Small Ticket Insurance Product

An Insurance Company Innovates and Launches a New Age Insurance Product within 6 Weeks, using MICA

The Challenge

The client is the non-life insurance arm of large Financial Services conglomerate and offers solutions in Motor Insurance, Health Insurance, Home Insurance and Loan Protection segments.
The client was interested to innovate new age insurance products for Motor LOB. However, their existing core insurance system did not support the ideation in terms of configuring non-conventional products. Hence the client needed a digital insurance solution that would help to achieve the above objective.

The Solution

iNube effectively addressed the client’s challenges by implementing a cutting-edge Small Ticket Insurance Core Platform – MICA. The solution highlights include – ​

  • Flexible product configuration capabilities – Floating sum insured across multiple vehicles and multiple drivers, on-demand cover utilization, multi cover
  • Dynamic premium rating engine to enable Premium calculation based on multiple criteria
  • Sandbox Environment: Ideate, experiment, test and innovate, prior to scaling the concept
  • Complete user journey from policy purchase to claims intimation and servicing handled on a separate platform
  • Charter of Accounts created, and transactions pushed to customer finance ERP for accounting purposes

Key Highlights

  • Plug & Play Operations : Non-technical product setup
  • Cloud Compatible: Secure, reliable & non-centralized access
  • APIs for Partners: Partner specific APIs for Policy and Claim Transactions
  • Front-end Interface: Compatible with existing partner front-end interface

Value Delivered

  • Enabled Faster Go-To-Market – Driver Based Insurance (DBI) Product – Launched in 6 weeks
  • Fostered Product Innovation & Growth
  • Developed New Channels of Distribution and Created New Markets
  • SaaS based offering – Enabled Low-Cost Operations and Achieved Economies of Scale

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