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Tools MIQCR (Mobile Insurance Quote Comparison Rater)


BFSI (Banking, Financial Services & Insurance) practice is the center piece fasting growing markets. Today, insurance companies are relooking at current strategies, re-evaluating the business models and reinvesting in building efficiencies in systems and processes. While internal challenges are behemoth, the external world is changing shape as well. New regulations, tighter compliance, closer watch and higher intervention by government bodies are forcing the insurance companies to be nimble, yet robust. Insurance companies are still juggling between consolidations of operations and fast approaching regulatory deadlines. Redundancies in infrastructure created by mergers still need to be addressed.

Insurance Companies currently operates in various non-life insurance branches through approximately 700 insurance agents. It is considered one of the best insurance providers in the market, managing more than $15B.

The IT infrastructure of Insurance Company is based on AS/400 applications that have been developed in-house. Its various products and applications are used by Insurance Company agencies across the country.

In the past years, mobile applications and web portals have disrupted the way technology is consumed. Insurance companies are expected to compete in a mobile market, which isn't possible without the right support applications. Insurance Companies were losing market share and business to competitors as potential customers looked towards mobile applications for price quotes. Insurance Company's application, based on green screens, couldn't be integrated with external mobiles apps to provide the necessary information that potential customers looked for in researching insurance quotes.

Insurance Company's first web service was developed and after a few testing days, it was deployed to production to expose the external quotes application. Response times shrank from 3-4 seconds to 300 milliseconds.

Insurance Companies can now provide services to external apps at a fraction of the response time and with very short development cycles. It can easily upgrade its legacy applications in-house with a user-friendly front end. Now Insurance Companies are equipped to provide services in today's technological age, giving them the necessary competitive edge to compete in the insurance industry.

Use Case Example: Customer purchasing the Travel Insurance whilst on holiday

Travel insurance is insurance that is intended to cover medical expenses, financial default of travel suppliers, and other losses incurred while traveling, either within one's own country, or internationally.

Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Coverage varies, and can be purchased to include higher risk items such as "winter sports".

Holiday makers purchase travel insurance for international trips through an insurer of their country of residence, which means the country to which they would want to be evacuated to or return to after a serious medical emergency and/or the country they would need to travel to if a family member became very ill (these are assumed to be the same country). Travelers can obtain travel insurance through travel agent, normal insurers, or any one of a number of specialist travel insurers. Travel agents sometimes sell overpriced policies as customers are something of a captive audience.

It is possible that holiday makers ignored to purchase the travel insurance till last minute of their travel or may have reached their holiday destination without travel insurance. In such circumstances it is extremely challenging for the customers to purchase the travel insurance from their country of residence by usual means. MIQCR enables such customers to request the quotes from various insurers compare the quotes and purchase the competitive travel insurance using their mobile phone from the airport just before boarding the flight or soon after reaching their holiday destination.

MIQCR Solution:

The MIQCR is a free downloadable mobile application available for mobile customers of any network on smart mobile phones. It is an efficient, cost effective way to gain sales for Insurance companies, Agents and Brokers to meet the needs of their client base. Customers can quickly quote in seconds using their smart mobile phones. The main menu features direct links to access the USD Auto Rater, Commercial Auto Rater, Specialty Vehicles, Homeowners, Artisan Rater, Workers Comp, Restaurant Rater and much, much more. In addition, customers will get built in ACORD forms, DMV forms, Bar-coded ID card program, the USD Check writer, MVR search, Financing options, and DMV license search program plus many more. Customers also have the option to use the Tabs and / or iPods to install MIQCR. Easy setup and upload process for ACORD forms.

GSS InfoTech has envisaged a robust MIQCR solution which interacts directly with systems of various Insurance companies and 3rd party Comparison Raters to fetch the best suitable insurance quote for the customers. GSS would like to show case this solution first to its existing clients by building a prototype which helps them greatly in saving time and money spent on traditional means of producing the insurance quotes. The solution delivers all of the key capabilities required for MIQCR including:
  • Request for an insurance quote (for example, Personal Vehicle, Home, Travel insurance) from various insurers.
  • Gathers quote data from an agent and submits to multiple carriers.
  • Compare the insurance quotes provided by the various insurers.
  • Displays premiums from all carriers, allows customer to pick one.
  • Make a payment using mobile banking payments.
  • Download the insurance quote in PDF format.
  • Print the insurance quote using the Bluetooth printer.

Furthermore, the solution would reduce the risk, time, liability and total cost of ownership for insurance companies and / or agents who implement the solution by rendering the following capabilities

  • Options for deployment on the cloud. Available as Software-as-a-Service (SaaS), the solution offers all the advantages of cloud implementation including the flexible consumption of communication and collaboration services to accelerate a business process flow, on-demand scalability and rapid, cost-effective deployment that eliminates expenditure for hardware or additional IT resources.
  • Device-agnostic channel technology is abstracted from the BPM layer so that no client is necessary. No downloads are required for anyone outside the application environment.

Why Choose GSS?

  • Expertise in BS-25999, ISO 27001, ITIL V3, ITSM Processes to design security solutions
  • Certified Consultants - CCNA, CCNP,CCSE,CCVP CCIE CISSP, CSIM experts
  • Strategic partnerships with RSA, Symantec, HP, EMC and CISCO
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