Essay: A proof of concept for Policy Administration System in Motor insurance in UK.

CHAPTER 1- INTRODUCTION
BACKGROUND:
Insurance is essentially an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
United Kingdom follows the same delineation of Insurance. Initially, the insurance industry in UK was regulated by The Financial Services Authority but lately The Financial Services Authority was dissolved and financial regulation was instead placed with the Financial Conduct Authority and Prudential Regulation Authority.
Insurance policies, particularly long-term, are divided into different categories. The cataloging is currently set out in sections 333B, and 431B to 431F of the Income and Corporation Taxes Act 1988 (ICTA) with each category of business given a different tax treatment.
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NEED OF THE STUDY:
‘ Majesco has long been committed to the UK insurance market with leading life, pensions, health and group insurance companies using their solutions. Companies show an increased interest in Majesco’s general insurance core solutions as they are looking forward to modernization and transformation options. Therefore, this is an initiative of Majesco to offer UK insurance carriers access to proven market leading general insurance (P&C) solutions.
‘ It will help to customize Majesco’ s US market P&C product suite for UK market.
‘ It will help UK sales team for selling Majesco P&C products in UK market
‘ It will help in demonstrating the capabilities of the product.
‘ Majesco is undergoing a transition and consolidation phase. This project will help Majesco to mark its presence in UK; thus, will play a major role in the process of consolidating the Mastek group’s global insurance businesses under the single and independent entity ‘Majesco’.
The project acts as a stepping stone in Majesco’ s global growth strategy. It will strengthen its customer centric insurance software and IT services business.
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A STANDARD P&C SUITE INCLUDES:
‘ Majesco Policy ‘ It is a comprehensive policy administration system that provides full life-cycle processing capabilities for all lines of property & casualty insurance.
‘ Majesco Billing ‘ It helps insurance carriers improve customer service and cash flow, reduce daily sales outstanding and increase efficiencies.
‘ Majesco Claims ‘ It supports the entire claims processing and settlement cycle with all-encompassing functionality including: FNOL setup, claims setup, processing and settlement.
‘ Majesco Rating ‘ This suite includes an optional built-in rating engine that supports the creation of rates manually as well as integrates with ISO ERC and other rating content, Majesco Rating provides the unique benefit of rating content consumption and periodic automatic updates.
‘ Underwriting Workbench ‘ This Improves decision quality and brings consistency to underwriting. It automates the decision making processes and streamlines exceptional cases for underwriters to analyze and make decisions. The underwriting workbench includes work routing, evidence gathering and assessment, reminders and a built in self-learning engine for similar cases.
‘ Majesco Reinsurance ‘ Majesco Reinsurance leverages proven and effective solutions using a browser-based tool to easily administer contracts and create custom reports to address your specific business needs.
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ORGANIZATIONAL PROFILE
Majesco is a connexion between business and IT that mainly focuses on working on large, complex, critical business applications and delivering them successfully. They work on delivering business value and enhanced business capabilities to their clients through a combination of world class enterprise grade products (IP), implementation services and specialised IT services.
The diversifying and emerging markets in the APAC region presents ample growth opportunities. To exploit such opportunities carriers require investing in order to expand their market share. Also to sustain in such a dynamic market, one needs to adjust and expand distribution strategies along with developing strategies to cope with ever changing and heightened pace of the regulatory environment.
Majesco’s insurance solutions support these insurance carriers to meet their growth and customer intimacy objectives, thus, helping them to improve efficiency. It is an insurance specialist with heavy investments in all relevant intellectual properties. In the APAC region, Majesco has worked with most of the leading names in insurance, providing capabilities for the insurers to deal with the challenges of the market place and address the opportunities it offers.
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Chapter 2- LITERATURE REVIEW
The UK insurance industry is the largest in Europe and the third largest in the world. It plays an essential part in the UK’s economic strength, managing investments of ??1.8 trillion and paying nearly ??12 billion in taxes to the Government. This industry employs around 315,000 individuals, of which more than a third is employed directly by insurers and the remainder in auxiliary services such as broking.
