Re-Imagining the Insurance Buying Experience
A phased implementation plan and budget approved by the Executive leadership team
Strategy Assessment for Streamlining the Insurance Buying Experience
A prominent Insurtech, recognized as one of the nation’s largest and fastest-growing personal lines insurance brokers, was seeking to build a streamlined Quote-to-Issue (QTI)experience. The objective was to empower their corporate and franchise agents to generate enhanced insurance quotes, accept many forms of payment, and issue a contract spanning a diverse array of insurance carriers and product lines.Their objective was to have a common user interface with a scalable and flexible application framework capable of seamlessly integrating with the disparate APIs of legacy insurance carriers. The goal was to support 50% of eligible policy volume by the conclusion of the initial year. Prior to implementation, they sought to ascertain the feasibility, determine the optimal approach, and forecast associated costs.
Comprehensive Strategy assessment, phased implementation plan, and budget
- Valent Partners began by conducting a comprehensive assessment of the Insurtech's current state, encompassing its existing comparative rater application, application architecture, and in-house development methodologies The team also evaluated the current competitive landscape.
- Next, the team defined the scope and requirements for the desired future-state of the application architecture and PCI-compliant payment solutions.
- The team evaluated third-party insurance integration tools and compared their capabilities with the Insurtech’s internal goals and desired future-state to determine a build vs. buy decision.
- An assessment framework was developed to grade the “QTI readiness” for each insurance carrier desiring to be integrated with the Insurtech.
- The team documented changes that would be needed to the project governance model, development processes, and release management practices.
- A phased implementation plan and budget was developed that would achieve the project's year one objectives.
A phased implementation plan and budget approved by the Executive leadership team
- Valent Partners presented the final report to the Executive leadership team (ELT).
- The ELT reached a consensus to internally develop a custom solution instead of opting for a third-party integration tool because of the inherent limitations and development cycles of such tools.
- The phased implementation plan and budget was approved by the ELT.
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