The client is a well-established composite insurer based out of Singapore. The firm serves over two million customers and is considered a leader across General and Health insurance.
Their innovation-led customer first approach is driven by a social purpose of making insurance simple and honest.
The firm is focused on offering a large set of products variants, each customised for micro customer segments.
The Client needed to create similar product variants that could be quickly launched and distributed to agents and their internal sales team.
The ask was to create a single, common platform across all personal lines, with a single application that can distribute products to over 1,500 sales partners.
The firm has a basket of products that can be customised and shared for distribution based on customer requirements. The challenge they faced was that these customisations took a significant amount of time, primarily because of technical complexities in the policy administration system. The time-to-market for these products was nearly 6 months, leading to significant opportunity loss.
The ask from Candela Labs was to simplify the customisation process, reducing the entire cycle time by at least 50%.
Candela Labs approach was to start with a solution for Travel Lines, focused on internal sales team and agents.
Candela Labs created a specialised application called Product Packager that worked with and reduced the burden on the policy administration system. In addition, a General Insurance Portal was created to manage the front-end sales experience.
The existing process was mapped and enhanced with automation to reduce redundancies.
The solution was implemented using the Angular JS platform. The policy administration system was eBao with a DXC application for product pricing.
The focused solution for Travel Lines was delivered in six months. Phase 2 involved the coverage for five additional Personal Line products and again took six months to go live.
The new application allows the firm to launch a new product in six weeks and issue a new policy for these products in under five minutes.
The solution is currently being used by 300 agents, with roll out planned for another 1,500 agents.
The application can be operated by the sales agents from anywhere in Singapore and works seamlessly on all major mobile devices, including tablet and laptops.
Policy Admin. System: eBao
Pricing Application: DXC