Cyber Insurance Product Development Sprouts a US Carrier's Business Growth
Highlights
CYBER RISKS RATING ENGINE
COVERAGE FOR 50 STATES
POLICY HISTORY & CALCULATION DETAILS
5 FULL-STACK DEVELOPERS
USA
- 2 years (ongoing)
A new kid in the family of twelve projects
A US-based insurance leader providing top-class insurance services for small and medium businesses approached us in 2021 after a positive reference. The client saw us in action during a couple of test projects, and together we started a major CPP modernization initiative, now comprising 12 teams, to which this project -- cyber insurance product development -- belongs.
The client entrusts us with the development of the brand new cyber insurance product
When we joined, the product was at its initial growth stage, with an MVP built and running in production. Our task was to:
- get to know the legacy CPP system and other system dependencies to which this new product was connected to perform calculations and data exchange in a month's time
- apply API-led connectivity approach to safely unlock legacy functionality to be reused in ratings calculations
- grow functionality to provide coverage for the Insured’s direct loss (first party loss)
- grow functionality to provide coverage for claims brought against the company (third-party liability)
- at a later stage -- take over the system's UI/UX part
Functionality of the solution allows agents and underwriters to create, amend and bind quotes for the following events:
How the system works
The agent/underwriter logs into his/her account in the system and performs all the actions needed to provide the professional coverage: creates or amends the quote, binds it to the policy, sends it for approval or cancels it.
Special focus functionality
Rating engine development
To calculate the accurate amount of premiums in case of a loss event, together with the client we developed a cyber liability rating engine. Besides adding this new functionality, our goal was to create API's connecting it safely to the legacy code for reliable calculations.
Policy & calculations history
Functionality for an easy document flow and reporting. Policy details and Premium summary. Premium calculation details.
Technologies
Quick summary of the Symfa's team play
Together with the client, we’ve developed a smoothly running application for agents and underwriters for clear, simple and robust coverages to follow the progression of a cyber event. The client praises the developers' independence, teamwork, and proactive approach in resolving issues.
The impressive results of a two-year partnership with a Fortune 500 insurer
The partnership reinforced trust between the client and Symfa and brought along new joint initiatives (claims modernization, ETL and business intelligence).
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