With the increasing competition in the market, the company needs to comprehend the customer needs appropriately and develop a product that pleases them. In insurance industry, things flow in the following manner:
PROJECT PHASES
Discover
Design
Develop
Deploy
Requirement
Project Plan
Design Specification
Database Design
Test Strategy
Application
Integration
System Testing
Deployment Kit
Source Code
User Acceptance
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Discover Phase: In the Discover Phase, a team of business analysts, lead architects, UI engineer and a Project Manager is formed with the aim of understanding the business vision for functional requirements of the product and building the User Interface (UI) accordingly. In this phase a project plan is prepared for the subsequent phases. Frequently this phase is conducted onsite or by a hybrid onsite – offshore team.
The deliverables are:
‘ UI design and
‘ Requirements specifications
‘ Risk management plan
‘ Project Plan and estimation for next phases
Design Phase: During Design, consultants work with the Product Management team and other functions within the organization to develop the detailed UI, architecture, database design, test strategy and use cases for the product. Design activities are conducted typically using a hybrid onsite- offshore model. Activities that involve intense user interaction are frequently completed onsite at the client location.
The deliverables include some or all of the following:
‘ Detailed design specification Detailed data design
‘ System test Plan
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Develop Phase : In this phase, coding is done as per best practices and guidelines which can be shared with clients.
The deliverables are:
‘ System tested source code
‘ Installation guide
Deploy Phase : Deployment services are offered for installing the product at the test environment for acceptance testing. Services also include assistance in product launch at beta sites and the production environment. Most of these services are provided remotely but onsite assistance can also be offered wherever needed.
‘ There are certain points in each phase of Product Life Cycle which indicate whether the project is going on the right path or not.
‘ Discover Phase: The answers to the following questions will clearly state the loopholes in the discovery phase if any:-
‘ “I need to finish the requirements document; what is keeping me from calling it ‘done’?”
‘ “I need to finish the database design; what is keeping me from calling it ‘done’?”
‘ “I need to finish these user interface prototypes; what is keeping me from calling them ‘done’?”
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‘ Design Phase: This phase helps in answering questions that are crucial to the project, like,
‘ What are the test objectives’? What is in scope and what is out of scope for this testing effort’? What are the important project and product risks’? What constraints affect testing’? What is most critical for this product and project’? Which aspects of the product are more (or less) testable?
Answering the above questions gives clarity about various aspects of the project.
‘ Development Phase: Certain factors should be given special importance while deployment. The factors are:
‘ Screen Resolution
‘ Load Speed
‘ Content Management etc.
In order to successfully launch a product in the market above arguments should be well-thought-out.
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OVERVIEW OF HOW THINGS WORK AT MAJESCO
Majesco abides by certain guiding principles which are as follows:-
‘ It provides a Single Platform
‘ It is self-sufficient as it is a model driven architecture.
‘ It is designed in a way that improves efficiency not only in the vendors’ part but also in carriers’ part.
‘ It lowers the Total Cost of Ownership.
In Majesco’s standard suite, there are three tools:-
‘ Insurance Content Manager (ICM) ‘ It is responsible for rules, rates, forms etc.
‘ Insurance Content Designer (ICD) ‘ It looks after object modeler, UI designer, process workflow, interface modeler etc.
‘ Content Layer Manager ( CLM) ‘ It is a bridge between ICM & ICD. If one makes any changes in the ICM, ICD can view it and vice versa.
ICM ICD
For development of a product, firstly a product needs to be planned, then it has to be managed, engineered and certified.
Product Planning
Product Management
Product Engineering
Product Certification
Acceptance Mgmt
Delivery Team
Product Support
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The Product Planning process involves a lot of brain storming & customer involvement. By making use of the valuable suggestions of the business analysts, product councils, advisory councils and customers, the organization comes up with different rates for different groups and as a result cultivates a product.
This is then followed by Product management, engineering & certification.
