Insurance NPD following Legacy System Upgrade

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Cyber Insurance development project following Legacy System Upgrade

Highlights

CYBER RISKS RATING ENGINE

COVERAGE FOR 50 STATES

POLICY HISTORY & CALCULATION DETAILS

5 FULL-STACK DEVELOPERS

Customer location

Project duration:

2 years (ongoing)

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.

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:

Ransom payments | Data & System recovery | Business Interruption | Business Interruption from Suppliers | Reputational harm

Cyber incident response: legal services, computer forensic services, notification of affected individuals, protective services, public relations.

Cyber Deception: Financial fraud, Phishing attack loss, telecommunications fraud loss | Cryptojacking

Privacy and Network Liability | Regulatory fines | Payment card penalties | Media Liability

Quote infoApplicant information, Business information, Agent and underwriter information, etc.

Cyber ratingsExposure base, Rating modifications, Limits of liability, Premium-bearing coverages, etc.

Quote final Insured’s information, Payment plans → bind quote, Print options → bind & issue

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.

.NET Core
C#
SQL
Angular
Visual Basic

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.

After the client's Product Owner left the team, Symfa's developers were entrusted with a greater control over their work without adding an additional team member. The lead BA for the project introduced new rules and responsibilities to enhance the team's independence.

The initially backend development team has mastered the Angular framework in a month's time, to take over the frontend part of the project from the client's team.

The project has a well-defined roadmap for the next six months from the client’s BA team, with additional features being added over time. When working on new features, the Symfa’s developers are encouraged to suggest their own solutions, subject to approval by the client’s senior tech talents. The team's transparent communication with the client enables them to delve deeper into task resolution and take ownership of the project.

The project has achieved significant milestones, including pushing about 50 items to production per sprint, the highest figure among the entire CPP family of projects. The developers' proactive approach to bug screening and resolution has been instrumental in the project's success. In time, performance reporting was canceled for the team due to the outstanding performance.

The partnership reinforced trust between the client and Symfa and brought along new joint initiatives (claims modernization, ETL and business intelligence).

VALUEfacilitates operations for agents and underwriters

BOUNDin minutes. quick and easy cyber protection

ADDalongside an existing product or as a stand-alone policy

50states covered (including DC)

FUNCTIONALITY & PERFORMANCE: Besides implementing a huge scope of the product, the developers are working on minimizing calls to the database through the System Policy API to improve the system's performance.

PROJECT OWNERSHIP: The now full stack team dedicates up to 25% of their time to development research tasks from the client. This frees up client's BA resources and allows the team to proactively give their technical comment on the planned solutions.

TRANSPARENCY & COMMITMENT: Focus on transparent communication with the client which helps the team to get deeper into task resolution and take ownership of the project. Besides implementing client's best development practices, they introduce their own architectural and structural solutions subject to approval of the client's IT leaders.

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Highlights

A new kid in the family of twelve projects

The client entrusts us with the development of the brand new cyber insurance product

How the system works

Special focus functionality

Rating engine development

Policy & calculations history

Technologies

Quick summary of the Symfa's team play

The impressive results of a two-year partnership with a Fortune 500 insurer

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