Integrated bancassurance and co-insurance platform aligned with bank ecosystem
MEGAHARANT Insurance Company partnered with us to implement an integrated insurance automation platform tightly coupled with MEGAHARANT Bank systems. The project focused on enabling bancassurance operations, co-insurance workflows, and unified management of customer and policy data. Through secure APIs and shared data flows, the insurer could distribute products via bank branches, synchronize customer profiles, and manage joint underwriting programs
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Quick Facts:
  • Engagement: 2013 → 2020
  • Client: MEGAHARANT Insurance Company (affiliated with MEGAHARANT Bank, Kharkiv)
  • Platform: Insurance–Bank Integration Suite (Web, Services, APIs)
  • Focus Areas: Deep integration with banking products; Bancassurance and co-insurance operations; Unified customer database synchronization; End-to-end policy and payment automation
  • Team: 1 Project Manager / Business Analyst, 3 Developers, 1 QA Engineer
Client Info:

MEGAHARANT Insurance was an affiliated company of MEGAHARANT Bank, headquartered in Kharkiv, Ukraine. The insurer specialized in financial-linked products, credit insurance, and co-insurance programs, serving both individual and corporate clients through the bank’s branch network.

Challenge:
  • Fragmented integration between bank and insurance systems
  • Manual workflows for bancassurance product issuance and payments
  • Lack of consolidated client data across the bank and insurer
  • Complex coordination in co-insurance scenarios with multiple partners
  • Need for strict compliance with banking and insurance regulators
Solution:
  • Banking System Integration: Developed bidirectional APIs with MEGAHARANT Bank’s core system to exchange client, loan, and payment data in real time.
  • Bancassurance Module: Automated issuance and servicing of insurance policies tied to credit and deposit products, directly inside bank workflows.
  • Co-Insurance Management: Implemented shared policy modules enabling multiple insurers to collaborate on joint risks with transparent financial distribution.
  • Unified Client Data: Synchronized customer records between the bank and insurer, creating a shared view for risk assessment and reporting.
  • Regulatory and Reporting Automation: Built templates for NBU and insurance regulator submissions, reducing manual preparation time.
Business impact:

Integrated Sales: Seamless bancassurance process increased cross-sell conversion within the bank’s retail network.

Data Consistency: Unified client base improved accuracy in underwriting and financial control.

Operational Speed: Automation of policy and payment flows cut manual intervention by over 60%.

Partner Collaboration: Co-insurance module simplified risk-sharing and settlement with partner insurers.

Lifecycle Completion: The insurer successfully operated the system until the bank’s license was revoked by the National Bank of Ukraine (NBU), after which MEGAHARANT Insurance exited the market.

Team:
  • 1 PM/BA
  • 3 Developers
  • 1 QA Engineer
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Looking to integrate insurance and banking ecosystems with shared customer data, automated issuance, and regulatory-ready reporting?
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