Transforming Compliance Tracking for a Leading U.S. COI Platform

Client Background

The client is a pioneer in the U.S. insurance industry, known for introducing a ground-breaking compliance tracking tool. This innovative system brought together the Insured, Agent, and Certificate Holder (Requestor) onto a common platform for seamless electronic interaction. The client aimed to reduce dependency on traditional ACORD forms, which required printing on paper. They also sought to address issues such as bug seepage and reduced productivity caused by legacy technologies.

Business Problems and Scope

The client approached Xoriant with the challenge of developing a comprehensive system to address the onboarding needs of various stakeholders, including insured customers, agents, and requestors. The primary focus was to create a robust platform capable of efficiently handling a high volume of transactions while providing real-time compliance tracking.

One of the key pain points identified was the laborious and time-consuming process of requestors having to manually browse through stacks of paper documents to check insurance compliance. The proposed solution aimed to streamline this process by implementing an automated system that would enable stakeholders to efficiently send and receive proof of insurance.

Overall, the business scope of the project involved the development of a comprehensive onboarding system capable of seamlessly integrating with multiple Agent Management Systems (AMS). The system needed to handle millions of transactions while providing real-time compliance tracking. Additionally, it aimed to streamline the process for requestors, enable stakeholders to send and receive proof of insurance, synchronize data with other agency systems, and offer flexibility in subscription plans for requestors and exceptions for different types of suppliers.

Xoriant Solution | Key Contributions

Xoriant leveraged its expertise in product engineering for financial institutions to deliver a comprehensive solution that addressed the client's needs. The solution consisted of a main portal accessible to end users, including Insureds, Agents, and Requestors, as well as an admin portal dedicated to the customer’s business team. The primary focus was on seamless integration with multiple systems to ensure smooth data exchange and enhanced functionality.

To accommodate the potential scale of the system, the Xoriant team built a scalable infrastructure capable of handling millions of transactions efficiently for a system handling just a little over 20,000 transactions a year. For requestors, the solution featured comprehensive and intelligent dashboards that provided precise business intelligence for compliance tracking. It included alerts and notifications based on compliance events, as well as multi-project policy tracking capabilities.

In addition, the Xoriant solution included

Implementing an auto-data extraction mechanism for certificate PDFs using Python libraries
Facilitating efficient extraction and input of information, reducing manual effort and improving accuracy
Supporting international policy tracking
Automating the generation of ACORD and CSIO forms for enhanced user experience
Managing real-time compliance and prompt notification of changes in insurance coverage
Prioritizing data security and compliance with GDPR and OWASP standards
Employing Single Sign-On (SSO) functionality with OAuth2 for authentication and authorization

Overall, Xoriant's solution provided an intuitive user interface, enabling stakeholders to quickly share and upload Certificates of Insurance (COI) and other relevant documents across the application. The system's capabilities and integration with AMS systems ensured seamless data flow, efficient compliance tracking, and improved productivity for the client's stakeholders.

Business Benefits

Our solution brought numerous business benefits to the client. Firstly, it empowered the client to seamlessly accommodate multiple requestors and Agency Management Systems (AMS) partners with remarkable speed. Previously, their partner API systems managed approximately 20,000 transactions annually. Since deploying the solution, they can handle a tremendous 300,000 transactions per year, showcasing a substantial increase in efficiency and capacity. This enhancement has not only elevated their operational capabilities but has also paved the way for substantial growth and scalability.

Secondly, the solution has automated the detection of insurance non-compliance, reducing the risks associated with non-compliant policies. It fosters customer trust, enhanced agent-client relationships while positioning the insurer as a responsible and ethical industry leader.

It also provided continuously updated coverage information, ensuring all parties involved were compliant and properly insured. The system also allowed stakeholders to conveniently view the coverage information of all their suppliers in a single location by synchronizing the data from other agency systems through integrations.

The provision for certificate uploads facilitated quick information sharing with a single click, improving efficiency by an impressive 80%. Additionally, our solution offered the flexibility to add exceptions for different types of suppliers, accommodating diverse business requirements and streamlining compliance tracking.