Overview
Client: A general insurance company with a growing marine portfolio.
Goal: Deploy an end to end Policy Administration System specifically for marine insurance to support faster product launches and automate the full policy lifecycle.
Core Challenges
- Lack of specialized PAS capabilities for marine product variations.
- Manual processes leading to delays in policy and certificate issuance.
- Fragmented systems creating friction across the issuance lifecycle.
- High turnaround time for launching new marine offerings.
Solution Requirements
The insurer required a solution that could:
- Handle complex marine insurance variants like Pre UW, Specific Voyage, Open Policy, and Marine Stop.
- Enable real time policy and certificate issuance.
- Ensure rapid end to end rollout without dependency on core PAS.
- Maintain flexibility for future product expansion.
Nvest's Nverse Solution
- Tailored PAS for Marine Insurance: Delivered a complete PAS setup designed specifically to support marine insurance workflows.
- Product Launch at Speed: Rolled out 4 marine products including Pre UW, Specific Voyage, Open Policy, and Marine Stop.
- Instant Policy Issuance: Enabled real time generation of policies and certificates to eliminate manual lags.
- Rapid Time to Market: Completed the full deployment cycle in just 4 months.
Results
- All 4 marine products launched successfully with seamless end to end automation.
- Real time issuance significantly reduced policy turnaround time.
- Entire PAS rollout completed within 4 months, driving speed and operational efficiency.