Retail Insurance POS-Solution
The Client
Our client provides direct insurance broking for Corporate and Retail customers and offers a range of products for the Non-Life and Life segments. In addition, it also offers value-added services like Risk Management / Audit which include risk inspection and gap analysis, and portfolio management which includes claims handling
Its aim is to play a predominant role in the insurance broking industry in India with a focus on giving more value to customers, innovative solutions, superior services, a professional team, and corporate social responsibility.
The Challenge
The requirement was to customize the application which would enable Integration with Insurance Company Core Systems for their various range of products from Motor, Health, Travel, Life, Personal Accident Insurance etc.
Extensive configurations in the system were required to enable only authorized agents to sell specific insurance products.
The system had to be designed to address the current regulatory authorities as well as accommodate ongoing/future regulatory changes to the maximum.
The Solution
Binary Semantics provided an end-to-end solution where POS Agents could onboard and buy insurance policy for end customers. The complexity lied in integration with different Insurance Company Core systems as each followed its own business rules/configuration logics. This was further compounded by the sheer variety of insurance products to be integrated in Life and Non- Life Insurance.
Key features provided:
- POSP Enrolment/On-boarding
- Policy Issuance
- Customer Grievance/Raise Query
- Claim Intimation
- Managing Brokerage and Distribution Fees
- Integration with Accounting system for invoice generation
- Leads Management Extensive, Intelligent User-Role wise Business Reports & Dashboard
Technology/Functions:
- Microsoft .Net Framework 4.6.1
- HTML 4, bootstrap4, JQuery 3.2.1
- Microsoft SQL Server 2012
- Visual Studio 2015,2017,2019 along with MVC 5.2.7.0
Benefits:
- Application became one stop shop for POSP Agents to buy variety of insurance products.
- Increased business penetration due to mobile responsive behaviour.
