How did an insurer digitalise bancassurance processes?
RIFE , Case study , Digital

About Customer

Our client is a multinational financial services group and one of the leaders in life insurance in Poland. Traditionally a life insurer with great potential to dynamically grow the P&C business.

 

What was the goal of the project

As Polish life insurance market was in a downward trend throughout recent years, our client decided to follow a growth strategy in the area of P&C insurance. Due to historical engagement in life insurance, successful implementation of the new strategy required adjustment of its IT systems architecture. To reach this goal a decision has been made to simultaneously modernize the core insurance system and implement new platform dedicated to products and distribution processes management. The project assumed realization of two goals:

  • Implementation of a complete bancassurance solution for all distribution channels.
  • Allowing quick adaptations to several business partners in the bancassurance and affinity model in offer to integrate insurers’ offer into many ecosystems.

 

What solution was implemented

Sollers partnered with the insurer to implement RIFE on top of a new core insurance system.

RIFE is a complete bancassurance platform allowing setting up the bancassurance and affinity business in no time.

Sollers main area of expertise is insurance and throughout the years we have supported our customers in implementation of core insurance systems. Having this specific, domain experience we were able to lead the transformation seamlessly and deliver both the implementation of a new core system and RIFE.

The project was 100% agile, allowing our client to have constant control over the outcomes. Throughout the years on the software implementation market, we have developed a unique delivery model that aims at providing common standards for managing agile projects at Sollers.

As a result, both systems were successfully launched and integrated, allowing to start sales in 7 months from start of the project.

 

Fast and profitable implementation

  1. 7 months to go-live allowing quick launch of sales.
  2. C.a. 50% reduction of TCO for the products and distribution platform (in comparison to the platform for life insurance).
  3. New Products implemented in 3 years since project end.

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