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Resources
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Case Studies
/SaaS Platform for Insurance
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AI-Driven SaaS Platform for Insurance
Client
The client is an emerging insurtech company, driving innovation and disruption in the United States insurance industry. The client focuses on solutions that track customer data, transform numbers into tangible insights, and improve insurers’ outreach and ROI.
Industry
Insurance
Offering
A multi-carrier SaaS technology and end-to-end digital distribution platform that utilizes data analytics, behavioral science, and artificial intelligence. The platform contains niche applications built on a single scalable and secure platform that works independently and integrates seamlessly. The solution is designed to provide awareness and easy accessibility with enhanced digital customer experience.
Business Challenges
The life insurance market opportunity in the United States is huge. However, because of legacy systems and distribution models, the target market faces challenges such as lack of awareness, access, and ease of transacting. An estimated 100 million households are uninsured. There are 33% of households that are underinsured, while an estimated 66% of the uninsured and underinsured market would buy – if asked. Some of the major pain points of insurance providers across the United States in capturing the untapped market are:
- High acquisition cost of a solution
- Beholden to intermediaries
- Change in selling capability
- Disruption from new entrants and ecosystems
- Mortality fluctuations
Key Features
- Flexible platform that allows easy and quick integration of different products such as lIfe, annuity, disability insurance, simplified issue, and medicare
- Designed to cater to multiple and multi-level products, customer, agent, and agency relationships
- Microservices architecture supports parallel integration and enables multiple teams to work together without blocking dependencies
- Code branching and versioning to support multiple product integration at the same time
- Generic journey engine that helps to configure any number of high-performance user journeys
- Web platform for uploading contacts, managing digital marketing campaigns, and visualizing insights and predictions
- Secure platform that meets OWASP standards ‒ targeted to secure SOC2 compliance
- Flexible platform that allows easy and quick integration with partner CRM and SSO
- Agent/partner login and data segregation
- Scalable platform that allows adding any number of clients/partners
- Integrated marketing workflows
- Advanced reporting and dashboards capabilities through Power BI business data analytics
- ML and data modeling for behavioral insights and target predictions
- Graph database based journey/rule engine that caters to multiple user journeys using plug-and-play widgets for affiliates
QBurst Solution
The SaaS platform covers all the major business functions of insurance sales and distribution with secure cloud integration:
- Intelligent lead generation and aggregation
- Lead nurturing and management
- Lead transition
- Application management
- Case management and underwriting
- Issue and activation
- Policy administration
Business Benefits
- 36% increase in ROI
- 65% reduction in customer acquisition cost
- 28% reduction in burn-rate of prospects
- 34% increase in conversion rates
- Optimized marketing spend
Technologies
- Frontend: Angular, Blazor, jQuery, HTML5, CSS3
- Backend: ASP.NET Core, Azure Blob Storage, RabbitMQ, Hangfire, MassTransit
- Database and storage: Neo4j Graph DB, Azure SQL, Azure Redis Cache
- Data Analytics: Azure Databricks, Azure Data Lake, Google Analytics
- Orchestration: Microservices, Docker, Azure Kubernetes Service, Ingress
- Security and monitoring: Azure Front Door, Azure Monitor, Azure VPN Gateway, Azure NAT Gateway, Azure AppInsights
- UX & Design: Adobe XD, Figma, Invision
Business Challenges
The life insurance market opportunity in the United States is huge. However, because of legacy systems and distribution models, the target market faces challenges such as lack of awareness, access, and ease of transacting. An estimated 100 million households are uninsured. There are 33% of households that are underinsured, while an estimated 66% of the uninsured and underinsured market would buy – if asked. Some of the major pain points of insurance providers across the United States in capturing the untapped market are:
- High acquisition cost of a solution
- Beholden to intermediaries
- Change in selling capability
- Disruption from new entrants and ecosystems
- Mortality fluctuations
Key Features
- Flexible platform that allows easy and quick integration of different products such as lIfe, annuity, disability insurance, simplified issue, and medicare
- Designed to cater to multiple and multi-level products, customer, agent, and agency relationships
- Microservices architecture supports parallel integration and enables multiple teams to work together without blocking dependencies
- Code branching and versioning to support multiple product integration at the same time
- Generic journey engine that helps to configure any number of high-performance user journeys
- Web platform for uploading contacts, managing digital marketing campaigns, and visualizing insights and predictions
- Secure platform that meets OWASP standards ‒ targeted to secure SOC2 compliance
- Flexible platform that allows easy and quick integration with partner CRM and SSO
- Agent/partner login and data segregation
- Scalable platform that allows adding any number of clients/partners
- Integrated marketing workflows
- Advanced reporting and dashboards capabilities through Power BI business data analytics
- ML and data modeling for behavioral insights and target predictions
- Graph database based journey/rule engine that caters to multiple user journeys using plug-and-play widgets for affiliates
QBurst Solution
The SaaS platform covers all the major business functions of insurance sales and distribution with secure cloud integration:
- Intelligent lead generation and aggregation
- Lead nurturing and management
- Lead transition
- Application management
- Case management and underwriting
- Issue and activation
- Policy administration
Benefits
- 36% increase in ROI
- 65% reduction in customer acquisition cost
- 28% reduction in burn-rate of prospects
- 34% increase in conversion rates
- Optimized marketing spend
Technologies
- Frontend: Angular, Blazor, jQuery, HTML5, CSS3
- Backend: ASP.NET Core, Azure Blob Storage, RabbitMQ, Hangfire, MassTransit
- Database and storage: Neo4j Graph DB, Azure SQL, Azure Redis Cache
- Data Analytics: Azure Databricks, Azure Data Lake, Google Analytics
- Orchestration: Microservices, Docker, Azure Kubernetes Service, Ingress
- Security and monitoring: Azure Front Door, Azure Monitor, Azure VPN Gateway, Azure NAT Gateway, Azure AppInsights
- UX & Design: Adobe XD, Figma, Invision