Analyst briefing, Regulatory changes, advisory council
Customers
Different rating for different groups & develop a product
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CHAPTER 3- RESEARCH METHODOLOGY
Introduction
Research methodology is a process used for collecting information and data that assists in making business decisions. The methodology may include publication research, interviews, surveys and other research techniques, and could include both present and historical information.
This chapter talks over the research methodology used in this study.
Objective:
This study aims at creating prototype for Policy Administration System in Motor Insurance in UK; therefore, in this study I will focus on Motor insurance business only. This study involves a practical of hands on approach consisting an empirical study .This comprises of first hand research in the form of surveys, interviews, observations and discussion groups.
The Objectives of my study are:-
‘ To gather Information required about motor insurance in UK.
‘ To analyze the requirements.
‘ To create a prototype based on the information gathered and requirement analysis.
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Research Process
Objective 1: To gather Information required about motor insurance in UK.
One needs to gather the basic information regarding the operation of insurance in the UK market. Only if this is completed, we can proceed with the next objective of analyzing requirements of the end user. This can be done through:
‘ Meetings with insurance personnel of UK.
‘ Exhaustive study of the market using secondary data like research papers, survey reports etc.
Objective 2: To analyze the requirements.
To fulfil this objective, the various phases of Requirement Planning should be chalked out & followed. Requirement planning usually includes:
‘ Review, update and sign-off process for documentation
‘ Meetings and process to resolve actions and issues
‘ Documentation and agreement on requirement and gaps
‘ Gap Analysis Process review stages
‘ Assigning Roles and Responsibilities
As one goes through all these phases, one acquires a clear impression of the deliverables expected.
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Objective 3: To create a prototype based on the information gathered and requirement analysis
On the basis of the requirements gathered, a prototype should be created. The prototype helps in: ‘ Actively involving users in the development process. ‘ Detecting errors much earlier. ‘ Getting quicker user feedback leading to better solutions. ‘ Identifying missing functionality easily. ‘ Requirements validation
Prototyping will be done using ‘AXURE RP Pro’ which is a prototyping software tool aimed at web & desktop applications.
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Chapter 4- DATA ANALYSIS Analysis of data is a process of inspecting, transforming, and modeling data with the goal of discovering useful information, suggesting conclusions, and supporting decision-making.
Objective 1: To gather Information about motor insurance in UK.
After interacting with the insurance personnel of UK & going through various research papers, surveys etc. following was understood:- A motor insurance policy is a mandatory document which is issued by Insurance Company. It is defined under the Road Traffic Act 1988, which was last modified in 1991. The Act requires that ‘motorists either be insured, have a security, or have made a specified deposit (??500,000 in 1991) with the Accountant General of the Supreme Court, against their liability for injuries to others (including passengers) and for damage to other persons’ property, resulting from use of a vehicle on a public road or in other public places.’ The policy was issued as part of prevention of public liability to protect the general public from any accident that might take place on the road. Broadly, there are three types of motor insurance ‘ ‘ The Third Party policy: The scope of the ‘Act only’ policy is to pay compensation for death or any bodily injuries and for damage to property of third parties. While the insured is treated as the first party and the insurance company as the second party, all others would be third parties.
‘ The Third Party, Fire & Theft Policy: TPFT cover will allow you to pursue claims for damage to your car following an attempted theft. It can also apply to any other potential fire damage. It covers :
‘ Damage caused to other people, their vehicles and their property
‘ The cost of repairing other vehicles
‘ Third-party medical treatment costs
‘ Legal claims made against the insured as a result of an accident
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‘ Theft of the car
‘ Fire damage to the car
‘ A Comprehensive policy: Comprehensively, these include damage to the vehicle by accidental external means like fire, lightning, explosion, self-ignition, burglary, house-breaking, riot and strike, malicious acts and terrorist acts, earthquake, flood, inundation, cyclone, landslide/rockslide, etc. while in transit by rail, road, air, inland waterways, lift or elevator.
