Edit Content

Novitates Tech is committed to shaping a digital landscape that empowers businesses globally, offering accessible transformative solutions that ignite industry-wide change. Our dedication to innovation drives us to create strategies that redefine global business operations.

Get in touch

Transforming Insurance Operations: Faster Product Onboarding and Precise Premium Calculation with a Custom Framework

Background:
A leading global insurance provider faced significant challenges in onboarding new motor and life insurance products swiftly and efficiently. Their existing systems required extensive manual configuration, delaying market entry and reducing their ability to adapt to evolving customer needs. To overcome these obstacles, the insurer embarked on a journey to transform their product onboarding process, enhancing efficiency and responsiveness.

Challenges:
The insurance provider encountered several issues with their legacy systems:

  • Lengthy Product Onboarding: Introducing new insurance products or modifying existing ones required significant time and manual effort, hindering agility.
  • Manual Premium Calculation: Disjointed systems lacked automation for premium calculations, leading to errors and inefficiencies.
  • Limited Market Responsiveness: The inability to adapt quickly to changing market demands reduced their competitiveness.

Solution:
Novitates partnered with the insurance provider to implement a Custom Product Configurator Framework powered by Pega configuration. This innovative solution streamlined product onboarding, automated premium calculations, and enabled faster go-to-market capabilities. Key features of the solution included:

  • Product Definition and Configuration:
    A user-friendly framework empowered the product management team to define motor and life insurance products, create plan variations, and configure pricing structures with ease.
  • Automated Premium Calculation:
    By leveraging Pega’s automation capabilities, the system calculated premiums accurately based on customer attributes and configured rules, eliminating manual errors.
  • Faster Go-To-Market:
    The solution significantly reduced the time required to launch or modify insurance products, enabling the insurer to swiftly address changing market needs and customer preferences.

Outcomes:
The implementation of the Custom Product Configurator Framework resulted in measurable improvements:

  • Significantly  Reduced Product Onboarding Time: Streamlined processes allowed new products to be launched in record time, enhancing market responsiveness.
  • Improved Premium Accuracy: Automation ensured precise premium calculations, reducing pricing errors and enhancing customer trust.
  • Enhanced Competitive Edge: The ability to quickly adapt to market changes gave the insurer a distinct advantage over competitors.
  • Elevated Customer Experience: Faster quotes and policy issuances improved overall customer satisfaction, strengthening the provider’s reputation.

Conclusion:
By implementing a Custom Product Configurator Framework with Pega configuration, Novitates helped the insurer revolutionise their product onboarding process. This transformation not only addressed inefficiencies in legacy systems but also positioned the company as a leader in delivering timely and precise insurance solutions.

Partner with Novitates today to drive innovation and efficiency in your insurance operations. Together, let’s redefine your success story!

Continue reading