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Banking & Financial Services

Our database driven applications are designed to help financial organisations speed up the quotation for highly complex services such as insurance and provide their potential customers with a quick, accurate and competitive response.

We have extensive experience in developing applications for the financial sector, with particular expertise in developing database driven applications that meet regulatory requirements. Our solutions automate processes such as quote generation, ensuring that potential customers receive a quick, accurate and competitive response which users can be confident conforms to best practice and industry standards.

Our banking and financial services solutions are based on our vQuote software platform. It was initially designed for the insurance sector, where it is used both in-house and by external insurance agents, and can easily be adapted to other markets by our experienced technical team.

vQuote integrates seamlessly with our medical underwriting system vUnderwrite to further speed up the quotation process . It enables insurance companies to create and manage the underwriting for applicants and thus manage risk levels.

Success story: rapid business growth at insurance company

Implementing vQuote in conjunction with vUnderwrite enabled one of our clients to generate 734,000 quotes in one month for income protection insurance and receive over 500 new business applications. By integrating vQuote with the key insurance quote portals and their own website, they have been able to extend their reach and significantly increase their presence in a very competitive marketplace.

How vQuote and vUnderwrite help the financial services sector

Rapid, best practice responses and managed risk

By automating insurance quote generation, our vQuote software enables users to process thousands of applications every day and rapidly generate competitive, risk managed responses. It is built on strict ORIGO standards, ensuring that users maintain best practice in a complex, highly regulated industry. vQuote integrates seamlessly with both the organisation’s own direct quote pages and external insurance portals, enabling users to extend their reach and generate more business opportunities.

Instant decisions and total visibility

Automating the quotation process enables users to provide applicants with instant decisions, enabling their workforce to be more productive. All applicants receive an illustration in PDF format, with both illustration and quote web pages fully branded to the user’s specifications to present a professional image of their company. Our Designated Advisor Centre tracks quotes and monitors applications, giving users full visibility of every stage of the process.

Full control of products and acceptance criteria

With vQuote the user controls their quote acceptance criteria, and this can be quickly adapted to suit changing circumstances so that users can manage their risk effectively. New products can be created at any time with user designated attributes.

Integration with medical underwriting system

We have also created an online medical underwriting system used by insurance providers offering life or income protection insurance. This can be integrated with our vQuote system to further speed up the process of providing insurance quotes.

vUnderwrite allows insurance companies to create and manage the underwriting rules and outcomes for applicants of their products. With different levels of outcome, vUnderwrite manages risk levels and automates all but the most complex underwriting decisions.

The medical questionnaires, whose answers determine whether cover is granted and the premium, are set by the insurance provider. As a result, only the most complex cases need to be interviewed by a medical professional via telephone.

Our solutions include:

Read what our customer Holloway Friendly has to say about working with us

Quote Engine – Holloway Friendly

We approached Varistha to design and build a sophisticated quote engine to enable our products to be marketed via the insurance industry quotation portals. We also required a custom CMS system to be developed to manage those products.

It has been a pleasure to work with Sathya and his team on this ambitious project as their professionalism, technical knowledge and willingness to go the extra mile to resolve problems has resulted in a resounding success.

The quote engine now services 1000’s of quotes per day and the performance statistics provided by the quote portals have confirmed that no other insurance provider is quicker at providing a quote. This is something of which Sathya and his team can be justifiably proud as it proves the quality of the design architecture and software build.

Keith Taylor, IT Manager
Holloway Friendly

Holloway Friendly

If you’d like to know more, contact us to discuss your needs.