Broker technology platform enables fast, affordable and configurable solution
Customer:
EmergenceChallenge:
- Platform to support a new personal cyber insurance product
- A simple broker interface to access policy and administrative information
- Multi-language, multi-currency, scalable hosting and support model capability
Solution:
- Upgraded functionality of the existing DXC GLOBAL XII Product Suite solution
- Out of the box solution that requires only simple configuration to suit specific client needs
- A fast, intuitive user interface delivering a modern, efficient user experience
Results:
- Enhanced product building and business reporting with scope to address broader regional market requirements
- Improved costs and flexibility
- Quotes, enquiries, and policies have exceeded conservative expectations following the successful product launch
Broker technology platform enables fast, affordable and configurable solution
Business challenges
The recent rise of cyber-attacks globally has increased awareness of cyber risk and generated interest in cyber insurance amongst individuals. As people and businesses gain a better understanding of the potential scope and severity of the threat, the demand for cyber insurance is growing and is likely to accelerate.
Having achieved significant success in the Australian cyber insurance market, Emergence was looking to bring to market a newly created personal, consumer cyber insurance product to be sold online via the existing broker network.
To provide access to policy, claims, and other administrative information, a simple, but comprehensive broker interface was needed. With plans for future growth into the Asia Pacific market, the broker interface solution also needed to handle multi-language and multi-currency, with scalable hosting and support models.
Solution
Emergence first partnered with DXC Technology in early 2015, to offer cyber insurance to Australian businesses. As a digital business, at the time Emergence elected to implement DXC’s GLOBAL XII Product Suite, a future-proofed solution to support its initial business requirements. The solution provided Emergence with a fast, intuitive user interface delivering a modern, efficient user experience and deep functionality without the cost, effort, and constraints of a monolithic back-office policy administration system.
Moving forward, and ready to launch Australia’s first standalone consumer cyber insurance product for families and individuals, Emergence decided to re-check the market to ascertain if the DXC GLOBAL XII Product Suite was still the best and most comprehensive solution.
DXC validated the solution – demonstrating almost 90% congruence with client needs in response to a spreadsheet containing hundreds of questions. After reviewing the results of the validation, Emergence elected to remain with the DXC GLOBAL XII Product Suite.
To launch the new product, the DXC team worked with Emergence to build and deploy an out-of-the-box upgrade to the existing implementation of GLOBAL XII Product Suite, including hosting, backups, and disaster recovery.
This approach meant Emergence could leverage the new features now required through simple product configuration – enhancing its existing product set up without the need for major redevelopment, migration, or mass customisations. Continuing on the same path with upgraded functionality of the existing DXC GLOBAL XII Product Suite also meant no major data migration costs for Emergence. In addition, there was no impact to existing users who were familiar with the current Emergence broker interface.
Currently used by brokers around Australia, the DXC solution includes all the functionality expected of a market-leading platform that fully supports complex Lloyd’s and London Market processes, such as configured security, in-built reporting, and integration with external systems.
The upgraded solution was implemented in just eight weeks, without any interruption to Emergence’s business.
Outcomes and benefits
With broker enquiries received just minutes after going live, hundreds of quotes, and dozens of policies issued within the first month, results have so far exceeded conservative expectations.
The upgraded solution provides Emergence with the ability to enhance in-house product building and standard and customised business reporting, with associated cost advantages and increased flexibility. It also offers proven robust cash book and back-office capability, and integration of mass campaign management and media tools. In addition, the solution allows Emergence to be self sufficient in managing its ratings and document changes.
Due to DXC’s comprehensive and in-depth understanding of Emergence’s business and product domain, as well as deep expertise in the insurance lifecycle, DXC’s experienced team worked with Emergence to adapt, refine and customise the roadmap and solution. This will ensure continuing value as the Emergence business progresses and grows.
Click here to read the full case study.