Aligned Business: A Holistic Approach To Modernizing Insurance

Susan He, Director of Digital Insurance Products There is a gruesome reality in the insurance marketplace: the insurance products are often sold, not willingly purchased by customers, forcing insurance companies to create a market coverage that is not only appealing to mass markets but easily accessible as well. Add to this, the growing need for companies to stay relevant amid tight competition, and the situation at hand takes a whole new shape. Technology-based tools have proven beneficial in combating these obstacles, but the legacy systems and processes used by many insurance companies lack the capabilities necessary to modernize the business of marketing, selling, and servicing insurance policies. Aligned Business provides a one of a kind technology platform designed to champion the unique challenges of insurance companies as they make their way into the digital age.

"Origami gives the opportunity to build and distribute their products based on the variables unique to each insurance company"

Led by a dynamic team of seasoned professionals from both information technology and insurance operations backgrounds, Aligned Business has the keen ability to understand the needs of insurance companies in today’s environment. The company works to solve complex enterprise problems involving the design of new insurance products, underwriting and risk pricing, distribution to diverse channels, and back-end business operations by connecting the critical functions of IT with insurance personnel expertise. Aligned Business delivers a platform that effortlessly provides a path toward holistic modernization of an insurance company, focused on creating sustainable and profitable operations as insurers adopt digital first strategies.

A Platform Built for Flexibility

With its deep knowledge of the inner workings of insurance companies across varied lines of business, Aligned Business has created its flagship technology and data platform, Origami, with flexibility as the driving force. Aligned Business’ Director of Digital Insurance Products, Susan He explains, “Legacy systems in insurance companies rarely help product managers drive product innovation to effectively capture sales opportunity while also being nimble with product distribution requirements. Aligned Business came together to design a solution to alleviate these frustrations, allowing underwriters the ability to work without the constraint of IT bottlenecks across any insurance product configuration.” Origami is designed for agile product development and distribution, for any insurance product in any country, effectively changing the traditional multi-product and multi-country operations model and reducing the role of manual underwriters, sales, and claims processing personnel. Kevin Jin, Director of System Design and Implementations at Aligned Business, continues, “With Origami, all the variables for new products, sales, claims, and policy lifecycle management are structured and managed by insurance people, which allows for optimization of business operations across the board.”

Origami is built on a strategic framework specifically structured to solve insurance operations pains. He explains, “The platform surpasses human interaction by essentially pulling apart the components of an insurance product. We’ve taken a close look into what comprises a policy so that we can create a platform with user friendly tools for underwriters, giving them the power to create products that work best for their customers yet maintain the necessary underwriting integrity.”


While Origami is a total package, we also understand that it is more about enhancing current systems to work to the benefit of the company. Our mission is to help insurers fast track all products’ automation process with effective digital transition solutions


Origami’s product building framework for automation ensures every aspect of an insurance product automation development for sales and services is considered including a policy coverage, scope of cover, underwriting considerations, rating algorithms, sales process, document template, and communication settings. He states, “Customer communication and documentation is also part of the process of modernization, and insurance companies need to have an automated system that provides interaction with customers wherever they are. Origami gives the opportunity to build and distribute their products based on the variables required by each insurance product.”

Jin expands on the functionality of Origami in practice, stating, “Traditionally in information technology, for an insurance product sales automation to go live, the business provides requirements for certain variables relating to product development, sales opportunities to target markets, and policy lifecycle management. Once these requirements, typically lengthy and time-consuming to complete, are finalized and signed off, hard coding is done for each individual variable. Even when a new product is similar, code still has to be written.” With Origami, all the variables for new products and sales are designed by the underwriter and insurance personnel instead of IT, thanks to the flexible data structure on which the platform was built. This breakthrough means that there is no longer a need for hard coding for each new product design and development for distribution, saving significant time and capital for the insurance company. Instead of it taking months to create and launch a new insurance product, companies can deliver what their customers want in a matter of two or three days for simple products like travel and personal accident and a couple of weeks for complex commercial insurance products. Similarly, adjustments to policy specifications are made seamlessly within the platform and pushed out to distribution channels and sales teams when they need them.

