MICA_iNube

Small Ticket Insurance Product

An Insurance Company Innovates and Launches a Small Ticket Insurance Product in 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 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.

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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