Insurance

    Building End-to-End Insurance Platform with Multi-Carrier Rating Engine

    Read Time4 minutes
    IndustryInsurance
    Technologies
    AngularJSMongoDBNode.jsExpressJSDigital Ocean

    Case Study: Building End-to-End Insurance Platform

    How we developed the Insurance Software, an innovative solution that streamlined insurance operations, creating efficiencies for agents and providing an enhanced experience for insured individuals.

    Insurance Software
    Insurance Software
    Insurance Software

    Summary

    A robust web-based insurance software solution that revolutionized the insurance industry, enabling insurance companies to streamline their workflow and provide more efficient services to their agents and customers. The system encompasses multiple modules designed to facilitate the application submission, quoting, issuance of insurance policies, claims, certificates, etc. From dynamic submission forms to seamless policy generation, it has transformed the way insurance operations are conducted, enhancing the experience for insurance companies, agents and insured individuals.

    Challenge

    In the insurance business, companies faced big problems like too much paperwork, doing things by hand, and taking a long time to make price quotes and policies. They really needed a digital tool to do these jobs faster and also make custom forms to collect data from customers.

    During the development of this project, the team faced various significant challenges:

    • Integration Complexity: Integrating multiple technologies demanded careful coordination to ensure seamless operation.
    • Dynamic Form Creation: Building a system capable of crafting dynamic submission forms with various question types was technically intricate.
    • Rating Engine Configuration: Designing and configuring the rating engine to calculate quotes based on submission questions and logic required in-depth technical expertise.
    • Policy Generation Logic: Developing the logic for policy creation from quotes and submission data involved complex algorithm development.
    • User Portal Development: Constructing an insured side portal with secure access to policies and the capability to generate insurance certificates.
    • Testing and Quality Assurance: Ensuring the system's accuracy, security, and reliability through extensive testing.
    • Project Timeline: Meeting project deadlines while addressing these complexities demanded meticulous project management.

    Solution

    Our expert team of AngularJS developers, NodeJS specialists, MongoDB experts, and UI/UX designers, came together to create the web-based insurance software. Their combined efforts ensured the successful development and timely deliveries of this long running project.

    The team worked hard to find solutions to the challenges:

    • Integration Complexity: Employ a well-defined integration strategy and utilize middleware or API gateways to facilitate communication between different technologies.
    • Dynamic Form Creation: Develop a versatile form builder module that allows the dynamic creation of submission forms with user-friendly interfaces.
    • Rating Engine Configuration: Design a rating engine with a configurable rules engine, enabling insurance professionals to define calculation logic.
    • Policy Generation Logic: Create a policy generation module that uses business rules and algorithms to convert quote and submission data into policy documents.
    • User Portal Development: Implement a secure and user-friendly insured side portal that provides authenticated access to policies and certificates.
    • Testing and Quality Assurance: Establish a comprehensive testing framework, including unit testing, integration testing, and user acceptance testing.
    • Project Timeline: Employ effective project management practices, such as agile methodologies, to ensure efficient resource allocation.

    Our team's commitment to rigorous testing, continuous monitoring, and effective project management ensured the successful development of the insurance software. This project sets a new standard for efficiency and user satisfaction in the insurance sector.

    Results

    The implementation of this Insurance Software resulted in significant achievements:

    • Enhanced Efficiency: Manual processes were streamlined, leading to increased operational efficiency for insurance agents.
    • Quicker Turnaround: The system expedited the generation of quotes and policies, benefiting both insurance agents and clients.
    • Improved Data Collection: The introduction of custom submission forms enhanced the collection of data, providing greater flexibility.
    • Enhanced User Experience: Clients enjoyed an improved experience with better access to their insurance information.
    • Complex Demands Managed: The project successfully navigated the intricate demands of the insurance industry.

    What Came Next: AI Transformation

    As the platform matured, we introduced AI capabilities to further automate claims processing, quoting, document ingestion, and policy support across all user roles.

    Read the full AI transformation case study →

    Technologies and Tools

    With a strategic blend of the MEAN stack and DigitalOcean for hosting, we embarked on a mission to craft a digital masterpiece.

    AngularJSAngularJS
    MongoDBMongoDB
    Node.jsNode.js
    ExpressJSExpressJS
    Digital OceanDigital Ocean

    Results & Impact

    Measurable outcomes that drove real business value

    0
    Faster Processing

    Reduction in policy processing time

    0
    Operational Efficiency

    Improvement in agent productivity

    0
    Data Accuracy

    Reduction in manual entry errors

    0
    User Satisfaction

    Average rating from users

    Client Feedback

    "Since 2016, we've been in a great partnership with Angular Minds, and I feel truly lucky to have their team by my side. Together, we've created an insurance platform that automates the entire insurance process - from Quoting to Policy Binding, Renewals, and Payments. Thanks to the hard work of the entire team, we've successfully onboarded over 30 insurance companies onto our platform. Kudos to everyone involved!"

    Derek LovrenichFounder of insurEco System, Inc.

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