InsuranceDecision Intelligence & BI

Visualization of the payment management of a vehicle policy company

A Startup dedicated to the sale of vehicle insurances manages sales and payments on Instanda and Chargebee. There are some problems in their integration.

Industry: Insurance
Solution: Decision Intelligence & BI

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Visualization of the payment management of a vehicle policy company

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The challenge

One of our clients, a US Startup from the Insurtech industry dedicated to the sale of vehicle insurance, manages:

Sales and management of policies through INSTANDA: a policy management platform.
Payments of policy feed through Chargebee: a recurring billing platform.

This company had the following drawbacks when having both systems operating independently:

If an insured did not make his/her payment in the period established to do so (among other reasons), his/her policy had to be cancelled. However, the process was not automatic.The cancellation was made effective in Chargebee, but it had to be loaded manually in INSTANDA. This involved large amounts of time and effort.
Since the data was not properly integrated, the information used to make decisions was not complete or consistent, which sometimes led to wrong decisiones.For example: when accounting for the number of cancelled policies in both systems, the amounts always differed.
There was no consolidation between the payment information and the policy information, making it difficult to draw conclusions from both areas and/or discover patterns and trends from their data.

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What Tekne did

Objectives

This Startup wanted to achieve a better use of the data from its systems and for this they needed to:

Unify the policy cancellation process so that the cancellation in the payment system has repercussions in the administrative system.
Automate the cancellation of policies in INSTANDA for reasons related to payments.
Have a comprehensive visualization of the information related to payments and policies so that in this way informed decisiones are made, conclusions are drawn and patterns and trends are identified in the data. Consequently, achieve better management at the administrative and commercial level.

Proposed solution

We worked in tandem with the company in search of the best strategy to solve their problems regarding the access and visualization of their data.
After various meetings, it was agreed to develop the integration between its payment platforms and policy administration, as well as dashboards and reports that consolidate the information from both systems to obtain a comprehensive and global vision, essential for decision making.
Our work continues by advising and collaborating with the company, with the objective of establishing best practices in data management and facilitating the rapid implementation of technological tools for data management.

Architecture

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Results

After working with us, the company now has:

Dashboards that make it possible to know the situation of the company in relation to insurance policies, and the status in relation to the payments of its fees.
Automatic generation of reports that facilitate the operational management of the company.
A safe and efficient environment to provide data to Dashboards and applications quickly, optimizing infrastructure costs.
Tools that enable communication between the payment management platform and the company's administrative management platform.
An environment that allows scalability, that is, that can be adapted without losing quality in services with continuous growth in a fluid manner.