Implementation of Insurance Solution for Automobiles
Our Client is one of the premier Business Houses, a conglomerate of over 12 companies having 45 years of manufacturing history; a US $ 4 Billion Group. They are into various Lines of Business - Automobile, Real estate, Financial Services, Information Technology Enabled Services, Consulting & Advisory, Integrated Learning and Education/ Training Services.
As a part of their automotive business, insurance policies are issued for two-wheelers to millions of customers. The insurance policies for 2 wheelers are sold through Dealer Network spread across the country. It cross - sells other rider products like Life Insurance, Accidental Coverage, Hospitalization etc. The complete Insurance business transactions are done through a web enabled online application which is used by both its upstream & downstream Business/ Channel partners like Insurance Companies and Dealer Network which is over 1000+ spread all across India.
The company faced performance and functional issues with their earlier application and was not able to generate business upto their potential due to frequent down time, slow responsiveness of the application, then in use and the application was not enough to take care of their emerging business needs. To overcome the shortcomings of the old solution and to expand business the client approached Binary Semantics for developing the complete insurance application from scratch.
Initial challenge was to architect, develop and implement the solution which is robust, maintainable and scalable enough to perform well with large volume of data / transactions and be able to handle hundreds of concurrent users. There were millions of transaction records which were maintained in old application/ database that had to be migrated to database of the new application. Application was to be designed in such a way that the business rules could be configurable as per Tariff rates prescribed by IRDA from time to time and be able to add New upstream Insurance Partner(s) without altering the solution.
Binary using its Insurance domain expertise had successfully designed, developed and implemented an application using the latest technology and tools which is Robust, scalable & stable. The application was build using Microsoft .Net Technologies with Microsoft SQL Server as database. The data from the old database was migrated to the database of the new application. The application has data integration capability with insurance partner companies.