Software as a Service (SaaS) enabled Multichannel Platform for Insurance Companies

Insurance companies aiming at expanding their operations in the emerging markets need to explore innovative distribution channels for maximum penetration while maintaining their market share. Insurance carriers are constantly refining their offerings to meet the demands of the industry, which is increasingly driven by ever-evolving technology advances. As insurance carriers define consistent selling strategies across multiple channels, ranging from traditional broking houses to the state-of-the-art internet and mobile-driven channels, they face the following challenges:

• Channel integration
• Uniform data exchange
• Costs of maintaining multiple distribution channels

Zensar has developed Service-Oriented Architecture (SOA) based Multichannel Platform that encourages channel harmony ensuring standardized data exchange irrespective of the channel chosen to reach the customer. The data exchange is powered by the internationally accepted ACORD standards to ensure uniformity. The framework offers a technology-agnostic solution that enables seamless integration between the legacy systems of an insurance company and any user front-end channel like mobile devices, web (internet), tablet PCs etc.

Methodology

Value Proposition

• Enhancement of customer loyalty
• Increase in brand equity
• Increase in cross selling opportunities/li>
• Increase in competitive advantage
• Increase in customer reach
• Faster time-to-market

IT benefits

• Reduction in Total Cost of Ownership
• Increase in agility owing to adherence to ACORD standards
• Increase in reusability and interoperability
• Leverage benefits of SOA based architectural framework