Web portal for an insurance company

Project background

Back in 2021 the global insurtech market was estimated at USD 3.85 billion and is forecasted to reach USD 5.45 billion in 2022. Insurtech investment in Europe is growing faster than anywhere else in the world. It has already reached $483m in Q1 2022.

Insurance industry is changing every day, from pure risk transfer to service-led ecosystems.

Our client is a well-established insurance company in Eastern Europe. The client’s main idea was to provide a unique SaaS platform for insurance companies and their partners. This insurance web portal should cover the full insurance process from drawing insurance contracts to handling insurance events.

Since the client wanted to enter the market as soon as possible, the main requirement was to create the first stable MVP version within two months.

Business needs

The client’s main idea was to provide a unique SaaS platform for insurance companies and their partners. This insurance web portal should cover the full insurance process – from creating insurance contracts to handling insurance events and managing accommodation.

Since the client wanted to enter the market as soon as possible, the main requirement was to create the first stable MVP version in 2 months.   

The main challenges 

– Absence of an appropriate web platform to communicate with a nationwide telco partners and retailers;   

– The client needed an insurance app that covers full nationwide document management. All communications among POS, agents, clients, and the company’s employees were separate and segmental;   

– Providing a simple sales process by automating the calculation of value and registration of an insurance contract; 

– Unique MVP design and development of the stable product version within a short period of time; 

– Attracting new customers and offering high-quality services to existing ones through the usage of a single customer base and CRM software solutions.  

Product features

1. Paperless workflow. Easy documentation management without paper work
2. Client accounting. Client accounting for insurance programs and insurance companies
3. Secure payments. Implementation of secure payments for a high user’s security online
4. Electronic key. An option of signing all documents by a secure electronic key
5. Claim notification. A feature of helpful claim notifications through the client’s personal account
6. Auto payment. There is also an auto claim payment in the insurance app
7. Recording. Recording information about the documentation uploaded by users

Solution

The CHI Software team has developed an insurance web portal focused on managing both B2B and B2C processes within the insurance company. The solution provides a platform to organize and track interactions with clients and partners, both current and potential.

– The web platform includes a list of necessary functions and paperless workflow instruments. The tool for signing all documents by an electronic key was also added.

– Since the customer was looking for a unique system design, we could not use out-of-the-box libraries for solution interfaces. That’s why many of the insurance app components were either modified or made from scratch.

– The following business processes were automated: sale of insurance contracts; accounting for terminated insurance contracts; document flow with business partners – receivables and payables; workflow of insurance claims; and policyholder’s personal account.

– We used Scrum Agile methodology in our work on this insurance app for flexible development with 2-week sprints. To make the process transparent, we conducted daily meetings with the client’s team to update them on the status and progress of the tasks.

Our technology stack

• Java 11
• Spring
• Hibernate
• Liquibase
• PostgreSQL
• JODConverter
• RabbitMQ
• React JS
• TypeScript
• Redux
• Redux-Thunk
• Less
• AWS (ECS, RDS)

Key achievements delivered

1. The insurance company received a web portal that covers all processes of a wide range of insurance services.
2. The MVP product development was done according to the client’s requirements and needs.
3. The client can now manage the processes of insurance transactions and organize communication smoothly and correctly.
4. The customer’s electronic signature ensures the proper functioning of e-policy sales.
5. The web platform developed by the CHI Software team streamlined the paperless workflow and business communication processes.