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The following shows how the Insurance market operates in UK:-
Regulate
Check standards Certificate of Insurance
Financial Conduct Authority
Policy Holder
Insurance Company
Association of British Insurers
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Financial Conduct Authority (FCA): FCA is the regulator of Insurance market in UK. They regulate the conduct of over 50,000 businesses and for many of these they also consider whether they meet prudential standards that reduce the potential harm to the industry and consumers if they fail. FCA is funded entirely by the firms that they regulate, through charging them fees to carry out their financial activities. Their pay is determined by the type of business they are handling and what kind of activities these organizations carry out. Its foremost aim is to make sure that financial markets work well so that consumers get a fair deal. This means ensuring that:- ‘ The financial industry is run with integrity ‘ Firms provide consumers with appropriate products and services ‘ Consumers can trust that firms have their best interests at heart Association Of British Insurers (ABI): ABI is an association which was formed in 1985. It works on behalf of UK insurers & has over 250 member companies, accounting for over 90% of the UK Market. It works with government, regulators and policymakers ‘ both in the UK and internationally to ensure the insurance industry meets the highest standards. The role of ABI is to: ‘ Use their expertise and experience to contribute to public policy debates ‘ Publish research reports and policy documents to contribute new ideas and inform conversation ‘ Promote the highest standards of customer service ‘ Support a competitive insurance industry
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Other associations which play a very major role in UK market are: Driver & Vehicle Licensing Agency (DVLA) : The Driver and Vehicle Licensing Agency (DVLA) is an Executive Agency of the Department for Transport (DfT) and part of the Motoring Services Group. Their goal is to get the right drivers and vehicles taxed and on the road, as simply, safely and efficiently for the public as possible. They are responsible for: ‘ Maintaining records of licensed drivers and registered vehicles ‘ Issuing licenses to drivers and the maintenance of the vehicle driving entitlements ‘ Maintaining records of driver endorsements, disqualifications and medical conditions ‘ Issuing vehicle registration certificates to vehicle keepers ‘ Collecting and enforcing vehicle tax ‘ Helping the police and intelligence authorities deal with vehicle related crime
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Objective 2: To analyze the requirements. To deliver a product that can please the end user, one needs to understand their requirements appropriately. To understand the requirements the product to be delivered one needs to go through a series of phases which are as follows:
Preparation Study
In this phase, the requirement team studies the inputs from presales & comprehends the time engagement according to which expectations are set for later stage.
Requirements Planning
On the basis of the inputs received from the presales, the requirement planning is done with respect to:
a. Identifying and mapping of the stakeholders
b. Identifying the deliverables and schedules for requirements phase
c. Identifying the resources and inputs required from the client
Requirements Work Plan Preparation
This document is the one that is shared with the clients which consists of the scope and objective of the requirements, requirements plan in terms of timelines, schedules and milestones, deliverables plan, expectations and preparedness from the client during the requirements, assumptions, constraints and dependencies etc.
Preparatory Workshop (Client)
After the Requirement Work Plan is shared with the client and is signed off, the next step is to revert back to the client with a complete preparatory workshop guideline for him. The aim of the preparatory workshop is to enable the client to gear up for the requirements from their end, as well as drive the requirements from our end.
Work Plan Signoff
This is the final stage in the requirements planning phase. The Requirement Work Plan which is created in the planning phase is shared with and signed off by the client. This document constitutes
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‘ Scope of the Analysis Phase
‘ Resources Needed for the Analysis
‘ Risks
‘ Analysis Schedule
‘ Analysis Budget Estimate
‘ Communications
This document will be shared with the client for sign-off for the requirements plan. This would keep the client and the requirements team aligned in terms of expectations and responsibilities of both parties involved.
On completion of the above mentioned process we conclude that for Motor Insurance certain specific information related to Vehicle, Driver etc. needs to be gathered.
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Ones the Policy holder’s information is gathered, we need to gather information related to the following:-
In UK, Driver information is captured before Vehicle Information
DRIVER:
In the Driver section, one needs to capture information regarding the following-
‘ Personal Information: Information like Date of Birth, Marital status etc. are captured under this heading.
