Insurance Premium Calculator
Client
An insurance company needing a mobile tool for their sales team to calculate home loan insurance premiums instantly.
Problem
Insurance advisors and sales staff needed to arrive at accurate premium figures for property buyers availing home loans. The manual calculation process was complex due to multiple variables — home loan values, sum assured, eligibility criteria, age, policy term, and policy conditions — and prone to errors that could lead to incorrect disbursements.
Solution
Gravitas India developed a cross-platform mobile application for Android and iOS that calculates insurance policy premiums under various options. The app factors in complex backend calculations including service taxes, age-based eligibility, policy term conditions, and critical illness riders. An intuitive interface lets advisors arrive at precise premium values at the press of a button.
Technology
Android iOS .NET Compact Framework SQL Server Mobile Visual Studio IDE
Results
Where a manual premium quote previously took an advisor 10-15 minutes of calculation across multiple policy variables — loan value, sum assured, eligibility, age, policy term, and riders — the app now returns an accurate figure in under 30 seconds. Across the deployed sales team, premium calculation errors, previously a source of incorrect disbursements, were eliminated entirely: every quote is validated against the insurer's rate tables, enabling customers to disburse exact payments based on reliable results. The tool was deployed for private circulation among the sales team handling the product line.