Web Services and SOA

Relevant to Insurance Domain

Saturday, March 29, 2014

Report and Presentation By :

Uday Vikas Gurrapadi (131520) Punit Joshi (131523) Sourabh Dubey (131514) Ashish Lunawat (131535) Adarsh Kothia (131530)
2

Saturday, March 29, 2014

Insurance Industry and Web Services

Insurance Industry is a data centric industry and thrives on new technologies and communication methodology. Web Services with Insurance data standards can bring new efficiencies and better experiences for parties involved.
Saturday, March 29, 2014

Insurance Industry and Web Services

Web Services, supported by XML intelligence behind the data, enables quicker and more accurate data flows. Ultimate goal is to foster system integration both internally and externally and improve efficiency and communication.
Saturday, March 29, 2014

Our reference
We took the references from the web services provided by ICICI Prudential Life Insurance Company Ltd. To its customers.

Saturday, March 29, 2014

Five Web Based Services

User Account Management and Information Portal. Information regarding the policies and generating quotes by the Insurers based on users data. Past Payment Information and Future Payment Notifications Management of portfolio. Generation of Receipts and other policy related data.
Saturday, March 29, 2014

User account managemnet and information portal

A Separate portal for policyholders. Includes the detailed information of policy, premium receipts, fund management options, and other relevant data. Users can club all their policy at one single window, and manage his portfolio.
Saturday, March 29, 2014

Saturday, March 29, 2014

Checking the status of policy and info for new policy

Users can check the NAV value, Fund Allocation, Fund Returns. Can get the quotes for LI policies, Retirement Benefit policy, where company use the info present with it already, to generate the quotes.
Saturday, March 29, 2014

Saturday, March 29, 2014

10

Payment History and Notifications

Users can check all past transactions. Future Payment Notifications. Options for notifications.

Saturday, March 29, 2014

11

Saturday, March 29, 2014

12

Saturday, March 29, 2014

13

Management of Portfolio
Option of managing the portfolio . Fund Allocations details and option to change fund alocations. Eg : Allocations to Debt fund or Equity funds.

Saturday, March 29, 2014

14

Saturday, March 29, 2014

15

Saturday, March 29, 2014

16

Receipt Generation
Generation of receipts of all transaction in pdf form. Generation of Policy portfolio statement. All other past data and options to get a copy of them.
Saturday, March 29, 2014

17

Saturday, March 29, 2014

18

Other Web Services : policybazaar.com

Saturday, March 29, 2014

19

For the internal working for the insurance sector

Apart from providing ease of access for the policyholders, Web-Enabled services can be used by Insurance organisation for a variety of applications, internally for the organisation.

Saturday, March 29, 2014

20

Claim Settlement
The Insurance Server can be directly linked with the Partner Hospital server for a faster health claim settlement. Four Basic Tasks Performed :
Retrieves patient information Submits the insurance claim Processes the claim Displays the claim response

Saturday, March 29, 2014

Courtsey : IBM website (Link)

21

Underwriting
Web Underwriting Service (WUN) a service offering of the Depository Trust Company (DTC). Create and complete an eligibility questionnaire by product type. After entry and validation, users may submit the eligibility questionnaire for acceptance by the depository. Attach offering documents. Receive automatic confirmation that the questionnaire was successfully submitted. WUN users can retrieve an existing or pending questionnaire. Provide Underwriters a Straight-through Processing.
Saturday, March 29, 2014

22

Link

Saturday, March 29, 2014

23

Benefits
High ROI along with agility. Flexibility and Scalability. Selective and incremental modernisation of infastructure. Re-usability of data.
Saturday, March 29, 2014

24

Challenges ahead
Limited web-enablement capabilities. Increased processing cost per policy. Limited scalability.

Saturday, March 29, 2014

25

THANK YOU !
Saturday, March 29, 2014

26