Insurance Case Study | Accumulation Front-End Framework
How the largest first insurer in the world replaced previous solutions with Quarticle’s cloud-native, user-friendly risk assessment suite
"Quarticle’s geospatial intelligence platform allowed us to harmonize our application landscape. Finally, we can centrally manage all geospatial workflows and drive efficiency and effectiveness across our underwriting workflows. Providing our customers and brokers these significantly better and faster services not only saves operating costs, but also improves our underwriting decisions, and increases our margins – it allows us to provide the best-in-class experience to our users."
Insurance Case Study | Accumulation Front-end Framework
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The Company
Our client is the largest primary insurance company in the world with over 150,000 employees headquartered in Munich, Germany. As a market leader in the insurance, reinsurance, and asset management markets they aim to secure people’s lives and businesses as their trusted partner while always keeping a careful balance across all stakeholders (shareholders, customers, employees, and society).
The Challenges
The client was experiencing significant problems with their former solution when it came to carrying out effective underwriting and portfolio analytics. Additional challenges included:
- - Performance: with their previous solution, performance runtime and speed were not up to their expectations
- - Flexibility: the solution demanded easy integration of micro sources and other APIs from the GIS service while simultaneously allowing the consumption of results from various other internal and external data services
- - Overall cost: the previous solution did not allow scaling, so increased users and consumption resulted in a linear cost increase
The Solution
Quarticle was commissioned to build a user-facing location intelligence application that met our client’s high needs and expectations. The solution (incorporating an open-source stack) allowed them to easily and efficiently consume data and visualize the accumulation analysis results.
To address the integration requirements, various GIS APIs were integrated (including geo enrichment and accumulation API). Moreover, the front-end solution was constructed in a modular concept, allowing the integration of existing and future APIs to fulfill any upcoming requirements.
Hazard layers and other geo data sets are searchable, selectable, and toggleable. Maps are provided as layers available from the backend geo server cluster. Thus, the solution contains a list of available layers and displays them as requested by the underwriter making their work significantly more efficient.
Ultimately, the client achieved substantial cost savings due to Quarticle’s consumption-based pricing model. Scalability concerns were removed since the solution offers unlimited user and manager seats without introducing additional user management expenses.
The Results
Quarticle implemented, extended, and configured an innovative, cloud-based, location intelligence application that fully replaced the client’s previous solutions. UI design, performance, integrations, modularity, user management, and flexibility demands were all met and significantly improved internal workflow, productivity, and work speed. The client reduced overall costs by 80% due to our consumption-based model, allowing them to scale with no additional costs. The Quarticle team fully met their objectives and deadlines and the client extended the partnership to a long-term agreement.