Musical Instrument Insurance Application

Automating Insurance Calculation for Musical Instruments by Considering Key Factors

  •  Services

A Musical Instrument Insurance provider wanted a web based application that could translate the manual efforts into an automated system, which calculates the insurance premium amount after considering all the factors. The insurance premium calculation for musical instruments needs to consider various different factors as they the instruments have multiple dimensions to their value. The Older the instrument- the higher could be the cost in some cases while in some the value would reduce with age.

Musical Instrument Insurance Application

Client Pain Area

The client was a specialized musical instrument insurance provider, offering insurance based on the different criterion already specified. They wanted to take their business online, which posed to be a challenge for them when the client decided to go online in order to reach out to more people

The whole insurance calculation was manual and was done offline. It required manual calculations, and face-to-face interaction, personalized inspections, and thus had limited reach for client acquisition. The factors defining the premium were being calculated manually, which caused time delay and inefficiencies within the system. The resources were being used singularly for calculation, which led to reduced conversions.

In case, the pricing for the instrument changed over a period of time, it required manual intervention to decide the price and the premium too are affected. This required lot of efforts and increased the overall costs for the company. Manual errors in calculation could cause risks in the system, and there was no scope to avoid it.

The insurance premium was calculated on the basis of different criterion, and these criteria are interdependent. For each musical instrument, the set of criterion would be different, and they need to be dynamically generated. And all this needs to be done in real-time, so that as the criteria are defined, the calculations can be processed.

Business Objectives

The client wanted a system which could automatically calculate the premium for the musical instruments, once the criterion was logged in. They wanted to define the factors using a logical sequence of questions which are dynamic in nature.

The main objective was to define the parameters, and get the calculations in real-time. They wanted to save the time that resources invested in calculating, and utilize that time in reaching out to more customers and improve the overall conversions.

The system should be able to capture all the details of the person interested, and then log the details, so that the organization resources can view and complete the transaction.

The system should offer complete convenience to those who are looking for Musical Instrument Insurance Policy. The solution should offer everything from premium calculation to the ability to complete transactions, and change the existing details online. It should be the one-stop shop for those seeking musical instrument insurance.

The Solution

We proposed a Web Application which would have dynamic rules, be able to synchronize the backend to the frontend, using ASP.Net 4.0 framework and MsSQL database server for storing the data. The proposed solution included a frontend that could be accessed by the insurance seekers, musical instrument owners etc, and the backend that would calculate and offer results at the frontend and be managed by the company staff.

The solution involved a series of questions which would be answered by the users seeking insurance policy. These questions were based on a certain logic, which would define the next set of question that can be viewed by the user. The answers would be captured by the backend system, and a calculation would be processed to determine the premium for the insurance.

The solution also included log files for individual user, wherein the resources could view the transactions done by the user, the pending insurance details, and other logs based on their entries and communication. This would help when the company is planning to reach out to the user for insurance, policy change, or other related actions.

The proposed solution aimed to simplify the whole process of availing insurance for the users, and helped improve conversions for the client. The backend tasks were planned to be developed using web services with Windows service & Windows application.

The Project was divided into various phases to achieve best results in less time with optimal utilization of available features, capabilities and new enhancements.

  • Phase I: During the first stage of development we studied the requirements, designed the architecture and database as well as the logic behind each step.
  • Phase II: Development of the web application with admin panel to perform administrative functionalities and created permission module to check user’s role and rights
  • Phase III: Synchronized the front-end questions with the back-end system based on the logic defined for calculating the insurance premium.
  • Phase IV: Integrated the different functionality and features required for the system.
  • Phase V: Support and Maintenance of the Portal for Business Continuity.

Development & Deployment Environment

Technology & FrameworkASP.NET 4.0
LanguagesC#, jQuery & Javascript
DatabaseSQL Server 2008
Web Server/Hosting PlatformIIS 7.5
Operating SystemWindows 7 & Windows Server 2008 R2
  • The answers to the questions in the front-end were responsible for the calculations in the back-end. The development was faced with a situation, wherein they had to generate these questions dynamically (The questions would be pre-decided, but they would appear on screen based on the answers given to the previous set) on the screen. The next set of questions that are generated will depend on the answers given by the user for the present set. This logic was to be integrated in real-time, so that the next set appears on the screen without delay and in logical order. This system ensured that the answers were received into the database, and relayed into the logic which would immediately respond with the next set of questions that would appear on the screen
  • The answers to these questions could be in any format i.e. numeric, string based etc. The logic was devised only after taking all these formats into consideration. They needed to analyze the questions qualitatively, and arrive at a solution
  • Helped reach to more instrument owners, and improved the user base substantially. Currently, the company has a user base of approximately 7000+ insurance seekers.
  • The return on investment improved substantially
  • Reduced the efforts invested in calculating premium, thus giving more time to reach out to people, and convert them
  • Helps respond faster to the queries generated by users on their policy.
  • Self-sufficient online portal, thus minimizing user interaction for policy renewal.
  • Time savings and cost reduction
  • Improved performance and conversions
  • Faster response with reduced risks
  • Higher return on investment