First Nonprofit Chooses Mendix to Streamline Insurance Processing and Deliver Online Solution
Background
First Nonprofit (FNP) is a property and casualty insurance company based in Chicago, IL. The insurer focuses on providing coverage to Not for Profit organizations. The firm offers insurance coverage across the United States through their agency network. This network extends the reach of the insurer but increases the complexity of data management systems within the organization. Main products offered by First Nonprofit include Package Insurance, Auto Insurance, Excess Liability Insurance, Directors and Officers Liability Insurance, as well as a Personal Attendant Care program, which provides workers compensation to qualifying individuals.
Mendix competed with standard agent portal solutions and the provider of the Policy Admin System, who also offered a web based front-end solution. The decision to choose Mendix was made by representatives from both business(Underwriting, Claims, Customer) and IT divisions.
Challenge
The primary challenge involved the submission and underwriting process, which requires a large amount of manual (duplicate) data entry – resulting in operational inefficiencies and poor reporting quality. To support their growth ambitions, FNP needed a user friendly front-end solution that would integrate with their existing back office systems (Policy Administration System and Underwriting Tool). This solution would have to ensure data quality and eliminate the amount of data entry required.
Given the limited size of the IT department, FNP was looking for a hosted solution. The solution had to be integrated with a variety of back end systems using web services and a secure site-tosite integration using CISCO routers. Existing data needed to be cleansed and then migrated into the new solution. Finally, the
Mendix solution would be able to create policy documents and integrate them into their document management system.
Goals
The goal of for the Mendix solution was to have it in place within three months. It would streamline the submission, quoting, and binding of new business. Straight Trough Processing was at the center of the project. Once this solution was in place, additional functionality would be added, such as processing endorsements, cancellations, and the ability to include invoicing information and claims. Once the solution was implemented for internal employees, Mendix began creating a subset of functionalities that were available to agents and clients through a web portal.
Solution
The Mendix agile project methodology involves prototypes, iterations and small teams of business engineers. This allowed the team to complete the overall project in nine months, and build the solution architecture with a five to ten year view.
The solution was agile and ready to address future needs and requirements. The following points are addressed by the Mendix Straight Through Processing Solution:
- Facilitate smart data entry
- Validate and Normalize data
- Process new business
- Integrate with quoting engine
- Process cancellations
- Integrate with billing system
- Integrate with document management system
The project is estimated to save 1.7 million dollars in the first three years, in addition to top line growth resulting from the ability to submit business online.
