This results in the insurance provider being able to rapidly deploy product variations an order of magnitude faster than before.
The solution includes an automated approval rules engine that’s highly configurable, enabling the insurer to respond to an influx of quotes by configuring automatic approval themselves.
The solution also incorporates a document generation system that allows users to make changes to insurance schedule templates themselves in Microsoft Word, without requiring intervention by IT or changes to the software.
The reliability and performance of the system has far exceeded the legacy system it has replaced – for example, automatic temporary cover processes that used to take 8 hours to run are now completed within 30 minutes.
It’s also much faster to make changes to core business rules across products because these are unified and centralised in one place and leverage the visual editing power of low-code.