Development of Insurance Plan

A financial institution partnered with an insurance provider to let account holders buy family insurance plans via its online portal.

Online Family Insurance Enrollment & Management

The goal was to design and develop a robust application that integrates seamlessly with the financial institution’s existing platform. The system would allow account holders to log in and purchase family insurance plans conveniently for their families.

Scope of Work

The project involved creating and implementing an insurance plan application and a client management system for seamless enrolment, policy management, and claim handling. Key deliverables included these components:

Enrollment Page

  • User-friendly enrolment interface design.
  • Validations aligned with family plan policy guidelines.

Administrative Portal

  • Development of a backend portal for enrolment verification, claim processing, and policy management.

Email Notification System

  • Automated notifications for enrolment acceptance.
  • Special cancellation alerts for members reaching certain eligibility thresholds.

Invoicing System

  • Integration of an invoicing process for seamless billing and payment tracking.

Claim Management

  • User-friendly claim request form.
  • Integration with the administrative portal for efficient processing.

Policy Management

  • Features for coverage cancellation.
  • Access to policy receipts and downloadable documents.

Payment Gateway Integration

  • Optional integration for secure and efficient payment processing.

Hosting and Deployment

  • Hosting the application on a secure server.
  • Testing and quality assurance of all functionalities.

Security and Compliance

  • Rigorous security measures to ensure data protection.

Support and Maintenance

  • Six months of post-launch support to ensure stability and address potential issues.

Member Portal Functionality

  • Secure login for account holders.
  • Comprehensive policy management, including
  • Adding and removing dependents.
  • Designating or changing beneficiaries.
  • Upgrading plan coverage.
  • Viewing and downloading policy certificates.

Development Methodology

The project followed a structured and agile approach to ensure high-quality outcomes within the agreed timelines:

  • Requirement Gathering and Analysis
    • Collaboration with stakeholders to define features and functionalities.
  • Design and Prototyping
    • User-centric design for intuitive navigation and accessibility.
  • Development
    • Modular development for enrollment, policy management, and claims processing.
  • Testing
    • Comprehensive testing, including functional, integration, and security testing.
  • Deployment
    • Secure hosting and seamless integration with the institution’s website.
  • Support
    • Dedicated support for six months post-launch to ensure smooth operations.

Key Features and Benefits

The implementation of the AMS brought significant benefits:

User-Friendly Experience

Intuitive design for effortless navigation and management.

Policy Management

Features for dependents management, plan upgrades, and policy downloads.

Efficient Claim Processing

Simplified claim submission and streamlined settlement workflows.

Automated Notifications

Timely alerts for enrollment updates and policy changes.

Data Security

Robust measures to ensure compliance and protect user data.

Scalable Architecture

Designed for future scalability to accommodate growing user needs.

Outcome

The insurance plan application and client management system were successfully delivered, meeting all client requirements. The system enabled the financial institution to:

Enhance Digital Offerings

By integrating the insurance plan application into their online portal, the financial institution expanded its digital services, providing added value to account holders.

Improve Customer Experience

The user-friendly interface and seamless integration allowed account holders to easily purchase and manage family insurance plans, enhancing overall customer satisfaction.

Streamline Operations

The administrative portal and automated processes reduced manual workload, improving efficiency in enrolment verification, claim processing, and policy management.

Ensure Compliance

Built-in validations and compliance checks ensured that all enrolments and policy changes adhered to regulatory guidelines.

Increase Engagement

Automated notifications and a comprehensive member portal kept account holders informed and engaged, fostering a stronger relationship with the institution.

Support Scalability

The scalable architecture of the system allowed for future growth, accommodating an increasing number of users and policies.

Conclusion

The successful implementation of the insurance plan application and client management system not only met the project objectives but also significantly enhanced the financial institution's digital capabilities. By providing a seamless and user-friendly platform for purchasing and managing insurance plans, the institution was able to offer greater value to its account holders, improve operational efficiency, and ensure compliance with regulatory standards. The project demonstrated VMax's expertise in delivering comprehensive and scalable digital solutions, paving the way for future collaborations and innovations.