On-demand insurance product launch in 6 weeks using API

The Challenge

The client is the non-life insurance arm of large financial services conglomerate and offers solutions. Such as Motor Insurance, Health Insurance, Home Insurance and Loan Protection segments. The client wanted to launch a new-age on-demand insurance product under its Motor line of business. Meanwhile their existing core insurance system was not supporting on-demand insurance products. Therefore, the client was looking for a solution that could support on-demand and other such non-conventional insurance products.

The Solution

Since iNube’s APIsLive platform was designed to support non-conventional insurance products including on-demand insurance products. Significantly iNube proposed and successfully implemented APIsLive for the client.

The highlights of the solution implemented was as follows:-

  • APIsLive Platform setup and hosted on AWS Cloud provided by iNube
  • On-demand insurance product configured on the platform in 3 days’ time including rules for enrolment of vehicle and daily calculation of premium
  • APIs for premium calculation, policy issuance, endorsements, cancellation and claim intimation generated from APIsLive platform.
  • APIs generated consumed by B2C portal and a large insurance aggregator
  • Reports and dashboard configured in 2 days time.
  • MS Excel based Premium Register and Claim Register enabled for download from APIsLive.
  • Product goes-live in 6 weeks’ time after integration and UAT.
  • Monthly SaaS billing for the product started after go-live, altogether support and cloud infrastructure included as part of SaaS fee.

Value Delivered

  • Unquestionably fast go-to-market achieved for new products
  • Support for non-conventional insurance products on APIsLive platform. Client will be able to quickly configure innovative insurance products and launch them into the markets without any dependency on iNube.
  • Sandbox environment provided to the client to experiment new product ideas and beta test products.
  • Opex based pricing. Especially pay-as-you-use model of pricing.

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