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Project: Build Standalone Web Insurance Aggregator Platform

Client: BimaStreet (A subsidiary of Amaze Insurance Brokers)

 
An Insurance brokers company licensed by IRDAI with proven professional skills & technical competencies in insurance and insurance broking fields with decades of experience in managing insurance portfolios of clients ranging from SMEs to Big Corporates/Mega Projects/ Industries bringing in customer delight. 

Challenges

  • The client had procured a licensed Insurance SaaS provider to manage their web-based services, which left them with limited customization options due to the SaaS provider's complete control over the platform. The client was unable to implement custom business solutions, such as integrating a CRM, chat bot, or other value-added services, which could have attracted more online customers.

  • The user interface and user experience did not meet the latest industry standards, and the UI was nearly identical to that of competitors using the same SaaS platform, offering no competitive advantage.

  • After nearly 1.5 years, the client had not achieved a significant return on investment (ROI).
  • The client engaged several technology providers to build a standalone web platform while retaining the existing SaaS capabilities. However, one vendor failed to deliver the desired results, leading to an additional expenditure of 2 million INR.
  • The client approached ViuStats through a word-of-mouth reference to address these ongoing challenges.

Solution

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ViuStats conducted a series of in-depth interviews with the SaaS provider to understand the current architecture, features, benefits, vulnerabilities, backend bank insurance providers' APIs, database, dependencies, and managed services.

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ViuStats developed a comprehensive project plan, meticulously documenting the list of activities alongside committed milestones and delivery timelines. This plan took into account the significant financial investments the client had already made and scoped the project in a phased manner.

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Designed a robust product architecture that ensured the solution was foolproof and continued to support the complexities of a Web Insurance Aggregator platform while adhering to IRDAI governing body regulations and policies.

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Conducted interviews with stakeholders to gain insights into user journeys and critical business flows. Based on our UI/UX research, we presented tailored recommendations and developed prototypes, wireframes, and a comprehensive UI/UX design for all sections of the site.

Outcome

  • Enhanced User Experience

    The new platform delivered a modern, user-friendly interface that significantly improved user satisfaction and engagement.

  • Increased User Acquisition

    The new UI/UX and ease of user flow resulted in increased customer acquisition and lead submissions.

  • Regulatory Compliance

    The platform fully adhered to IRDAI regulations and policies, ensuring legal compliance and trustworthiness.

  • Scalability

    The robust architecture allowed for easy scalability, supporting future growth and the addition of new features.

  • Competitive Edge

    The unique, customized features and superior UX provided a significant competitive advantage over other platforms using the same SaaS provider.

  • Client Satisfaction

    Positive feedback from the client and end-users indicated high levels of satisfaction with the new platform.

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