A dedicated system for comparing motor insurance for bank customers
Who have we helped?
Santander Group maintains a presence as a major financial institution in all global financial centers as the 16th-largest banking institution in the world. Santander is the 4th largest bank in Europe with approximately $1.4 trillion in total assets under its management.
What was the project about?
Due to the increasing competitiveness of its offers in the bancassurance market, Santander wanted to develop a dedicated system for comparing motor insurance for bank customers operating as part of the customer’s online account in the bank insurance model. The bank desired to offer insurance for clients from various insurance companies cooperating with the bank.
An essential part of the solution was the quick valuation of insurance offers based on integration with insurers’ tariff engines through a unified API, which demanded a combined integration with the Eurotax vehicle valuation system.
What was the challenge?
- Enabling complex integrations with many API providers.
What have we done?
The entire solution was embedded in the internet electronic banking application and provided fast internet payments integrated with the client’s bank account. The integration with the insurers’ systems was performed using a standardized API to exchange information with each of the insurers was the same. To accelerate and streamline the entire process, the solution integrates with the Eurotax system, which performs market valuation of the vehicle designated for insurance. The solution allows the customer to choose the right package depending on the price and quality of services, returning offers from several market-leading insurance companies.
The system was built in microservice architecture using the DDD approach. In addition to the sales process, it handles the synchronization of data from insurance companies to the module base with policy renewals. It enables the online method of reporting claims and initiating policy changes.