Neev developed a web-based Quotation Management System (QMS) for a leading insurance provider that is designed to adhere to the IRDA regulations. The system has a role-based access control mechanism. The QMS simplifies the work of insurance agents as they can generate a quote from the web at any given time which saves multiple iterations and reduces the sales cycle of the agents. It allows reports to be generated and identifies errors in quote creation.
AEGON, an international life insurance, pension and investment company, and Religare, one of India’s leading integrated financial services groups came together to launch AEGON Religare Life Insurance Company Limited.. In an industry first, AEGON Religare Life Insurance offers policy servicing on the phone via Interactive Voice Response System (IVR) by issuing the customer a T – Pin for authentication. It is also the first company to include the customer’s medical report in the policy kit.
To develop a web-based Quotation Management System with an inbuilt engine which follows the IRDA (Insurance Regulatory &Development; Authority) regulations and statutory laws. IRDA mandates the insurance companies to follow a stringent set of regulations and statutory laws. Aegon Religare wanted to have a centralized system which interacts with the external systems and a predefined role-based access control mechanism.
Neev with its expertise in developing web-based applications built a Quotation Management System (QMS) in complete adherence to the regulations and laws laid out by IRDA. The system was designed to capture market feedback and incorporate the learning to transform the feedback into formulae for calculation of quotation. The objective behind designing such a system was to simplify the quote and the policy creation and distribute the access rights as per the role of various users of the system. The system allows agents to: