Life Insurance System. PZU Case Study

In a world where insurance software importance only grows, we are ready to provide you with a solution.

Insurance Industry Development Trends

The insurance industry is dynamically developing nowadays in the world of rapid changes. The specific circumstances, such as volatility that it creates are now an integral part of life. They direct customers’ behavior, reshaping whole markets, which has also impacted the insurance market, making it now even more demanding than ever. 

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. 

Worth saying that insurance software products must comply with the fast market demands. The solutions should contain advanced functionality and necessary capabilities to respond to any fluctuations. 

The reasons for that are the following:

• Costs reduction and revenues increase
• Processes efficiency and workflow speed up 
• Covering customers need and business gaps
• Improve customer journey and experience
• Become more flexible and agile in the insurance services market
• Services optimisation and new product release to the ever-evolving market
• Employees productivity increase
• Become more digitalised and competitive

Customer and Challenge

PZU is the Largest Insurance Group in Central and Eastern Europe, working in the Ukrainian market since 1993. 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. 

The Target Solution

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, we structured the criteria and developed concepts of solutions. 

The goal was to develop an automated, complex, and multi-step workflow process of providing life insurance, whereby decision- making would become more accessible, more efficient, budget and human hours saving, and boosted relationships and interaction with customers. Thereafter, it should be able to handle any needs of insurance-related operations. 

Result

The development and implementation of the electronic life insurance system has been carrying out in a two months period with Scrum sprints methodology. Softengi presented a solution. The new insurance management system with core features as 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 creation of the new insurance software for our Client, the Team has improved the decision-making process in terms of creating a solution enabling 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.