Case Study

Large InsurTech Platform

Tech stack: JavaScript, React Native, PHP, HTML, CSS, Amazon Web Services, jQuery, API

About Client

CTC Transportation Insurance is unique in the U.S. marketplace because of its organizational structure and breadth of offered services. They are, for all practical purposes, an insurance company; they are a fully functioning Managing General Underwriter (MGA). Additionally, CTC owns and operates a multi-line third-party organization that handles claims, two Risk Retention groups that underwrite and place automobile liability coverage, a premium finance company, a risk management company, a web-based insurance rating company, and a surplus lines program management company.

Challenge

The main goal of the project was to create a simple but powerful and agile tool for improving business processes.

To sell one insurance policy, an insurance agent needs to make up to 10 iterations with transferring and clarifying data between the client, the agent and the underwriter. Almost everything is done manually: forms are filled out, errors are clarified, missing details are requested and transmitted.

This delays the buying process and customers leave before the policy price is calculated. And as the number of clients grows, more and more employees have to be hired, which increases operating costs.

The client asked that the processes be automated to increase the number of transactions and reduce costs.

What We Did

Integration with XXX service allows you to get data about the car by DOT number

Integration with YYY service pulls up info about all past accidents

An electronic signature and payment gateway allow you to make a purchase entirely online

We created a group chat between everyone involved in the process to ask the underwriter questions directly to the client

We added a data dashboard with business analytics for the owner of the agency and the insurance company to track the efficiency and performance of employees

Completely eliminated the human factor in calculating the cost of the policy

Mobile application

DevCube’s software development team had engineered, developed, and implement a vast amount of useful functionalities there. Our highly-experienced team has implemented management panels, integrations with APIs, mechanisms for report creating, etc.

To create the most powerful and time-saving tool, our team used up-to-date technologies and huge collective expertise in IT development.

Result

The sales cycle was reduced by 60%: with the same volume of managers, more deals were concluded, and the company reduced the cost of attracting new clients. Today, more than a billion dollars worth of inquiries per year go through the system.

Due to good architecture and appropriate technology stack, this tool simplifies the manager’s work, provides accurate calculations, synchronizes all offices’ working processes, and allows the creation of various types of reporting documentation.