An Insurance Company Innovates and Launches a Small Ticket Insurance Product in 6 Weeks using MICA
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 a new age small ticket insurance product 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.
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
Plug & Play Operations : Non-technical product setup