Digital Only Insurance Company (palsurance)
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Digital Only Insurance Company."PalSurance” Post Discussion Report After rounds of brainstorming the team decided to build a fully digitized insurance company. The goal of such a decision is to take advantage of a global pandemic, re-engineer the bureaucratic business process of getting insurance, and adapt to the international shape of organizations. The project consists of two main aspects.Firstly, the technical aspect that is based on the web and clouding services. We built a fully functioning website that allows the customer to get their insurance in 20 minutes maximum including reading the required information to get the proper plan. Also, customers are able to make their claims digitally but they are required to provide official papers to support their claims. In addition, a database is used and manipulated inside the business process to track customer activity for several functions including detecting any fraud or false claims. Various tools were used and multiple trials were pulled to build the technical aspect that includes: Wix, Visual Studio Code, PHP MY admin, and in case of actual implementation the host of the technical server of the organization will be in a local Data Center verified internationally tier 3. Secondly, the business aspect. The business plan was created and implemented after several visits to local insurance companies to understand the current business process and feel the industry in Palestine. SWOT analyses were made by the team to position the company in the domestic and international market. Also, we created a marketing plan to deliver the value proposition to our target audience. It included analysis of the buying journey at it’s 3 levels, buying persona, action plan, realistic objectives and key performance indicators to assess action made on the ground. After proposing the idea to the evaluation committee that included the head of the department Dr. Ahmad Shraideh, supervisors and professors of the department: Dr. Maher Arafat, Dr. Maher Abu Baker, Dr. Najwan Dalq, and Dr. Mohammed Dwikat. They were fond of the project and made the following suggestions. Firstly, an AI system should be added to our business process and database to detect official documents and signatures received from different parts of the world. Secondly, they advised to take advantage of the resources saved on human resources to have competitive prices and services. Thirdly, in case of launching the project, founders should get informed about insurance related details such as: re-insuring their company to take fewer risks, having negotiable insurance plans, and calculating the prices depending on the risk for each client.