portfolio, catering to a diverse range of customer needs. They continue to have one of the widest reaches among new insurance companies with about 500 branches in India touching customers in over 900 cities and towns.

Processing millions of records in minutes with a new integrated portal

Our client works with a vast network of partners to deliver best-in-class insurance products and services to customers, however their legacy systems did not have the capabilities to integrate with their customer portals and custom software platforms. We worked with them to conceptualize a new digital platform to enable them to seamlessly integrate with customers channel technology platforms and process millions of records significantly faster than the capabilities of their legacy platform.

“Our existing systems were not able to scale up to meet the growing demands, which resulted in the loss of around 30% of online customers every year. With siloed teams and disparate legacy systems, we were missing out on a lot of business opportunities. Effectively improving business through channel partners includes several business processes, and most of these processes are custom to a business. Therefore we required a fully tailored partner portal. This portal had to be easily integrated with multiple partners/distributors’ systems with highly customizable features. We also had to improve the data processing capabilities of our existing platform to serve the end-users better and improve customer retention.” says client.

To maintain their position and stay ahead in the digital age, our client had to modernize their legacy system and launch a new and efficient partner platform. And they had to do it quickly to grab the missed market opportunity. In the very first week of the launch of the Group Online Portal (GOP), they seamlessly on-boarded several of its partners. The first partner was on-boarded in as little as 5 hours, which could otherwise have taken days and sometimes weeks.

The Group Bulk Upload Portal (GBP) is able to process and validate millions of data records in less than a minute. The new platform is 1,000 times faster than the legacy system. Our client has also noticed a significant improvement in its overall customer experience. From onboarding around 200 partners to processing 100 Mn interactions, the high-performance scalable partner portal has processed around 200k insurance policies and premium of $400 Mn monthly.

Improving Insurance Channel Partner Relationships

How we did it?

Digital Strategy

To get started, we conducted a 2-week workshop bringing together multiple stakeholders to understand and evaluate the business pain points. Each idea and concept was then evaluated and proofs of concepts were developed to visualize the opportunity. Once an idea was established, we created a shared vision, roadmap, high-level solution architecture, and implementation blueprint.

We focused on the following areas before deciding what technology to implement.
1. Scalability – Does the platform have the ability to process millions of records quickly?
2. Parallel execution – Can the portal handle data inputs from multiple distribution partners simultaneously?
3. Ease of use – Can the channel partners use the portal easily without investing too much time on training?
4. Configurable and customization – Does the platform have customizable features?

Considering these key factors, the latest technology trends, and our past experience of large-scale enterprise integration projects for leading banks and insurers, we recommended the best-fit technology and tools.

Advanced Digital Innovation Engineering Center Enabling Strategic Legacy Modernization & Complex Product Engineering Powered by DevOps and AWS.

After the research and requirement gathering conducted by our technology consultants, RapidValue’s product engineering team, along with domain experts, set out to build a new partner portal. The entire solution architecture was based on Microservices and APIs that allowed the client to change small components at any time without any complex migrations. We created one of the fastest data processing platforms. Together, we developed a highly customizable portal where partners or distributors could integrate with client offerings in any way desired. Leveraging our past engineering experiences and the right set of technologies for the front-end and back-end development, we re-platformed the existing legacy system.

We began the partnership with a simple Q&I application decoupling into microservices for quick and hassle-free releases. We then built their core underwriting engine and introduced technology initiatives like microservices-based architecture and DevOps. We continue to work with them as their preferred partner for digital product innovation. 

Execution Excellence

Since our client wanted to launch the portal quickly, the delivery cycles had to be quick and right immediately. We executed the following approach to accelerate the execution:

1. DevOps for continuous delivery – We worked with them to implement an Agile and DevOps project implementation structure that fit the needs of their organization and allowed us to move quickly.
2. Implement QA from day 1 – We didn’t wait to perform QA until the end of the deployment. We used our testing implementation software to automate as many tests as possible and involved the client QA team to perform QA at the end of each sprint cycle.
3. Roll-out deployment in stages – We were conscious of our timeline, and we wanted to make sure the roll-out was smooth and allowed their business users to adapt the new software over a period of time instead of doing a full blown transition.

The partner portal and the revamped group bulk upload platform has created a new revenue stream and enabled its partners and distributors to connect better with their end users; creating a win-win situation for both. The partner onboarding time has reduced from 4 months to 2 weeks.

“We brought in RapidValue and they worked with us to implement a new partner portal to sell our group products. This Group Online Portal (GOP) can be easily integrated with several partners and distributors. RapidValue also helped us build a Group Bulk Upload Portal (GBP) that helps our partners process files containing the policy information of millions of users in minutes. With a Queue Management System having sophisticated analytics, the bulk upload portal provides real-time information on data processing. We are truly grateful for our relationship with RapidValue. The all-in- one partner portal and the bulk upload platform has simplified our partner on-boarding and improved business efficiency significantly.” says client.

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