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Point of Sale System for Motor Line of Business
ValueMomentum assisted Client build a centralized repository of products for use in multiple lines of business introducing flexibility, innovation and speed-to-market

Industry
Insurance

Client
Leading insurance company in Sri Lanka

Needs addressed
Point of Sale, Product Definition and Configuration

• Currently, quotes and policies are being issued in a Mainframe system that been in use for more than two decades. It has provision to issue quotes and policies across all Line of Businesses (LoBs).
• The primary disadvantages of the current system are very few users know how to operate the system, thereby creating a dependency on resources. Users are also required to connect to the network to issue quotes or policies. User interface are not very intuitive, making it difficult for new users to access the system. There is limited reusability; hence it takes a long time to launch new products
• ValueMomentum assisted the service provider with replacement of inflexible legacy environment (Mainframes) and introduced product configuration systems whose engines drive on demand product needs
• The following objectives were envisaged with the new system: Ease of introducing a new product, Ease of introducing new parameters or distribution channels, Ease of changing product for various states/ regions/ channels
• The client would like to share IT assets across multiple LoBs, Divisions, Touch points and Reuse common definitions across multiple products so they can reduce time to realize new products/ functionality
• Make optimal recommendations (which product to offer, what rate etc.)
• Automatically and consistently apply the rules and rates for every transaction.

Technology Solution delivered
iFoundry Rating,,iFoundry Product Lifecycle Management

• Product Configuration, Rating and Underwriting has been externalized by using ValueMomentum’s iFoundry PLM and Rating platforms. This allows for IT/business to manage new product rollouts, underwriting guidelines and rating logic without any programming effort. These changes can be managed by the business team without any programmatic changes
• Layered architecture: The code is implemented separately in multiple layers thereby making it feasible to modify one layer without risking the technical integrity of the other layers.
• Componentized architecture: Even within layers, code is modularized into autonomous components (based on best principles of Component Based Design (CBD) thereby making it feasible to modify one component without risking the technical integrity of other components
• Business Services leveraged architecture: A set of Business Services serve as a means for interactions between and with components and business services. This in turn makes future integration efforts (with other internal or external systems) easier. Also, if other systems interact with Union eMotor, the new Point of Sale System (POSS) they do not directly interact with the components but through Business Services. It will be feasible to change/modify/replace the POSS Components without having to re-write the interfaces between POSS and other systems.
• Separated data access: The application layer does not have a direct access to data sources (databases, legacy interfaces etc) but instead access data through the middle-tier Services and middle layers, thus maintaining data integrity.
• Re-usable business functionality: The business functionality of POSS is re-usable, thanks to the above four architectural features, other applications can programmatically access the functionality by calling requisite Business Services (The level of granularity in modeling will also have an effect on the level of re-usability)
• Model driven, Author & Execute based architecture: Some of the Business Components are running on virtual engines.
• Business rule management system (BRMS) is leveraged for externalizing the business rules. Rules Management Application is provided for managing the rules without need of any programming changes. Changes are done rapidly, and in one system, thus ensuring single version of truth.

Execution model
At site, Fixed price contract

Technologies used
ValueMomentum’s iFoundry PLM and Rating platforms

Benefits delivered

• Improved market share
  • Significant improvement in productivity of policy processing
  • The Self-service option enables intermediaries to issues policies online significantly reducing the time from 3 to 4 days to around 15 minutes.
• Cost savings
  • Higher productivity of business users – The average time taken to issue a policy from the system is likely to go down by 40%, thus improving productivity of up to 30 to 40%.
• Improved customer service
  • Policy processing is faster as straight-through underwriting decisions are system driven. This would lead to faster turnaround times and higher customer satisfaction.
  • Client will be able to respond faster to changing regulatory requirements, dynamic business conditions and an increasingly competitive market. Average time to make any regulatory change will be reduced to one or two days, compared to weeks earlier.
• Lower maintenance costs – in terms setup and updates of products, rules and rating.
• Higher ROI – savings in terms of leveraging a common platform for all transaction types across channels and line of businesses.

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