Gradatim: Facilitating OnDemand Policy Administration with Gradatim MFInsure
The insurance industry is undergoing a dramatic shift as the customers’ expectations are evolving rapidly. Today, customers expect services anytime, anywhere through various digital sources and to make it possible, insurance providers are heading towards digital transformations and product innovations. These, however, turn out to be the challenges for insurance companies and their CXOs. In such a scenario, Gradatim, with digital transformation and rapid deployment as its core capabilities, helps insurance companies implement comprehensive technology systems.
“In order to address the need for digital transformation and product innovation, any transformation process requires both technology and business models that are dynamic, creative, and shared,” begins C.V. Prakash, CEO, Gradatim. The company’s dynamic and flexible OnDemand Insurance System - Gradatim MFInsure, addresses this need proficiently. Gradatim MFInsure is an omnichannel system with inbuilt behavioral analysis and algorithmic product recommendation engines. Gradatim MFInsure assures the “Benefits of Configuration over Coding” allowing products, processes, and channels to be setup without having to code. With configurability, the business users who precisely know how particular processes work—a surrender charge, for example—can configure and test it themselves.
Gradatim MFInsure is an integrated, end-to-end system that supports all primary processes in insurance companies, right from quotation to policy issuance; claims to settlement.
Gradatim, facilitating collaboration of two distinct specialist teams—insurers and banks, brings about interesting application of best practices
It is a complete policy administration system that helps build an engagement model with consumers in the digital age. With an open and unified digital framework, the system helps insurance companies deliver products and services, and create multi-dimensional customer experiences across all devices and channels. Further, by employing cloud-based implementation, Gradatim MFInsure reduces administrative costs associated with managing a dedicated data center.
Gradatim MFInsure significantly reduces time-to-market up to 300 percent and assures cost savings in underwriting and administration of policies by up to 50 percent, compared to traditional policy administration systems. This makes it feasible for insurers to launch new products across new markets and achieve faster break-even.
He also remarks that Gradatim’s technology stack is always upgraded. To ensure the same, the company’s specialists keep a close watch on the market and the ongoing trends. The company delivers these technology solutions through its transaction-pricing model consisting of three components including annual recurring, one time and when in need.
Gradatim, in one of the company’s projects, assisted a growing life insurer, a company that wanted to launch new life insurance products. With Gradatim MFInsure, the insurer was able to register and set-up agents with the approval of a well-defined process. With the successful completion of set-up in just twelve weeks, the insurer was recognized as the first to market the products. With Gradatim MFInsure, the company has had various such successful implementations in the past.
Gradatim, facilitating the collaboration of two distinct specialist teams—insurers and banks, brings about interesting application of best practices. Having served multiple insurance customers, brokerage firms, and intermediaries, Gradatim believes in an atmosphere of creativity and competitiveness. The firm aims at introducing algorithmic engine, which will not only drive sales to an insurer but also would be a game changer for Gradatim and insurance customers. “We are excited about the algorithmic engine that has the ability to understand what consumers are interested in. It has more than 13 top-level interest clusters and over 450 detailed clusters,” concludes Prakash.