Large InsurTech Platform
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.
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
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.
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.