One of the reasons behind Aligned Business’ success in the insurance market is its dedication to delivering a fully configurable system. Both Jin and He explain that the cost of legacy systems and IT infrastructures have been substantial for large insurance providers, but processes are failing to deliver the outcomes that truly drive savings and efficiencies for the company. Unfortunately, the expense associated with replacing a legal system in full is often too much for insurance companies to stomach. Instead, Jin explains, “While Origami is a total package, we also understand that it is more about enhancing current systems to work to the benefit of the company.” Through modular add-ons, Origami can be plugged into current processes, allowing underwriters to configure new products quickly and align distribution and policy management how they see fit. For instance, if a business operations system works well for an insurance company but product design tools are lacking, Origami can be used in line with the functioning technology landscape already in place in a simple, easy-to-use way.


Kevin Jin, Director of System Design & ImplementationsIn short, with rapid change in how consumers and corporates alike seek insurance products via digital devices instead of online search, phone calls, and worse having to fill in manual application forms, Origami enables insurance companies to modernize their insurance product sales and services offerings in tune with customers’ digital purchase habits. Those who don’t embrace digital transitions will lose market shares… said many industry analysts.

Driving Innovation to Meet Customer Demands

In the rapidly evolving world of insurance, consumer demands are shaping how insurance companies deliver new products to the market and service current policies. Aligned Business offers a customer portal that allows insurance companies the ability to be more connected with policyholders in an automated manner. Jin explains, “Companies can push tailored insurance products directly to their customers, creating not only better service convenience but a stronger affinity and greater probability of retention as customers increase their instant and direct interactions with the insurers via lodging claims, sending enquiries, and directly purchasing other products conveniently from customer’s own logons.” To get existing customers to buy more products, a challenge yet to be overcome even today, insurance companies have access to intuitive data and analytics through the platform which provides opportunities to upsell and cross-sell based on what and how the consumer wants in an insurance policy. He states, “It is not just the understanding of the traditional insurance product itself, but how customers interact with it. Insurance companies can know their customers better when data is used to take the guesswork out of the process.”

Aligned Business works on the premise of understanding the unique needs of insurance companies, their underwriters, sales people, and intermediaries. He states, “Instead of asking companies what they want by way of a product requirement write-up, we go to an insurance company with an understanding of what they need to achieve performance monitoring, data analysis, and process efficiencies beforehand.” Not only is the leadership of the company committed to making the insurance market a more manageable space, but the employees who work with Aligned business are equally dedicated to delivering the highest quality platform to customers. As a group of experienced insurance and IT professionals, the team at Aligned Business operates through a consultancy approach, taking the time to create and implement a platform that takes away the challenges faced by each one of their customers.

Looking ahead, Aligned Business sees multiple opportunities for insurers to continue to drive value out of operations and product design. He explains that insurance companies are looking at all the connections customers have through wearables, IoT devices, and mobile, and recognize the potential in connecting to these mediums seamlessly. Similarly, the integration of machine learning and artificial intelligence rules engines gives insurance companies the power to automate data collection and analytics, policy design and distribution, as well as claims management for each of their product lines. Origami is built for these trends of the future now, based on its systematic framework and knowledge of how insurance companies operate. Jin concludes, “With the ability to garner insight on all aspects of the insurance business, our clients can get down to the granular level of driving value by reducing operational costs, automating processes, and improving the end product delivered to their policyholders.”

Company
Aligned Business

Headquarters
Singapore

Management
Susan He, Director of Digital Insurance Products and Kevin Jin, Director of System Design & Implementations

Description
Provides an agile, future-proof insurance product development platform that boosts the speed-to-market immensely, taking cost constraints for each insurance product to market out of the system investment equation

Aligned Business