Top US insurer sees a 338% surge in online premium for its personal line of products in just 2 years by rolling out direct channels for policy sales
The company, one of the Fortune 500, is a leading US-based property and casualty insurer. With an employee strength of more than 30,000, the insurance behemoth provides retirement plans, personal as well as business policies which cover home insurance, auto insurance, life insurance, insurance for agribusinesses, etc. It has operations across the US and sells insurance through its subsidiaries.
While the insurance companies are embarking on a digital transformation journey, they are also looking to expand within the country and whittle down localization of their businesses to ramp up their top line. The effort has been to open up direct channels of their own.
The client wanted to move away from legacy applications that were slowing down and making its processes inefficient. It’s auto insurance sales, for instance, was driven by exclusive agents who were predominantly using legacy applications. These were leading to a loss of sales opportunities as the time taken on quotes was becoming way too long. The company wanted to open up online channels to drive growth, starting with the auto insurance part of the business.
The need of the hour was also to provide online self-service capability to bring down service centre costs while improving customer experience.
The company wanted to expand direct sales channels to new geographies with new products to improve revenue growth.
The insurer was looking to create a digital platform for consistent product implementation, rates, data across multiple channels and define an architecture to improve business agility and time-to-market.
Wipro partnered with the client to open up more direct channels for policy sales and, in particular, offered an end-to-end solution (J2EE platform) for the auto insurance sales and servicing expansion program. We also formed a core shared services team to own and maintain components/technical modules across multiple channels.
The solution enabled:
The online sales process was initially rolled out in one state with standard and non-standard products that established our base code, then implemented across several other states.
Spurt in Sales of Personal Line of Products - Standard and Speciality
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