Modernizing annuity illustration

Case study

Modernizing annuity illustration

To maximize sales opportunities on annuity investments, financial advisors use an annuity illustration, which is a visual method to help their clients understand the benefits and features of an annuity plan. These types of illustrations project how an annuity might perform over a given period of time, which helps the advisors to reinforce the potential earnings of an annuity.

To compete in the tough insurance market that offers multiple product types across diverse distribution channels, it is important to have an intuitive and responsive illustration tool.

Point-of-sale illustration software can deliver a dynamic and guided sales illustration process, producing compliant and compelling illustrations for annuities and support key aspects of the sales process.

Client Introduction

Our client is one of the oldest continuously operating companies in the life and health insurance domain, offering insurance and reinsurance products and services. They are game changers in the industry, as they set new standards by offering innovative products and services. The secret of their success is their commitment to provide simple and reliable products.

Requirements

The objective was to modernize the existing annuity illustration platform by making it accessible anywhere. In the old system, there were separate applications. Entering annuity configuration information was performed through an application by a team, where as the team that generated illustrations for their prospects used another application. This siloed approach resulted in inefficient illustrations, as any update to the configurations were not automatically reflected in the illustration application.

Our client wanted to integrate both these systems, so that any updates made in the admin application was automatically reflected in the illustration application. The detailed requirements include:

  • Lift and shift the existing annuity illustrations application from their current AdminServer to the cloud.
  • Web-based access to the annuity illustration related functionalities from the company portal from anywhere.
  • Generate illustrations online and save them as PDF files.
  • Enhance the UI for a better user experience.

Challenges

  • Complex calculations for generating annuity illustrations.
  • Multiple navigations – slow processing due to difficulty in entering and retaining data in multiple pages.
  • Disparate systems for configuration and illustration.

Solution

The objective was to provide a cloud-based web application for annuity illustration and integrate it with the admin application present on the customer’s application server. The modern UI would allow the producers/agents to login from anywhere, fill in the mandatory fields in the annuity form, generate an illustration document, and download it in PDF format.

Tech stack

How our solution helped

With application modernization, our client achieved an 80% reduction in overall application cycle time.

Overall approach

We built an MVC application to calculate the annuity illustration, based on the single service architecture. In this context, single service means that the same service can be used to point to multiple applications if required, which makes the application design future-proof. In this approach:

  • Users need to enter/select mandatory information like premium amount, annuity plan, term, etc through a single screen.
  • The input data is sent to the admin server via API to calculate the annuity.
  • The generated result can be previewed on the screen and exported as PDF.
  • Users can also preview illustrations for multiple plans on the same screen for comparison purposes.

Overview of the application architecture is given below:

Results

  • Improved efficiency in application cycle time
  • Enhanced user experience
  • More accurate input and reduced errors
  • Easy comparison of illustrations for multiple plans

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