‘ Ownership: If the Insured is the one who owns the vehicle or the vehicle is owned by someone else.
‘ License: In UK, drivers hold various licenses like- UK provisional License, UK Full License which plays an important role in the premium calculation process as the risk associated with a provisional license holder is more than a Full License Holder.
‘ How long the person has been holding the license also stands of great importance. A new driver is more risk prone. ‘ Advanced Motoring Certificate: Few drivers in the UK hold an Advanced Motoring Certificate. Such drivers are assumed to be trained drivers, therefore, less prone to risk. ‘ Information like if the driver is a named driver & if he/she drives any vehicle other than the one insured also stands of great importance. ‘ Information related to any claims/conviction made in the past is vital.
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VEHICLE:
In the Vehicle section, following information must be captured-
‘ Vehicle Details: The type of the vehicle is the very first thing that is captured under this section.
‘ Other than this, details like Year of Purchase, Make, Model, Engine Size etc. are the once that are usually captured.
‘ Vehicle Registration Number is the key to everything in UK. Every vehicle has its own unique registration number that is used for identifying that vehicle.
‘ In UK, there is an application called ‘Find My Car’ using which one can find the details of a particular vehicle just by inputting the Registration number. This makes life easy for both the insured & the insurer.
Other details are also captured while insuring the vehicle such as:-
‘ Details of the Owner of the vehicle
‘ Parking Address of the Vehicle
‘ If the Vehicle is a Q car
‘ If the vehicle has been modified
Other than this, details of additional policy holder should also be captured which primarily include: ‘ Personal Details ‘ Mailing Details & ‘ Contact Details
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COVERAGES:- Under coverages section, there are a set of mandatory covers & voluntary covers. Mandatory covers are the ones that are to be mandatorily taken up whereas voluntary covers are the ones that can be chosen by the customer depending on his/her requirement. Other than Comprehensive, Third Party Fire & Theft & Third Party Only, covers that are offered in a Motor insurance may be:- Additional Personal Accident: If you or your partner suffer accidental bodily injury in direct connection with your car or while getting into, out of or travelling in any other private car, not belonging to you or hired to you under a hire purchase agreement, we will pay the amount shown in your schedule if, within 90 days of the accident, the injury is the sole cause of: 1. Death. 2. Irrecoverable loss of sight in one or both eyes or total and permanent loss of hearing in one or both ears. 3. Loss of any limb. The most we will pay any one person after any accident is shown in your schedule If you or your partner have any other policies with us in respect of any other car or cars the injured person will only be able to claim these benefits under one policy. The cover under this section applies irrespective of fault. Exclusions: ‘ We will not pay for death or bodily injury arising from suicide or attempted suicide.
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Motor Legal Protection: ‘ Legal protection to claim costs or compensation after a motor accident or incident. If there is an accident and/or incident involving your car which is not your fault, we will provide you with legal protection to pay lawyers’ costs to help claim against the person(s) who is responsible. As part of your claim we will pay to recover your financial losses (such as your excess and travel expenses) and also obtain compensation if, as a result of travelling in, getting into or out of your car, you die or sustain personal injury. Reasonable prospects of success must be present throughout the duration of the claim. This means that the lawyer must believe that it is more likely than not that that you will succeed in a claim for those losses. For more information please see ‘Reasonable prospects of success explained’ under ‘Conditions of cover’ in this section. ‘ Legal protection to defend motoring offences This section provides legal protection to pay lawyers’ costs to help defend your legal rights if you are accused of or have committed an offence under the road traffic laws (e.g. speeding)while using your car (including if a conviction would result in you being disqualified or suspended from driving). Cover in this section is subject to cover not already being provided under ‘Section 2 ‘ Your liability’ in this policy. Your schedule shows the maximum amount we will pay for any one claim under this cover. This is shown as the ‘Legal Expenses ‘ Motor prosecution defense limit’. Exclusions: ‘ Which we have not agreed to or authorized; ‘ Incurred prior to our acceptance of a claim; ‘ Resulting from any legal action you take without our prior approval; ‘ For any fines, penalties, compensation or damages which you are ordered to pay by a court or other authority; ‘ Resulting from any claim deliberately or intentionally caused by you; ‘ Resulting from a defense of motoring offences resulting from prosecutions for: ‘ dishonesty or violent conduct; ‘ drink or drug related offences;
