17.07.2019 - READING TIME: 5 minutes
Product Development in (Mobile) Insurance Industry - Best Practices
Author: Fatima Tayyip Šahović
We’ve reached the point where getting lost in the glow of a smartphone screen has become a cultural certitude, a new norm.
The shift from the traditional areas such as households and cars towards the mobile-driven world in the insurance industry was inevitable, launching this industry branch into a stream of steady growth.
According to Reuters, mobile insurance industry revenue is projected to hit $27 billion by the end of 2020.
In the era of digitalization, well-informed audiences and smart solutions, all organizations looking to remain competitive and grow, are expected to incorporate sophisticated software solutions — both to their day-to-day operations and channels of engaging with the customers.
This is the step that enables organizations to effectively communicate and partner with customers to help them achieve their goals.
The mobile insurance industry is no exception to this rule. Digitalization enables insurer companies to enrich their offerings to match the needs of the modern mobile user.
Successful companies have far moved from providing simple insurance plans and now provide their customers with full coverage for lost, stolen, damaged or malfunctioning devices, moving on to multi-device coverage, integrated device security, technical support, warranty, door-to-door services retention, and leasing programs.
Making innovative insurance plans a reality and a smooth journey for your audience helps in reducing churn and unlocking a steady revenue stream and needs to be supported by the right software product.
We’ve been successfully collaborating with one of the largest US insurance companies for years. We started the collaboration by building a next-generation platform for their services, coupled with power BI reporting.
Like many other insurance providers, our client was facing the common challenges of competing in the global economy: adopting a mobile-first approach, embracing disruptive technologies, successfully navigating the digital transformation path, automating workflows, integrating financial services, while at the same time providing an unmatched experience for the customers, to name a few.
To overcome these challenges, we started building a platform that easily integrates with a carrier’s or dealers’ system and enables effortless management of all aspects of the mobile insurance program.
This platform supports managing of all aspects of the mobile insurance, from subscriber enrollment to claim fulfillment. The platform’s goal is to remove the burden of program management, making it possible to deliver faster adjudication and replacement services to subscribers. Apart from Mobile insurance, the platform also supports Financial Services.
Dozens of projects of this scope taught us that the only way to successfully tackle the development process and answer complex and extensive requirements is by taking a proactive stand, every day.
We started with creating a clear and strong version of what the global architecture needs to look like and understand all the nuances of the changes that need to be implemented. To ensure a transparent and consistent flow of information throughout the process, we defined the communication channels and procedures that are honored in our day-to-day operations.
Another important aspect to keep in mind is smart reinforcement. It’s important that you always have a clear vision of the scope and timeline. With a passion for getting the job done with the highest quality, according to all standards and on time, we managed to always keep track of our progress and where we need to be at what times. In turn, this resulted in improved CI&CD pipeline and consistency in decision making.
The base strategy was building a super-functional platform with offerings ranging from complimentary insurance scheme to bundled insurance with inexpensively priced mobile security offerings.
Tapping into today’s wireless ecosystem, we had to make sure that the product supports the company’s goal: being agile and responsive in every stage of the device’s life, from the manufacturing to trade-in and re-marketing.
Besides the core offering, the platform’s functionalities need to support complementary services, regardless of the phase, a device is in during its lifecycle.
The solution enables the client to enrich insurance plans with comprehensive protection, such as single device protection pack, multi-device protection pack, convenient repair options, such as equipment service, repair program and equipment protection plus.
Other significant product requirements including:
Deciding on building solution of this complexity seems challenging, but it pays off in terms of building a fruitful, long-lasting relationship with the client while upping the skills bar of your own team.
The basic principle leading us when building software products is simple, and proven to be a recipe for success: Always keep in mind how the end-user engages with the product, and how effectively the solution serves them.
This time we were quite thrilled to be unlocking the sterling digital experience for the users of mobile insurance services by allowing them to leverage the investment they made in their fleet of devices.