Insurance Analytics Software for a Major National Bank

Softage has had the privilege of working with one of the largest banks in Russia and Eastern Europe, a major financial institution in its home country. This considerable banking operation oversees the data of tens of millions of customers, which inevitably affects the flexibility necessary when introducing new technology. Given this complexity, the bank is nonetheless renowned for leading the way in innovative customer experience throughout Russia.

The bank provides a wide range of services and products. This includes property and life insurance, a sector in which a client’s comprehensive personal data is crucial. Financial institutions that efficiently utilize this information can reduce specific risks on a case-by-case basis, as well as see a general reduction in overall risk across the board. Deploying customizable insurance analytics software was clearly the most efficient solution, and this is exactly what Softage delivered.

The client had a precise vision of desired product features. They wanted a user-friendly interface allowing the bank’s in-branch sales representatives to fill in and process all relevant customer data from a single place. Further insurance premium calculations based on this data would also be automated.

The bank was looking for a vendor that would offer proven expertise in financial technology relevant to this product. Russoft, the most influential Russian association of software development companies, recommended Softage as a perfect match for this task.

As a part of the client’s big project team, we designed insurance analytics software using their core banking platform as a foundation and integrated it with multiple internal services. It now collects customer data, processes it and presents it in a user-friendly way. The sales specialists can run a client’s profile through the sequence of forms and automatically construct the mortgage or life insurance offer in each particular case. At the final stage, the client’s payment can also be processed within this interface.

Working on this insurance analytics software, Softage utilized the corporation’s own custom software programming tool, which facilitates the development of a new product through UML diagrams. Our analysts would describe the to-be-coded processes in such diagrams, which would then automatically generate primary code. At the next stage, our programmers would improve and finalize the code.

Analysts at Softage frequently checked in with the client on particular product features, and regularly inquired into the specifics of insurance business and in-branch sales workflows in general.

Recommending, promoting, and approving concrete applicable and accessible technical solutions within this project’s scope was indeed a complex process. When working with a corporate giant like this one, Softage had to make sure every step was in sync with all related projects and departments. Our project manager skillfully led the team to avoid potential pitfalls and kept the tasks within the estimated timelines.

Our work on the project proved Softage as a solid partner in software development for this national banking corporation.

Another benefit of this project was the tangible leap forward in our own development as an IT company. Working with an institution of this stature, we acquired knowledge regarding the specifics of interfacing with a large state-owned enterprise that has to comply with numerous regulations and follows internal policies.

Another benefit is that we had a chance to test the waters with the client’s custom corporate software based on UML technology. Our team generated valuable feedback from working with this metaprogramming tool, which we expect to come in handy with the bank’s future projects.