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Keycover: The right replacement key cover on your car insurance could help with lost and stolen keys, car hire and transportation of a stranded vehicle to a repairer. Replacement key cover is included as standard on some car insurance policies and is an optional extra on others, but note that some may not offer this cover at all, and that levels of cover vary significantly. Personal Belongings: We will pay you ( or, at your request, the owner) for loss or damage to personal belongings caused by fire, theft or accidental means while they are in or on your car. The maximum amount payable for any one incident is shown in your schedule. A claim can be made under this section when also making a valid claim which is accepted under ‘Section 1. Loss of or Damage of your car’. Exclusions: We will not pay: ‘ Money, stamps, tickets, documents or securities (such as share & premium bond certificates). ‘ Goods or samples carried in connection with any trade or business. Substitute Vehicle: The standard motor policy provides a courtesy car while your vehicle is being repaired after an accident which is not your fault, subject to availability. With the optional Substitute Vehicle Cover, you can get back on the road quickly for up to 21 days in the event of an accident which is your fault resulting in a total loss or an unrecovered theft, anywhere in England, Wales, Scotland and Northern Ireland. Exclusions: ‘ An accident that is not your fault. ‘ Claims arising from any act of vandalism or other deliberate or criminal act or omission other than vehicle theft. ‘ Hire charges incurred before the insurer has confirmed acceptance of a claim in writing.
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Motor Excess Protector: These covers come in 3 levels: Bronze, silver & Gold. Motor Excess Protector- Bronze: ‘ Cover up to ??250 per period of insurance, to claim back any excess paid for a claim on the policy relating to Accidental Damage, Fire, Theft or Vandalism. ‘ No limit to the number of claims, as long as the total claimed does not exceed the policy limit. Motor Excess Protector- Silver: ‘ Cover up to ??350 per period of insurance, to claim back any excess paid for a claim on the policy relating to Accidental Damage, Fire, Theft or Vandalism. ‘ No limit to the number of claims, as long as the total claimed does not exceed the policy limit. Motor Excess Protector- Gold: ‘ Cover up to ??450 per period of insurance, to claim back any excess paid for a claim on the policy relating to Accidental Damage, Fire, Theft or Vandalism. ‘ No limit to the number of claims, as long as the total claimed does not exceed the policy limit.
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Breakdown- Roadside: This provides basic coverage and includes, fix at the roadside (80-85% success rate depending on provider) or, tow to a local garage if your vehicle cannot be fixed in a timely manner. You must be at least 1/4 mile from your home or registered address. All breakdown companies include roadside as standard in all their policies, you can then add any of the following options to tailor your policy to your specific needs. Breakdown-Roadside & Recovery: Roadside- This provides basic coverage and includes, fix at the roadside (80-85% success rate depending on provider) or, tow to a local garage if your vehicle cannot be fixed in a timely manner. You must be at least 1/4 mile from your home or registered address. All breakdown companies include roadside as standard in all their policies, you can then add any of the following options to tailor your policy to your specific needs. Recovery- This includes a long distance recovery service that will rescue you from anywhere in the UK and transport you and your passengers to any single location within the UK, including back to your home address if you so wish. Breakdown- Roadside, Recovery & Home: Roadside- This provides basic coverage and includes, fix at the roadside (80-85% success rate depending on provider) or, tow to a local garage if your vehicle cannot be fixed in a timely manner. You must be at least 1/4 mile from your home or registered address. All breakdown companies include roadside as standard in all their policies, you can then add any of the following options to tailor your policy to your specific needs. Recovery- This includes a long distance recovery service that will rescue you from anywhere in the UK and transport you and your passengers to any single location within the UK, including back to your home address if you so wish.
