Insurance | MuleSoft

Automated Risk Assessment Process For Leading Regional Commercial Insurance Company

Objective

As a leading regional insurance company with over 100 years of experience, our client wanted to improve how the underwriters and agents across policy systems evaluate the risk score for different policies. With that core objective, they reached out to Exavalu to build a Scoring engine that can improve the risk assessment process for agents & underwriters for their organization.

Services Offered

01

Advisory

02

Implementation

03

Mulesoft Integration

04

AWS Lambda Integration

05

API Management

Challenges

As part of the new business strategy to improve the underwriting score generation process, our client was looking for assistance in optimizing the whole score generation and claims process to be faster, more accurate, and more efficient. Additionally, they wanted to automate the score generation based on factors such as type of worker and the state-wise jurisdiction. Lastly, our client also wanted the new scoring engine to reduce operational costs and increase overall business efficiency.

How We Brought a Difference Our solution

We began with a thorough understanding of our client's requirements, delivering a new scoring engine that provides accurate & quick responses. The scoring engine accelerated the risk assessment process; taking only 2-3 seconds to generate scores and get high-level confirmation, and only 6-8 seconds to generate scores for worker’s compensation with different factors & jurisdictions. We also utilized a design-first approach that involves modern design principles (API-led architecture) to create the integration layer. This helped to integrate the Policy Admin System (Guidewire) with the Scoring Engine deployed in AWS. We implemented Dynamo DB for the Audit Data Store and Experian Data Store as cache. Additionally, we also incorporated DLB for Cloudhub & integrated on-prem DB with Anypoint VPC.

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