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micro-insurance

Micro-Insurance App on Azure

19 Mar 2021

Micro insurance

The Client

Client was a Microinsurance Service Provider (For Life and Non-Life)

The Need

With the growing digital channels, the client needed a solution for the Microinsurance platform that provides an easy and cost-effective cost of servicing and enhances analytical capabilities. The solution required to provide quotations, premium processing, policy administration, claims-based processing, and insurance accounting.

The life solution required to provide Term, Whole Life, Endowment and Cash-based, Special Need Policies and Annuity Process right with support for online sales, distribution and policy administration, payments and renewals.

The Challenge

The Client provided end-to-end micro-insurance services that supported private and commercial lines and individual and group-based products. The solution also required agent and customer portals that can be personalized and deployed rapidly.

The solution required was a multi-channel sales and distribution provider that was completely responsive and needed to have all the business logic defined on the .Net solution Furthermore, the business logic was earlier defined in a J2EE based application which did not work and hence had to be redefined and rewritten to accommodate all the requirements.

The solution with the policy definition also required automated calculations and support a number of business rules including acceptance, workflows deviations, and notifications.

Additionally, the solution needed to be extended as required and should support a highly scalable framework.

The Solution

Star Knowledge proposed to define a Microservice architecture on Net MVC and proposed to use Azure as the cloud solution Additionally, the current business cases were mapped, and business logic was defined in consultation with the best practices in the industry. The entire system was defined as modular with services that ran independently and used Azure Functions.

The solution in addition required to build a customer-facing portal and integrated with payment renewals, payment managements, policy generation workflows, claims portal, and annuity calculation mechanism based on the approvals. The calculations were updated and reflected on the customer portals and were also available on the admin portal. The solution also had an Agent portal for managing each operation based on role-based access controls with lead and opportunity tracking capabilities in addition to the insurance modules.

Additionally, the admin portal required several capabilities of the Agent portal and required several dashboards and statistical data computations for the various activities that were mapped under several visualizations.

Benefits obtained

  • Cloud-based solution Admin, Customer, and Agent Portals
  • Ease of record-keeping and tracking leads, accounts, and renewals for timely extensions
  • Ease of policy creation and annuity computation
  • Agent commissions were easily tracked based on the deals
  • Microarchitecture solution with ease of solution enablement
  • Rapid development cycles for continual product improvements
  • Multi-channel and Omni device support
  • Analytical insights and tracking of transactional, financial, and performance data

Technology Stack

  • ASP.Net
  • SQL Server
  • Azure
  • Bootstrap Design
  • REST APIs
  • Payment Gateways
  • Azure Functions
  • Azure DevOps

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