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Home Service- This extends your policy to include coverage at your home address and the 1/4 mile surrounding it which is excluded from policies without home cover. Breakdown- Roadside, recovery, Home Service & European: Roadside- This provides basic coverage and includes, fix at the roadside (80-85% success rate depending on provider) or, tow to a local garage if your vehicle cannot be fixed in a timely manner. You must be at least 1/4 mile from your home or registered address. All breakdown companies include roadside as standard in all their policies, you can then add any of the following options to tailor your policy to your specific needs. Recovery- This includes a long distance recovery service that will rescue you from anywhere in the UK and transport you and your passengers to any single location within the UK, including back to your home address if you so wish. Home Service- This extends your policy to include coverage at your home address and the 1/4 mile surrounding it which is excluded from policies without home cover. European-European breakdown cover will ensure you are covered when you take your car abroad and drive on the Continent. This will offer you protection whenyou find yourself stranded during your travels. With dedicated European breakdown cover, you get the same guarantees as you would with a UK breakdown cover policy ‘ meaning that if you run into trouble, you will get your car repaired at the side of the road or, if that’s not possible, at a local garage. Windscreen Excess: Windscreen damage is the most commonly claimed part of a car insurance policy and with some windscreens costing up to ?? 2,000; this can be a very expensive item to replace. Whilst your basic car insurance will cover your windscreen, it will be treated as a normal claim subject to full excess ( around ?? 60)and impacting any No claims discount you may have earned. Given the frequency of windscreen claims, you may consider it prudent to take out this level of protection.
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Above mentioned are the covers that are usually offered in UK. P.S.: In UK, in case of Straight Through Processing (STP), quotes can directly be converted to policy as they do not need an approval from the underwriter. A quote has to be converted in to an application & then in to a policy only in case of Non- Straight Through Processing (Non-STP).
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Objective 3: To create a prototype based on the information gathered and requirement analysis. Prototype is basically a rudimentary working model of a product or information system, usually built for demonstration purposes or as a part of development process. A prototype is developed based on the currently known requirements. Using this, the client can get an ‘actual feel’ of the system, since the interactions with prototype can enable them to understand the requirements of the desired system better. Prototype is usually created when there is no manual process or existing system to determine the requirements. These are usually not complete systems and many of the details are not built in them. The goal is to provide a system with overall functionality. To create a prototype, one has to go through the following phases:
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Everything comes with a set of advantages & disadvantages. So does prototypes. Some of them are as follows:- Advantages:- 1) Prototype gives clarity and ‘feel’ of the functionality of the software 2) In case, the client is not confident about the developer’s capabilities, he asks for a small prototype to be built. Based on this model, he judges capabilities of developer. 3) Sometimes it helps to demonstrate the concept to prospective investors to get funding for project. 4) It reduces risk of failure, as potential risks can be identified early and mitigation steps can be taken. 5) Iteration between development team and client provides a very good and conductive environment during project. Disadvantages: 1) Prototyping is usually done at the cost of the developer. So it should be done using minimal resources. 2) Once we get proper requirements from client after showing prototype model, it may be of no use. That is why; sometimes it is referred to as “Throw-away” prototype. 3) It is a slow process. 4) Too much involvement of client is not always preferred by the developer. 5) Too many changes can disturb the rhythm of the development team.
