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Case study

The challenge

Our client, a large property and casualty insurance provider in the Middle East, saw limited growth in its motor insurance business, with an average of just 10+ policies sold per day at an average premium value of $1,500. The limited growth was due in part to the company’s business model of using mostly physical distribution channels for selling its insurance policies. Competitors, however, had begun shifting their business to digital aggregator channels, that allowed users to compare and buy insurance products offered by multiple insurers.

The company wanted to address this challenge and decided to invest in designing and building APIs to optimize the quote and buy process for insurance customers and increase business growth by integrating its distribution channels with leading insurance aggregators.

Our approach

As a key strategic partner, Cognizant has helped develop and maintain the client’s core insurance platforms over the past 10+ years. Knowledge about the insurance company’s business processes and existing technology stack streamlined our ability to devise a right-fit solution to address our client’s business requirement. Based on this strong relationship, we moved forward to develop real-time API-driven B2B integration capabilities between the client and its desired insurance aggregator partners in the company’s value chain. We initiated the engagement to implement the business integration, which included a solution that enables faster response times than the client’s competitors.

As a starting point for the implementation, we began with a point of view and leveraged a modern, scalable technology stack comprised of J2EE, REST, microservices, Hibernate, Spring and Oracle. We also employed an objective tool-based performance analysis, horizontal and vertical scaling, and fine-tuned the service operation parameters to reduce transaction processing time to less than five seconds.

Investing in digital results in time-saving benefits

The implementation of real-time service integration and subsequent performance optimization helped the client improve its customer reach and increase revenue in the region. API services were tuned to provide a response within an average of 2.3 seconds to compete with other insurance players integrated with same aggregator platform. In addition, because the solution enables the company to respond faster than its competitors, the insurer receives higher aggregator ratings and in turn a better chance that end users will choose our client for policy purchases.

$1,500 to ~$100,000

boosted average premium size per day

10+ to 600+

increased average number of policies issued per day

<1.5 seconds

request-to-response throughput enabled