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Digital Insurance Marketplace with Recommender Engine

Industries
Technologies

Online marketplace that connects insurance brokers, insurance companies and the end customers. The definite feature of this marketplace is automation of information exchange and key business processes such as customer acquisition, underwriting and claims management. Featuring a recommender engine that is assessing client’s information and suggesting the best fitting insurance plan.

Industry

Insurance

Solution

SaaS Marketplace

Engagement Model

Time & Material model for the MVP stage, Agile/Scrum for other stages

Effort & Duration

Ongoing, 6 months to create and launch the MVP

Technologies

.NET Core, C#, MS SQL Server, Microsoft Azure, IdentityServer4, Angular 8

Project Team

1 Team Lead, 5 Developers, 1 Business Analyst, 2 QA Engineers, 1 Project Manager

Client’s Request

The client is a Swiss based consulting company with more than 20 years of experience in the insurance industry. They decided to launch a new digital SaaS insurance marketplace that will fully automate the insurance business processes for insurance companies and brokers and provide fully digital experience for the end clients allowing them to select and buy an insurance policy online from multiple insurance companies and automatically recommend them the best fitting insurance plan.

The client has selected Itexus because of our specialization in the Insurance domain and experience with building recommender systems in the financial domain.

Functionality Overview

One of the aims of the platform is to transfer all business processes related to insurance activities online, as well as to gain a larger client base by offering more convenient way of getting services and a wide variety of offers via marketplace. All the data is gathered, saved and updated with one tool, as a result all participants of the process (brokers, insurers and clients) interact with each other in one place, faster and more efficiently.

  • The platform covers many types of insurance products including statutory health insurance, accident insurance, personal liability, roadside assistance and many more.
  • The platform automatically analyzes clients’ situation and recommends the best fitting insurance product using collaborative and content-based filtering in tandem with expert-defined rules.
  • It enables clients to stay up-to-date with the new products and all changes in the existing products.
  • Allows online consultations via a built-in chat with appointments scheduling and calendar synchronization.
  • Administration module allows setting up all entities (types of insurances, consulting and insurance companies. consultants etc.) and viewing the reports.

Development Process

The project has started with a Discovery phase and a deep analysis of the Swiss insurance market and the client’s business goals. The Discovery phase resulted in the creation of detailed project documentation including the software requirements specification, UI mockups and software architecture document describing the recommended technology stack, architecture and third party components meeting project’s performance, security and scalability requirements.

After the Discovery phase the development process was organized based on Agile and Scrum frameworks with two-week sprints followed by demonstration of the developed features and feedback collection session.

In addition to Agile flexibility the project manager of Itexus kept track of the project budget and scope, reported costs on a weekly basis and alerted the client if some changes to the original scope and requirements required correction of the budget or simplifications in the scope of the project.

Technical Solution Highlights

The system consists of a back-end server and database hosted in the Azure cloud and three semi-independent web applications for Clients, Brokers and Administrators following the micro-frontend software architecture pattern.

The web applications communicate with the server via REST API. The same API can be used by the mobile application clients in the future.

The backend server also exposes public APIs for external systems to integrate.

Microsoft Azure Blob storage is used to store large volumes of scanned documents.

Tech Stack

Microsoft .NET, C# and Microsoft Azure and SQL Server were selected as a mature, well supported, enterprise-grade technology stack.

Angular 8 was chosen to implement a rich real-time web interface of the system.

Micro Frontends

As the application provides pretty different functionality for each User role Itexus team decided to split the front-end part to different applications with the appropriate features set based on the Micro Frontends Architecture Pattern which allows better maintainability, security and scalability of the system.

Security

As far as application has to store sensitive users data, security was the key issue in the system design. In addition to the security measures necessary to comply with basic regulations such as GDPR and usage of best encryption practices provided by Azure Cloud (such as Transparent Data Encryption, Azure SQL Auditing, Dynamic Data Masking, Azure ‘Always Encrypt’), Itexus developed its own mechanism of user’s data encryption to prevent any fraud.

Results & Future Plans

We have delivered the MVP of digital insurance marketplace which allows to avoid inefficient process of gathering information via paper forms, to manage claims effectively, to automate the process of customer’s assessment and to generate the most suitable insurance offers for their clients.

This MVP version of the system has been already launched to the Swiss market and is currently in beta-testing mode. The client is launching its marketing activities and planning the future versions of the product that will include a task management system and workflow automation for consultants, payments, claim management, personalized news feed for the clients and other features.

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