Neev developed a web-based Quotation Management System (QMS) for a leading insurance provider that is designed to adhere to the IRDA regulations. The system has a role-based access control mechanism. The QMS simplifies the work of insurance agents as they can generate a quote from the web at any given time which saves multiple iterations and reduces the sales cycle of the agents. It allows reports to be generated and identifies errors in quote creation.

The Client

AEGON, an international life insurance, pension and investment company, and Religare, one of India’s leading integrated financial services groups came together to launch AEGON Religare Life Insurance Company Limited.. In an industry first, AEGON Religare Life Insurance offers policy servicing on the phone via Interactive Voice Response System (IVR) by issuing the customer a T – Pin for authentication. It is also the first company to include the customer’s medical report in the policy kit.

Business Need

To develop a web-based Quotation Management System with an inbuilt engine which follows the IRDA (Insurance Regulatory &Development; Authority) regulations and statutory laws. IRDA mandates the insurance companies to follow a stringent set of regulations and statutory laws. Aegon Religare wanted to have a centralized system which interacts with the external systems and a predefined role-based access control mechanism.

Neev Solution

Neev with its expertise in developing web-based applications built a Quotation Management System (QMS) in complete adherence to the regulations and laws laid out by IRDA. The system was designed to capture market feedback and incorporate the learning to transform the feedback into formulae for calculation of quotation. The objective behind designing such a system was to simplify the quote and the policy creation and distribute the access rights as per the role of various users of the system. The system allows agents to:

• Define products and product-specific rules from a user-friendly web interface.
• Validate quotation data with an external policy administration system.
• Choose the template defined by the admin.
• Submit a quote to the CRM system.
• Populate the value of premium for the policy lifecycle, policy management charges and fund management charges which are calculated by external policy administration system.

Technology footprint

• JAVA/J2EE
• JavaServer Pages (JSP)
• IBM WEBSPHERE SERVER
• SPRINGS
• AJAX
• STRUTS

Top features

• The quote can be generated from web at any given time which
saves multiple iterations and reduces the sales cycle of the agents.
• With the help of CRM, reports can be generated to track the success ratio and draw forecasts.
• Policy administration captures the exact details of policies for any given user.
• Allows Quote-related validations based on the rules that have been defined by the admin.

Top Challenges

• As this venture is new, it was difficult for Aegon Religare to track the information & gain clarity about their business. This was a significant challenge to understand the business requirements for developing the web application.
• IRDA mandates the insurance companies to follow a stringent set of regulations and statutory laws. QMS had to adhere to the stipulated laws and regulations of IRDA. /