How did an insurer digitalise bancassurance processes?

As the Polish life insurance market had been on a downward trend in recent years, our client decided to pursue a growth strategy in P&C insurance. Due to its historical focus on life insurance, successful implementation of the new strategy required changes to its IT systems architecture.

To achieve this, the company decided to modernise its core insurance system while simultaneously implementing a new platform dedicated to product and distribution process management.

The project had two main goals.

• Implement a complete bancassurance solution for all distribution channels.
• Enable quick adaptation to multiple business partners in bancassurance and affinity models, allowing the insurer’s offering to be integrated into different ecosystems.

Sollers partnered with the insurer to implement RIFE on top of a new core insurance system.

RIFE is a comprehensive bancassurance platform designed to support the rapid setup of bancassurance and affinity business models.

Sollers’ main area of expertise is insurance, and over the years we have supported our customers in the implementation of core insurance systems. Thanks to this domain expertise, we were able to lead the transformation seamlessly and deliver both the new core system and RIFE implementation.

The project was 100% agile, allowing our client to maintain constant control over the outcomes. Over years of experience in software implementation, Sollers has developed a delivery model designed to provide common standards for managing agile projects.

As a result, both systems were successfully launched and integrated, allowing sales to start within seven months of the project launch.

Seven months to go-live, enabling a quick launch of sales.

Approximately 50% reduction in TCO for the product and distribution platform compared with the life insurance platform.