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AI-supported Car Warranty Insurance Platform

Custom Software Development for InsurTech Company

ABOUT
the project

Client:

Insurtech company

Location:

Country flag

Germany

Company Size:

30+ Employees

 

 

A complex car warranty solution providing functionality that supports the customer’s insurance sales funnel and claim management workflows. It also perfectly integrates with a user-friendly website with unique design.

 

The solution’s minimum viable product (MVP) involves a variety of useful features, including AI/ML scripts for risk and insurance price calculations. Over time, the platform will expand to other insurance domains.

Quotation marks Quotation marks

From project discovery to the release of the MVP, our team was dedicated to fulfilling all the customer requirements and providing the product that brings them maximum business value. We worked on some complex features, such as integrating several tools into the customer’s established workflows, developing AI/ML scripts for analytics, and configuring a cloud-based architecture composed of different interconnected elements. As a result, our team managed to tackle all the challenges with great efficiency and provide the customer with an excellent MVP software for vehicle warranty that has a very promising future.

Uiliia Berezenko, BAO at Leobit

Iuliia Berezenko

BAO Director at Leobit

Car Warranty Insurance Platform landscape image

CUSTOMER

The client is a Germany-based startup initiated in early 2022 to sell insurance products in cooperation with leading risk carriers (re-insurers). The company leverages AI-powered risk analysis models to deliver customers highly competitive pricing on insurance products for their needs. The client starts with a car warranty solution and plans to expand its list of industries and services in order to provide a comprehensive insurance platform that will cover different domains in the long run.

BUSINESS
CHALLENGE

The customer wanted to build a comprehensive platform providing a range of insurance services. With long-term plans of expanding to different domains, the client wanted to start with a car warranty service. They needed an experienced software development team to implement a reliable and transparent warranty tool. The customer also wanted a team that would run a discovery phase to clarify their product strategy, market positioning, and technical vision of the solution. They needed a team involving experienced business analysts, tech-savvy developers skilled in AI/ML technologies, and creative UI/UX designers.

Why
Leobit

Leobit showed readiness to provide the customer with a full cycle of software development services. This was especially valuable for such an ambitious startup. We were ready to help the customer define market positioning and build a comprehensive roadmap with a solid discovery phase, provide an experienced team of software engineers to handle numerous technology challenges, and create an outstanding UI/UX design for the solution. The client was attracted by our portfolio and market reputation. They were also satisfied with the expertise and proactiveness displayed by our specialists during the interview.

MHD-686 (1)

Project
in detail

The main scope of work on the project involved a discovery phase and two development phases that, at a specific moment, were running simultaneously.

We started the project with a comprehensive project discovery phase aimed at strengthening the product’s market positioning and defining a roadmap for its implementation. This stage involved market research, technical research, design concept implementation, and modeling of a database and a solution architecture draft.

After successfully completing the discovery phase, we began working on the product. Our specialists developed several multi-faceted tools aimed to be integrated into the customer’s sales funnel. We also incorporated a price generation model for car insurance packages, which depended on the base price provided by the underwriting team. This base price was calculated using AI/ML scripts that analyzed all input parameters from users and assessed the risks associated with the coverage of a particular vehicle.

Our specialists also worked on geo-location adjustments to provide users with a geo-agnostic application experience. We integrated the solution with the Stripe payment system, ensuring that all payments are processed automatically according to the payment plan chosen by the user.
We also created a convenient tool for claiming damages, supported by dynamic templates helping the customer streamline the claims process.

We also helped the customer build a user-friendly website with all the above-mentioned tools integrated. Our UI/UX designers relied on the customer branding requirements (such as the introduction of their mascot and adherence to the pre-arranged design requirements) to build a unique and visually appealing interface that provides a seamless and intuitive user experience. We created a number of pages that are logically connected and make the user journey fully intuitive. At first, the website was built with Wix. Later, it was recreated using Webflow.

Car Warranty Insurance Platform landscape image
project-in-detail

Clear Product Strategy and Roadmap through Project Discovery

To help the customer get a clear product vision and solution development roadmap, we ran a discovery phase. At first, we helped the customer define their solution's market positioning by researching the insurance technology market and identifying its gaps. This phase also included work on early design prototypes, technology research, and architecture planning. This stage helped our team come up with database and architecture drafts that, along with other valuable technical information, were outlined in a WBS (work breakdown structure) document. As a result, the customer received a clear project roadmap, valuable estimates, and foundations for a long-term product development strategy.

project-in-detail

Toolset Supporting the Customer's Sales Funnel

One of the most critical parts of the customer's product vision is a five-step sales funnel. The entire process is partially automated and designed to save the insurance agents’ time and effort. We created tools supporting each step of this user journey:


1. At first, the user should indicate the basic vehicle information, such as its HSN/TSN. With these numbers, the solution can automatically retrieve the information on the vehicle from corresponding databases. However, there is also an option of inputting all the required vehicle information manually.
2. A user should choose among the 3 available pricing plans offered by the customer. All the calculations are fully automated.
3. A user should provide personal details and contact information.
4. The app provides a user with a short summary of their insurance application.
5. The final screen in the funnel is dedicated to payments. A user should select a payment method, choose payment currency, and select the frequency of payments.

project-in-detail

Cloud-based Architecture

We deployed the customer's system to the Azure cloud. As a result, the customer can leverage cloud model advantages, such as excellent manageability, maintenance, and security concerns handled by the cloud provider, scalability, and flexibility that are especially relevant to the highly dynamic and rapidly developing startup. Besides, various tools from the Azure AI/ML stack allowed us to configure the solutions automated analytical scripts.

project-in-detail

Website with an Excellent UI/UX Design

We helped the customer develop a convenient and user-friendly website corresponding to their branding requirements. Our team created several mood boards and design prototypes that were approved by the customer and used in actual website development. The web platform includes many useful and informative screens and seamlessly integrates with our tools, such as a sales funnel functionality, damage-claiming mechanism, insurance calculator, and some other custom features created by our team. At first, the website was built with Wix. Later, the web platform migrated to Webflow due to the better productivity and manageability of this technology.

Technology Solutions

  • A multi-featured and complex web solution enhanced with analytical AI/ML scripts
  • Azure-based architecture that offers the customer the main benefits of the cloud, such as excellent scalability, system manageability, and flexibility
  • Wix (later, Webflow) based website built with focus on user experience and conformity with the customer’s design and branding requirements

Value
delivered

  • A unique car warranty platform MVP that appeals to potential investors and has excellent long-term promises
  • The customer received a user-friendly website and a business application with a comprehensive sales funnel incorporating an intelligent pricing model, along with additional tools for claims handling
  • A single team covering the entire scope of work on the ecosystem for selling insurance products and providing customer support