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In this project, we have used the Axure as the tool of prototyping. Axure RP gives wire framing, prototyping and documentation tools needed to make informed design choices, persuade any skeptics, and document the design. One of the advantages of using Axure RP is its sketch effects. In this one can develop a single prototype which evolves in an organic way, from sketchy drawings early in the discovery phase, through to a fully designed prototype ready for user-testing and build. An Axure RP prototype can serve as a single point of reference for the whole team, while its interactivity offers stakeholders a great opportunity to see your ideas in action and give feedback as early as possible. Axure is beneficial for both client side & development side. Benefits from the Development Side ‘ Generates HTML and JavaScript prototypes without writing a single line of code. ‘ Use conditional logic, dynamic content, animations, drag and drop and calculations. ‘ Prototypes can also be password protected. ‘ There is also version control. Benefits from the Client Side ‘ Changes made to the project can be quick and painless without interrupting a developer. ‘ This can be setup for client feedback and user testing without installing Axure or any kind of player. ‘ One can show the customer a working website wireframe or application prototype from whatever device it is intended for desktop, iPad, iPhone, 42’ screen etc… ‘ The prototypes can be viewed in IE, Firefox, Safari, or Chrome.
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‘ It generates customizable functional specifications in Microsoft Word format that will allow documenting the interactions, annotations, and content in the design. ‘ Helps to bridge the gap between the business and the development of Web and Custom Applications projects.
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SUMMARY
Conclusion:
As mentioned earlier, this project is very crucial for Majesco as it can prove to be a turning point for the organization. The success of this project can take the organization to new heights all together but the project involves a lot of investment, therefore, a Proof of Concept needs to be carried out before launching the actual product into the market. A proof of concept (POC) or a proof of principle is a realization of a certain method or idea to demonstrate its feasibility, or a demonstration in principle, whose purpose is to verify that some concept or theory has the potential of being used. It is usually small and may or may not be complete. To prepare a proof of concept, following steps need to be followed: ‘ Requirement gathering ‘ Analysis of the requirement & ‘ Creating a prototype First of all, the requirements of the client are understood appropriately. Once these needs are understood, analysis of the requirement is done in order to understand what all requirements can be converted into a product. Only after this decision is made, one can go ahead with creating a prototype.
Majesco will launch its product in the UK. This project will lead to enormous rise in its customer base. Not only will it be beneficial for the organization, it will be helpful for the carriers in UK as well in the following ways:
‘ Software for P&C will help carriers in the following ways:
‘ Help in migrating from legacy application to modern application.
‘ Improve speed to market and customer retention
‘ Make the business e-business ready
‘ Respond to market and regulatory changes
‘ Optimize and improve business processes, increase operational efficiencies
Gargi Raj , National Insurance Academy 20th June,2015
39
‘ Majesco’s P&C General Insurance Suite helps P&C insurance carriers increase responsiveness while reducing operating costs through an affordable and flexible set of core insurance applications that combine into a powerful suite with the most advanced technology. By allowing carriers to reduce integration and deployment risk through an end-to-end solution, the software sets the standard for adaptability, accuracy, reliability and value.
Gargi Raj , National Insurance Academy 20th June,2015
40
RECOMMENDATIONS
‘ In the D2C, an option should be available for lodging complaints. In case the customer is not satisfied with the response or doesn’t get a response at all from the company within a given period of time, on click of a button, the complaint can be directly forwarded to the ombudsman. This will make the site more customer- friendly. ‘ Axure tool of prototyping has certain limitations. Microsoft Visio could be a good alternative to Axure. It creates professional diagrams to simplify complex information with updated shapes, collaboration tools and data-linked diagrams. ‘ In the D2C, small write ups should be available for each & every coverage so that the customer is aware of all the terms & condition associated with the coverage he is choosing.
Gargi Raj , National Insurance Academy 20th June,2015
41
REFERENCES http://www.majesco.com http://en.wikipedia.org/wiki/Axure_RP http://www.axure.com/tutorials http://en.wikipedia.org/wiki/Vehicle_insurance http://www.gov.uk/vehicle-insurance/overview http://www.breakdowncover.co.uk/aa-or-green-flag.html http://www.aviva.co.uk/
Gargi Raj , National Insurance Academy 20th June,2015
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BIBLIOGRAPHY Motor Insurance Policies of UK citizens. Insurance Institute Of India- Motor Insurancein here…

Source: Essay UK - http://ntechno.pro/essays/finance/essay-a-proof-of-concept-for-policy-administration-system-in-motor-insurance-in-uk/


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