Digital transformation journey of an Insurance broker

About the Client

A Middle East-based major insurance broker company focused on an array of insurance services such as motor, health, home, travel and corporate broking.

Business Challenges

The Middle East insurance market demands more aggregate services to cover a large segment of users effectively. However, there are a lot of hurdles in terms of offering digital services:

• Integration between multiple insurance companies using the same standards.

• Unavailability of technically mature platforms from insurance companies to integrate with aggregators.

• Rigid regulatory compliance and lack of clear regulation for offering solutions on public cloud service platforms.

• Very strict data security and penetration testing guidelines.

• Custom documents required for each insurance provider.

• Bringing agility and cultural change to a conventional client IT team.

Flycatch Solution

• Flycatch collaborated closely with the client's SMEs for the digital transformation journey, architecting and designing a system capable of seamlessly integrating and communicating with third-party service providers without compromising security.

• Flycatch proposed the Atlassian suite to bring in Agile processes and proper documentation for smooth software delivery.

• Onboarding insurance providers to the aggregator, highly secured data exchanges, and custom integration for providers not ready for standard integration were key needs for agility and being early to market.

• Microservice-based IT implementation, automated infra management, and configurable data pipelines helped achieve success in these areas.

• Implementation of real-time BI for business analysis and risk identification.

• Infra with no-code deployment, automated testing suites in Oracle environments and environment automation using Terraform were crucial in spinning up various environments quickly and managing infrastructure easily.

Business Benefits

• The digital aggregator platform became a "One-stop place" for quotes from multiple insurance companies, making it easier for customers to choose the right insurance.

• The Flycatch solution increased competition in the market (under Central Bank Regulation), resulting in higher revenue for competitive insurance companies and significantly increased commission revenue for the broker company.

• Real-time analysis features helped with early risk identification and provided new business opportunities for insurance providers.

• The platform offered the first line of quotes for various types of insurance based on different insurance business segments.