/GoDB_Tech_logo%402x.dca66f7826f52bbafacd505d63fd3d837e73556d.png "GoDB Tech")
GoDB Tech Helps Insurers Process 10 Million Policies a Year with Insillion on AWS
2022
According to recent research from Deloitte, insurance companies worldwide are driving efficiency by increasing their spending on digital transformation and emerging technologies, including artificial intelligence and data analytics.
However, as software company
GoDB Tech has identified, some insurance companies have concerns about the digital transformation process. For example, scaling core accounting systems for digitization can cause performance and downtime issues. Sai Lakshmidhar, president of GoDB Tech, says, “It’s also expensive, especially if an insurer is supporting hundreds of insurance products, and it can take years.” To address these issues, GoDB Tech wanted to provide a solution that helped insurers transform without any concerns. The company specifically sought to create a platform that coexisted with core systems and external accounting modules for seamless scaling.
Simplifying Management and Lowering Latency with Insillion on AWS
GoDB Tech realized that many of its customers had challenges with on-premises solutions, such as the added costs of overprovisioning servers for future demand and the complexity of trying to manage IT when running in a data center. “Basic operations like IT maintenance can be difficult because of the multiple layers of security you have to get through just to get into a customer’s IT facility,” says Lakshmidhar. Also, if the platform was deployed at customers’ data centers, there was a risk of latency. Comments Lakshmidhar, “Speed could be guaranteed only on the cloud.”
GoDB Tech evaluated several cloud service providers before choosing Amazon Web Services (AWS), which it had been using to support its sales management application. AWS offered global scale, ease of use, comprehensive support, and high coverage in terms of compliance standards and certifications. “It had everything we needed to work with customers across different geographies,” Lakshmidhar recalls.
GoDB Tech launched Insillion on AWS. This ready-to-use, cloud-based digital platform covers front-office and middle-office functions for insurance carrier operations. Offered as a software-as-a-service solution, Insillion captures module data like premium computation logic, rate tables, and underwriting rules in spreadsheets. The spreadsheet logic and data generate application programming interfaces so that data can easily flow between external modules and the Insillion core.
We’re processing around 60 million insurance quotes and 10 million policies a year with Insillion on AWS, and insurance carriers have seen steady growth in their business volumes and revenue.”
Sai Lakshmidhar
President, GoDB Tech
Reducing Compute Costs by 30%
GoDB Tech runs its core processes powering Insillion on
Amazon Elastic Compute Cloud (Amazon EC2) instances, which helps the company scale according to the amount of data received, instead of overprovisioning servers to cater to peaks in traffic. “We’ve reduced our compute expenditure by 30 percent by using Amazon EC2 instead of running on premises,” says Lakshmidhar.
The company also uses
Amazon Aurora to run MySQL databases that support platform reporting. Amazon Aurora is fully managed, allowing GoDB Tech database administrators to set up, control, and scale the platform’s MySQL databases in a few clicks. “We want to spend our time on application development, not managing infrastructure,” says Lakshmidhar. “Now with AWS, we can focus on solving our customers’ business challenges.”
Providing Millisecond Latency at Massive Scale
With AWS, GoDB Tech increases speed and performance for its customers. By using
Amazon ElastiCache, the platform provides access to hundreds of insurance products in milliseconds and key performance metrics via web-based dashboards. Previously, modules resided in one location and horizontal scaling was the primary option. Any changes affected performance and stability across all modules.
In addition, by leveraging
AWS Lambda serverless technology, GoDB Tech can handle huge increases in platform workloads without performance loss. Large insurance companies can now generate a million quotations a day across the platform for insurance products. “You can’t use standard components for this kind of scaling,” says Lakshmidhar. “We use AWS Lambda so that we can scale our rating service and send quotations to customers almost instantly.”
Transforming in Weeks Instead of Years
Insillion has eased fears over digital transformation for many insurance companies. Customers using Insillion don’t have to scale their core systems as part of the transformation process, and GoDB Tech can guarantee an average uptime of more than 99.95 percent. Because Insillion requires loose integrations with core systems, onboarding is fast. GoDB Tech can onboard an insurance company on the platform in just three weeks, instead of the years it might take in a traditional environment.
Processing 60 Million Quotes a Year and Growing
Next, GoDB Tech is adopting more AWS serverless services to lower costs further. The company also plans to introduce machine learning (ML) technology like
Amazon Textract to obtain data from forms and tables automatically. “Incorporating ML technology would allow our customers to review documents in fractions of a second for greater straight-through processing,” says Lakshmidhar.
The seamless performance and scalability of Insillion on AWS is helping GoDB Tech grow its Insillion business by 15–20 percent quarter-on-quarter. Lakshmidhar concludes, “We’re processing around 60 million insurance quotes and 10 million policies a year with Insillion on AWS, and insurance carriers have seen steady growth in their business volumes and revenue.”
Learn More
To learn more, visit aws.amazon.com/smart-business.
About GoDB Tech
GoDB Tech is a developer of insurance technology and digital applications. The company has over 350 customers around the world, including 10 Fortune 500 companies, and it has a client retention rate of more than 70 percent.
Benefits
- Reduces compute costs by 30%
- Onboards customers in 3 weeks versus years
- Ensures millisecond latency across the platform
- Processes 10 million insurance policies annually
- Generates 60 million insurance quotes annually
- Supports 15–20% business growth quarter-on-quarter
AWS Services Used
Amazon Elastic Compute Cloud
Amazon Elastic Compute Cloud (Amazon EC2) offers the broadest and deepest compute platform, with over 500 instances and choice of the latest processor, storage, networking, operating system, and purchase model to help you best match the needs of your workload.
Amazon Aurora
Amazon Aurora provides built-in security, continuous backups, serverless compute, up to 15 read replicas, automated multi-Region replication, and integrations with other AWS services.
Amazon ElastiCache
Amazon ElastiCache is a fully managed, in-memory caching service supporting flexible, real-time use cases.
AWS Lambda
AWS Lambda is a serverless, event-driven compute service that lets you run code for virtually any type of application or backend service without provisioning or managing servers.
Get Started
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