Accelerate Product release to market for Insurers through Tool driven and Automation First approach

Insurers are transforming their core and legacy applications and making significant investments in the latest technologies to reduce costs while improving operational efficiency. They are also launching new products to enable their business to enter new markets and meet customer expectations. These new-age applications and software enable the insurers to connect with their customers, increase the performance of their employees, and digitize their internal business operations.

This solution accelerates the process of application management and quality engineering impacted by launch of new products in the insurance landscape. We follow a tool driven and automation first approach and this Product Management tool is central to that. It serves as a building block for insurance product set up / configuration and associated test scenario management. The tool helps in configuring new products and coverages faster, associating business process and test scenarios to product and process hierarchy, enables comprehensive test scenario coverage, rapid scaling on business knowledge required for configuration and testing, and reusable approach for product definition and test strategy definition for every product launch/update.

Mindtree’s Product Management solution helps insurers to reduce time to market of new product/ variant launches. The solution comprises of a repository of product definitions across enterprise – Products, Coverages, Rules, Business processes, Applications, Test Scenarios. It uses the principle that any new product to a great extent is reuse of features from existing products. Very rarely a new feature which does not exist in any existing product is added.

Mindtree’s offering is distinguished by:

• Domain expertise in Insurance
• Consultants and Business Analysts with expertise in the end-to-end policy life cycle and an understanding of business priorities
• Mindtree Minds with industry-standard certifications from professional bodies including CPCU, LOMA, SRI of US, CII of UK, etc.
• Experience in providing application management services for leading Insurers across the globe
• Exposure to COTS products such as Duck Creek, V3(Vitech), ALIP (Accenture), AIA (DXC), and Salesforce CRM
• Specialized testing practice supported by BAQA model and testers with expertise and experience in insurance application testing
• Experience in testing of Enterprise systems including SAP S/4HANA & Salesforce covering end-to-end Business Process Testing across multiple connected systems and interfaces
• Test Data Management and coordination with interface partners as ‘lead test provider’ for end-to-end test execution of critical business flows
• Quality Gating to ensure appropriate test coverage in each phase. Change and release management process and testing signoff mechanism for all transport to the QA / Prod

Key Benefits

Faster Time to Market

Reduced Product development cycle

• Configure new products
• Generate application impact analysis for newly launched product
• Compare products to understand newly implemented functionalities

Improved test coverage

• Generate test scenarios applicable for newly launched products
• Compare products to understand functionalities to be newly tested vs. regression tested
• Test data management and automation

Success Stories

For a leading life , annuity and retirement provider in North America,

• Contributed to ~50% reduction in IT implementation activities related to Insurance product launch through Quality engineering
• Automated on-demand provisioning of test data that reduced test data generation effort by ~80% while reducing dependency on copy down data from production
• Adoption of Acceptance Test Driven Development (ATDD) model enabled test automation from Day 1 of the sprint cycle
• Service virtualization ensured test continuity by reducing dependency on the availability of services during initial sprints
• Automated regression coverage increased from 35% to >90% while the regression cycle time was reduced by over 60% (from 4.5 days to 2 days)

For a leading UK composite insurer,

• Ensured quality by achieving 98% defect detection efficiency in system and integration testing
• Achieved ~25% effort saving through process centric application testing and reuse
• Achieved ~55% automation coverage for Point of Sale application

For a leading US Group and Voluntary Benefits Admin platform provider,

• Reduced testing cycle time by ~65% for new features & platform capability roll-out
• Improved defect detection rate from 80% to 95%
• Reduced UAT defect leakage rate to ~1.9% per user story, across 1,150+ user stories

For a leading life, annuity, retirement and group benefits provider in North America,

• Reduced resolution time from 3-4 days to 1-2 hours by creating the “Exception framework” to identify issues
• Reduction in manual testing effort by approximately 83%
• Implemented global regression 999 data load for Admin/Quote & role-based track. This cut down the execution time by ~20%
• Implemented “Database Accelerator” that helps every team member to save 70% of the data fixing time