Digital Experience

Insurance Portal Offerings

As per a CIO research survey done by Novarica, 50% of insurers were planning on replacing or enhancing their portal capabilities. Updating portal technologies enable better digital distribution and collaboration through agent portals, broker portals, and underwriter workbenches.

The distributor ease of doing business was the most frequently cited area of improvement since more than 40% of property / casualty insurers and 35% of life / annuity insurers cited this as one among their top three must haves. The call centre volumes during disruption (during the Covid-19 pandemic for instance) has yielded a greater impetus to deliver self-service capabilities across all channels including portals.

Coforge’s Digital Insurance offerings help insurers realize the goal of ease of distribution as well as increase underwriter efficiency while providing intuitive experiences based on the different user journeys for each persona.

Use Cases: Personas

Customer:

• Self-service, quick quote functionality that can be used to generate leads for agents

Broker / MGA:

• Sell high volume, low-value products
• Decoupled portals with lightweight rating / PAS functionality with BDX integration thereby providing operational efficiency

Agent:

• Quote-and-bind portals for entering risk details, coverage selection
• Submit for instantaneous referral
• Quick bind with branding

Underwriter:

• Streamlines processes, documents, with AI-driven analytics
• Brings most of the supporting systems together to improve discipline and efficiency

Digital Insurance Portal L1 Offerings

• UX and User Journey Design
• Portal Development Services
• Managed Services

Expected Business Outcomes

• Increased Written Premium: Easy onboarding of agents and streamlined processes increase the number of policies sold
• Reduced Operating Expense: Reduce burden and dependency on underwriter, streamline operational processes
• Increased Loyalty: Independent agents find it easy to do business with the carrier
• Reduced Loss Ratio: Underwriter workbench with 3rd party / external data integration to provide better risk visibility
• Reduced Overall Costs to Serve: Managed Services offering can optimize the operational expense of run and support

Digital Insurance Portal

Our Insurance Digital Portal Services Framework is as shown below:

Insurance Portal Offerings: Coforge Differentiators

Our People – Cross-functional Teams to Deliver Outcomes

• 60 certified portal consultants
• 300 full-stack developers
• 10 UX staff across US, UK, and India
• 30 domain SMEs across US, UK, and India

Accelerators Built on Partner Platforms

Agent Journey Map

xTender Insurance Portal Framework

Proof Points (Experience Gained Over Multiple, Successful Implementations)

• 20 portal / CMS implementations
• 60 person years’ implementation experience

Coforge Partnerships and Alliances for Insurance Portal Offerings

Insurance Integration Offerings

The property / casualty policy administration market remains fragmented and complex with cloud-based deployment and API integration becoming a standard requirement nowadays (source: Novarica). The gap between large and midsize insurers remains consistent especially in terms of big data and APIs. Now, a lot of new opportunities are coming to light in specialized areas such as cybercrimes, the pandemic, entrepreneurial writing, and so on.

Emerging Technology and Core Systems

Cloud and SaaS:

• Novarica predicted that by 2020, 50% of insurers that license a PAS for new books of business would choose a cloud-based or hybrid-cloud based approach

Headless Core Systems and APIs:

• Headless operation requires comprehensive, granular APIs or services that expose the core functionality to other applications

Outside-in API Model:

• Product-agnostic APIs augur better extensibility and evolution
• APIs can be parameterized to support different products
• These APIs will enable easy integration with vendors

Underwriting:

• The gap between large and midsize insurers remain consistent in terms of APIs
• These could be complex capabilities with longer paths to maturity and value creation

Insurance Integration

• Integration and API Assessment
• Legacy Modernization
• Managed Services

Expected Business Outcomes

• Seamless Customer Experience: Insurers can improve customer engagement by leveraging APIs to integrate data from various sources to provide more meaningful and personalized offerings
• Digitally Integrated Ecosystem: Insurers realize the importance of digital agility and are taking steps to move toward a digitally integrated ecosystem
• Reduce Risk: Create any API or server-less function without ever changing legacy systems
• Lower IT Spend: Managed Services offering will optimize the operational expense of run and support

Insurance Integration L2 Offerings

Insurance Integration Offerings: Coforge Differentiators

Our People – Cross-functional Teams to Deliver Outcomes

• 450+ API consultants
• 500+ certified resources
• 5 integration COE staff across US, India
• 30 domain SMEs across US, UK, India

Accelerators – Integration Accelerators Built

Proof Points (Experience Gained Over Multiple, Successful Implementations)

• 5000+ API developed
• 150+ projects implementation experience

Coforge Alliances and Partnerships for Insurance Integration Offerings