Overview
Client: A prominent life insurance company.
Goal: Accelerate product innovation, enable customization, and overcome the limitations of legacy infrastructure to stay competitive in a fast evolving market.
Core Challenges
- Rigid legacy systems delaying product launches and innovatio.
- Heavy IT dependence for minor product changes and updates.
- Inability to configure product combinations for customer centric offerings.
- Limited underwriting flexibility and slow decision loops.
Solution Requirements
The insurer required a solution that could:
- Drastically reduce go to market timelines for product launches.
- Support combo creation and rider configuration for flexible packaging.
- Enable paperless, seamless onboarding for insurers and POSPs/SPs.
- Seamlessly integrate with internal core systems and channels.
Nvest's Nverse Solution
- Accelerated Product Deployment: Enabled launch of over 25 products, riders, and combos in just 2.5 months using Nvest’s low code configuration suite.
- Combo and Rider Configuration: Delivered flexible insurance offerings tailored to varied customer needs across segments.
- Underwriting Counter Offer Integration: Implemented smart workflows to support alternate offers and improve conversion.
- End to End Integration: Web and mobile distribution enabled with deep integration into internal systems for operational continuity.
Results
- 25 plus insurance products including riders and combos launched in just 2.5 months.
- Seamless web and mobile application roll out for both distributors and customers.
- Enhanced underwriting with dynamic counter offer capability integrated into journeys.