The insurance industry seems to be catching up on digital transformation efforts during the last couple of years. Incumbents in the insurance industry with more sophisticated IT capabilities have a significant advantage in terms of agility growth and cost ratios and are better able to match the increased need for digital offerings. Recent research1 suggests that insurers with market-leading digital capabilities have a five-year revenue CAGR that’s four times higher than that of competitors. However, building these digital capabilities isn’t easy for most legacy insurers. The ground-up custom development approach comes with its fair share of risks and associated costs and off-the-shelf solutions don’t really make the cut for the insurers' unique process requirements.
This is where innovative software application development methods come in. Automated software development platforms like Xamun have helped a legacy insurer launch its own cyber insurance brokerage platform in a matter of just 10 weeks.
Let's understand more about the problems faced by the client and how the Xamun team went about addressing the issue.
An incumbent insurance company wanted to launch its own cyber insurance brokerage platform, without the risks and costs associated with building one ground-up. A cyber insurance brokerage platform is an online system that helps businesses find the best cyber insurance policies for their needs. It connects businesses with their partner cyber insurance brokers who can provide tailored advice and guidance on which policies are best for them. The platform also helps businesses compare different policies and providers to find the most cost-effective option.
The platform uses data to understand the individual risk profile of a business and provide tailored cyber insurance solutions. It can also help businesses to reduce their overall cyber risk by providing insights on the best cyber security practices for their business. Many cyber insurance brokerage platforms also offer other services such as cyber security risk assessments, training, and online courses. This can help businesses stay updated with the latest cybersecurity threats and trends.
The project of launching their own cyber insurance brokerage platform definitely has various advantages for the client, but they had in mind specific features which would enhance their value proposition. This included:
None of the off-the-shelf solutions could potentially cater to this unique list of requirements. Building this cyber insurance brokerage platform could mean significant cost and time implications and get into the technology platform development space which the insurance company might not necessarily be experts at.
They turned their attention to Xamun and its automated development capabilities to help them develop a state-of-the-art cyber insurance platform that would help them with their growth ambitions without necessarily undertaking extensive investments in cost or time.
The Xamun team worked closely with the product owner in the insurance company to help develop the cyber insurance brokerage platform that they were able to launch in only 10 weeks. This is how Xamun was able to deliver the requirements within time and within budget to the absolute delight of the client, which until recently, might be considered near-impossible in the software development industry.
With this background, the Xamun team conducted an intensive two-week design to enhance the product owner’s initial wireframes and to explore scenarios that were initially not even considered, which was made possible by the Xamun team's experience in other insurance tech projects. The Xamun project management team then drafted the timelines and agreed with the client on key milestones to watch out for. Xamun’s agile approach to software development ensured that demos to the client were conducted every other week for inputs and monitoring. The minor tweaks to the pre-built templates and ready-to-deploy modules ensured that the platform was ready to launch in just over two months. This faster go-to-market not just saved the client costs, but allowed them the opportunity to put their offering in the hands of actual users, to understand their feedback for product enhancements and evolution.
Today, the cyber-insurance solution serves as a platform for clients, underwriters, accounting, insurers, and system admin to manage policies - covering the whole lifecycle from submission of applications to management of endorsements, renewals, cancellations, and claims. These policies provide financial protection or reimbursement against losses related to cybersecurity as well as business liability for a data breach involving sensitive customer information. There is also a provision for a self-service portal for end-users so they can view their policy details, and billing cycles, request endorsements and cancellations, receive updates for these requests, and process payments. To be able to launch market-ready software in weeks – all the way from scoping to delivery could be credited to the automated development capabilities of Xamun, powered by AI, automation, templates, and open source libraries.
Software development is on the edge of a revolution. Advancements in AI and automation are redefining how software is built and deployed. For companies looking to fast-track and bootstrap digital transformation, automated software development could be the ideal option. Companies can now look to launch applications in a matter of weeks and look to improve the customer experience without burning a hole in the pocket.
This case study just goes on to elucidate the potential benefits of Automated Software
development, listed below:
Furthermore, you would have access to a well-documented and human-readable source code output, which would be easy to work with ensuring that enhanced or new features could be added easily. Xamun also does not have any hidden fees – unlike most SaaS-based low-code platforms, one would not need to pay a recurring fee to use any software application built on top of the platform. Xamun allows you to focus less on building software and focus more on delivering unbeatable business value.
