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Ashnik’s client is one of Singapore’s top insurance companies that offers well-rounded financial solutions to its end customers. The offering includes diversified product in protection, savings and investment. These financial products are brought to market through a multi-channel distribution network including through a leading international bank. This bank is one of the key partners helping the insurance company to expand its footprint in South East Asia region.
The sales process required the insurance company to periodically exchange insurance related data with its partner bank. This data exchange was primarily done through emails. This lead to significant amount of email churn as the data and the format in which it was shared were not standardized and did not adhere to any industry recognized standard or code.
The key challenges of the client included complex technical design, high human intervention, poor data quality and all of these leading to delayed processing, poor response time and loss of business.
There was an urgent need to implement an industry-standard, robust, scalable, automated and near real-time data exchange solution. The insurance company wanted to incorporate ACORD standard to exchange data with its partner bank, in a near real-time environment using XML SOAP messages. The insurance company decided to run a pilot initiative in Singapore with a plan to roll it out across South East Asia.
Ashnik conducted a thorough assessment of the insurance company’s business requirements and designed a robust, scalable solution. The primary focus of the solution was to build foundational standard and reusable design while providing a flexible, long-term, scalable approach to cater to constantly changing business need.
The Solution Platform
The insurance company is now able to optimally exchange near real time data with its partner bank using the digital platform. The platform also significantly decreases human intervention, human error and the associated maintenance cost. With the pilot project successful, the insurance company now plans to roll out the initiative across South East Asia.