Life Insurance System Development. PZU Case Study
Driven by top technology, we structured the criteria and developed concepts of solutions. The automated electronic life insurance system is aimed to minimize time and costs for operational processes.
The insurance market witnessed some problems in 2020 due to COVID related to the crash of financial markets. But as a result, it grew stronger. However, the growth of the market stipulated certain changes in the behavior of the customers: they expect insurance companies to provide a more versatile digital experience. Insurance businesses also realized they need to go digital to be ahead of the competition. Life insurance system development can only be the first step on the road to digitalization.
The application of upscale technologies makes the industry competitive and boosts business growth for the companies that provide insurance services. Digitalization, automation, Artificial Intelligence, Machine Learning applications, and unique customer experiences are the solutions to many issues arising.
Insurance software products must comply with the fast market demands. The solutions should contain advanced functionality and necessary capabilities to respond to any fluctuations. More than that, digitalization in the insurance sphere brings a number of benefits:
The customer is the Largest Insurance Group in Central and Eastern Europe, working in the Ukrainian market since 1993 – PZU. The Group consists of more than 600 insurance offices in Poland, Lithuania, Ukraine, more than 16,000 employees, and over 200 insurance products. Ukrainian PZU Network has 84 representative offices.
Before the new electronic life insurance system was introduced, the insurance agents and brokers completed questionnaires and statements in paper forms, which has caused quite a lot of issues, from slow workflow to mistakes in handwriting. After the forms were completed, they were sent by post along with a package of documents from the customer to the central office in Kyiv, where they were checked. Afterward, the insurance officers were to make a decision, and records were sent back.
Therefore, the whole process was costly, lengthy, took many other resources, and subsequently required a reconsideration.
The decision was to adopt a new Life Insurance Management System.
To begin with, Softengi specialists discussed and gathered all the necessary requirements from the Client with regard to the life insurance software features they were going to create. Driven by top technology trends, we structured the criteria and developed concepts of solutions.
The goal was
The development and implementation of the electronic life insurance system have been carrying out in a two months period with Scrum sprints methodology. The new insurance management system with core features as a workflow interface to improve the decision-making process. In addition to the predictions of risks, analytics, data storage, UX/UI design, CRM system, auto-documentation, all the necessary features were included to improve the tasks and challenges set before the Client.
With the creation of the new insurance software for our Client has improved the decision-making process in terms of creating a solution enabling us to add and modify data about customers, imply the rating for every Client according to the data analysis.
The Client received a fully functioning, tailor-made tool to cover the needs set before. The life insurance management system allows to provide sales management and improves the operational activity of delivering life insurance services. The possibility of risk calculation is now done automatically. In overall, 90% of the processes are automated and the need for hard copies is eliminated.
Sustainable homes help to decrease the consumption of resources, provide tenants/landlords with safety and security, and allow them to save money. In other words, sustainable homes have positive environmental, social, and economic impacts ( planet, people, profit sustainability formula).
Softengi developed an E-Procurement system based on AI for Nectain. In order to realise business requirements more quickly and ensure system resilience, Softengi assigned a team of DevOps professionals, who significantly accelerated the delivery of software features and updates in alignment with the Customer’s business objectives.
As the world becomes more digital and the demand on efficient technological innovations is constantly rising, the public sector strives to digitize and automate its services, providing citizens with more effective and convenient ways to get needed help or complete required procedures. Softengi developed an E-Crime System on the request of the Minister of Internal Affairs of the Republic of Tajikistan. The system provides a unified procedure for receiving, recording and processing offence and crime reports.
Send your message
Call back request
Robert, US Representative, СRO
e-mail: [email protected]