Case studies

Transforming insurance journey for a wealth advisory firm with enhanced business impact

index

About the client

Overview

Business Challenge

Solution

Tech Stack

Business Impact

About the client

Our client is a leading private wealth advisory firm dedicated to providing comprehensive financial planning services to individuals and businesses.

They offer a range of services, including Financial Life Management, Risk Management, Asset Management, Personal Financial Planning, Retirement Plans, and Business Continuity.

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Overview

The Wealth Advisory Firm faced a challenge in streamlining its deployment process with Spinnaker, a multi-cloud continuous delivery platform. The complexity of maintaining and setting up multiple clusters in Azure led to increased infrastructure management costs. Codvo.ai was engaged to address these pain points effectively via the development of the Advanced Platform for Insurance Planning and Coordination. The insurance solution aimed to reduce complexity and costs in the deployment process, offering a seamless and efficient platform for insurance agents, lenders, and clients to collaborate, resulting in enhanced business impact for the firm.

Business Challenge

Our client faced numerous challenges in their insurance policy generation, sales, and management processes. The existing multi-step, distributed platforms made it cumbersome for agents, lenders, and policy holders to work together effectively. This lack of a centralized platform led to inefficiencies, redundant tasks, and delays in policy processing and renewal.

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Our Approach and Solution

To tackle these challenges head-on, codvo.ai team designed a comprehensive approach that streamlined the entire insurance journey. Key features of The Platform for Advanced Planning in Insurance included:

Unified Platform: The platform offered a single, cohesive platform for agents to submit and sign proposals, clients to pay policy premiums, and lenders to view potential clients and offer loans, facilitating a seamless insurance process.
Administrative Oversight: An intuitive administrative interface provided oversight of policies, enabling efficient tracking, and recording of all relevant information, and reducing the workload for clients and lenders.
Custom Branding: The platform empowered agents to set up and use their own branding themes, creating a personalized experience for their clients.
Enhanced Policy Visibility: Users gained access to comprehensive policy details, statistics, and other relevant information, enhancing transparency and informed decision-making.

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Tech Stack

To ensure a robust and scalable solution, codvo.ai employed a modern tech stack, including ReactJS, Redux Saga, PrimeReact, Tailwind CSS, NodeJS, NestJS, and AWS.

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Highlights

Business Impact

**Improved Turnaround Time:** By offering all users online access to insurance applications and documents, the platform significantly reduced the time taken for policy processing, leading to quicker policy issuance and renewals.

**Seamless Communication:** Integrated communication tools on the platform enabled stakeholders to interact and resolve queries in real-time, enhancing customer satisfaction and experience.

**Digital Document Handling:** The platform's ability to share and sign documents digitally eliminated the need for physical paperwork, simplifying the insurance journey for all parties involved.

**Heightened Customer Satisfaction:** The streamlined and user-friendly platform elevated the overall experience for policy holders, leading to increased satisfaction and customer retention rates.

The collaboration between our client, the private wealth advisory firm, and codvo.ai resulted in the successful development and implementation of the Platform for Advanced Planning in Insurance. By addressing the challenges faced by the insurance industry the platform empowered our client's customers with a seamless, efficient, and personalized insurance journey, setting a new standard for the industry.

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