The Client
A leading Global P&C (Property & Casualty) and Specialty insurance group with operations in 180 countries selling 100+ products.
Business Challenge
The client faced limitations with their current IT systems which hindered improvements to their combined ratio. They needed a platform that efficiently introduced white-labelled travel insurance products with global affinity partners, simultaneously reducing costs. Additionally, they aimed to tap into changing consumer preferences to launch on-demand global travel insurance products.
AdfarTech Solution
AdfarTech adopted a comprehensive approach to develop a holistic solution for the client:
1. Improve combined ratio by streamlining operations and accelerate growth – unattainable within the current IT infrastructure.
2. Elevate business engagement by enhancing product proposition, branding, and marketing capabilities.
3. Demonstrate the viability of the proposed IT strategy.
Results
The client experienced significant benefits because of the implemented solution:
1. Long-Term Partnership: Secured a five-year extension with distribution partners in Australia, valued at AUD 65 million.
2. Cost Savings: Achieved an annual IT expenditure $1 million lower than the legacy solution.
3. Expanding Platform Presence: Advanced platform expansion plans for Thailand and Canada, ahead of the original schedule.
4. Confidence Boost: Increased executive confidence in expanding the platform strategy to other business units, including Specialty Risks.
5. Creation of New Revenue Streams: Introduction of a new product line through partner collaborations.
6. Accelerated Feature Implementation: Faster turnaround on feature requests due to component-based design.
7. Streamlined Content Management: Effortless management and release of fresh content, along with partner-specific branding and white-labeling.
8. Enhanced User Experience: Simplified user journey for purchasing travel insurance on-the-go, complemented by integrated analytics and marketing capabilities.
9. Improved Partner On-boarding: Quick on-boarding of new partners, leading to reduced operational time.
It enabled clients to leverage:
1. Highly customization & configurable portals – Improved time to market
2. Re-branding of in-house brand – Direct consumer sales uplift
3. Re-designed and improved portals – Enhanced user experience
4. Customization and configurable UI – Elevated Digital experience
5. Effortless travel products roll out – Simplified maintenance.
6. A new Site-core based CMS platform – Marketing and Customer Engagement
7. Deployment on a single cloud PaaS instance – Unified, cloud-based solution
