success story

Virtusa enabled a leading real estate insurance carrier to embark on a digital transformation journey with a holistic cloud native digital portal

Our client specializes in real estate insurance and offers customized solutions to property managers, owners, renters, and stakeholders. But as the insurance market continues to be driven by digital disruption, the need to transform customer experience with a flexible and robust technology landscape has become strategically imperative for survival.

To help its client achieve the same, Virtusa collaborated as a strategic technology partner to strategize and develop a holistic cloud native digital portal on AWS technologies in collaboration with Snowflake.

The Challenge

Being a frontrunner in real estate insurance, the major challenge for the client was a lack of digitization that slowed the property underwriting process up to 3-4 weeks. Moreover, the  existing process and portal left the agents and brokers with tedious methods of manual data transfer that were vulnerable to human error.

With inefficient operations, and longer time and resources crises, the client’s end customers struggled with unsatisfactory experience.

The Solution

Virtusa collaborated with the client to strategize and develop a greenfield cloud native digital portal as a strategic technology partner.

Virtusa hosted all operational needs on the AWS cloud in collaboration with Snowflake. Virtusa was a strong development and testing partner for this project and was imperative in end-to-end execution from strategy to action.

The cloud native digital portal built was efficient and straightforward for agents and brokers, as it enabled them to complete the full quote and underwriting process within five days. Most property and general liability policies can now be bound with little or no underwriter intervention. Agents can rate, quote, and bind certain E&S risks on their own in less than 15 minutes rather than 30 days. Thus, enhancing customer delight. The key features of the portal included:

  • 100% cloud native portal: The AWS cloud platform was used to host the portal with other AWS services, and third-party products were utilized for back-end services

  • Increased security: OKTA provided multi-factor authentication (MFA) to maximize protection and minimize vulnerability in remote access from multiple locations

  • Data integration: Virtusa architected one data integration platform combining OneShield’s enterprise cloud-based platform and Snowflake’s data warehousing platform to bring quote creation, policy management, billing, ratings, and analytics under one roof. The platform also allowed the client to speed up its development process to launch new products and services

  • Service integration: Virtusa created a custom service integration platform using AWS Lambda. Additionally, AWS step functions were used to create an orchestration layer with data platforms

  • User-friendly interface: The UI was built on the Vue.js framework on Flask and NodeJs for a state-of-the-art and streamlined end-user experience
AWS Cloud Platform
The Benefit

The client’s cumbersome process was streamlined into a digital, fast-paced, simpler, and effective process for both agents and clients. The entire process was ideated and executed in less than six months. Virtusa’s expertise in bringing a state-of-the-art digital portal live for the client from scratch till final execution resulted in enhanced business benefits, including:

  • Faster operations: it now takes more than 40% reduced time to onboard new carriers and the manual underwriting process

  • Improved timelines: policy issuance quicker by 75%

  • Multi-factor authentication (MFA):  maximized security for remote access and increased automation, reduced the threat of human error

  • Highly meticulous delivery model: the new model is spread across three streams - including data, integration, and portal

  • Improved ROI: within 6-12 months, the client realized improved ROI using OneShield’s platform 
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