An Insurance Company Successfully Launched an Innovative New Age Insurance Product in 6 Weeks using MICA
The client is the nonlife 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.
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