Insurance Giant's Cost Reduction Journey with Our Agency Commission Management System

Client Challenges

• Due to severely customized and hard-coded operations of the in-use legacy system, the client found it expensive and time-consuming to add and maintain new schemes for additional lines of business (LOBs)
• This inflexibility hampered the client’s ability to evolve according to the changing business needs and deliver what their customers wanted. Consequently, most of the business opportunities went untapped by the client
• To eliminate this limitation, the client tried to customize an off-the-shelf policy administration system
• It didn’t prove much beneficial, as client had unique requirements for agency commission management and TPA services
• For the solution to work efficiently, it not only had to meet these requirements, but it needed to integrate with other best-in-the-business applications
• To minimize the operational cost and time, the challenge in front of the client was to define products and operations without any coding effort
• Importantly, it was necessary for the integrated solution to work with the systems of larger organizations with interdependent needs and similar technology requirements

Our Solutions

Appointed a team led by a senior business analyst to conduct a thorough analysis of our client’s existing business model, current and future business needs.
To put that analysis in concrete actionable form, we took the following approach-

A) Defining the System Needs:

• We began by developing a real-world business domain model to provide a common template for documenting and communicating requirements specific to agency commission management and TPA services
• It enabled the client to separate the essential core system from the definitions of the insurance products, which simplified the handling of additional LOBs

B) Recommendation of a Well-Planned Solution:

• To bring flexibility in the entire system workflow, we advocated a solution that supports easy configuration of products
• It ensured the planned revisions if and when a product changes
• More importantly, it enabled the client’s configuration to cover coverages, transactions and atomic actions throughout the various processing stages in the life cycle of a policy
• To break the data silos and equip the client with complete control over the solution, we implemented interactions between other components, such as billing and claims
• To select the best possible solution for each contributing component, we composed the interface between the policy administration component and other components