The Financial Portability Act came into force on September 8th, 2020. This act makes it easier to move the current financial products from one financial institution to another, thus reducing the costs and duration of the processes and increasing competition in the market. As a result of the Banking services and the complementary Insurance services, this also affects the latter sector in a significant way.
Our Customer, an insurance company that belongs to an important worldwide group, as part of its strategy to align itself with and abide by the regulations, asked VASS for its expertise in the implementation of this need.
Legal frameworks are changing due to the market dynamism and, as a result, companies need to be more flexible to adapt to the consumers’ needs and to the legal framework.
Bearing this need in mind, a solution based on the principles of automation, diligence, scalability and integration was designed through an operating MVP which served as a basis to comply with the regulations and to pave the way for future improvements and evolutions in this process.
The VASS team, as specialists in Liferay, Salesforce, angular and Cloud technology, as well as Salesforce and Liferay Partner Platinum, have gained extensive technological experience, thanks to all the professionals that have been trained and certified in the different competences.
At VASS we try to help our customers by adding Real Value to their innovation processes, always on the basis of high specialization and technological differentiation but, at the same time, with an approach of closeness, flexibility and simplicity that characterizes us as a company.
Since we succeeded in developing the project on time, Our Customer was in a better position when the Act came into force.
Results: The implementation of the financial portability allowed us to attract a larger number of customers, thanks to the availability of the offer made to the customers that demanded their Portability.
The following technologies were required for the development of this project: