Summary

One of India's largest NBFCs partnered with Bajaj Tech.AI to solve a problem common across the insurance industry: traditional product development cycles were too slow to keep pace with customer demand for flexible, personalized coverage. Bajaj Tech.AI co-created the Product Configurator, a no-code platform that lets insurance administrators design, configure, and publish new products in four simple steps, without relying on technical resources. The platform now powers a portfolio of “sachet” insurance products, low-ticket, high-relevance covers for everyday risks with a real-time journey builder, instant policy issuance, and 99.60% platform uptime.

Business Challenge

In a digital-first world, insurance providers are expected to move fast, stay flexible, and deliver personalized solutions that meet evolving customer needs. Traditional product development cycles, however, often slow down innovation and responsiveness, a new product idea could take weeks to reach customers, by which point the market opportunity had often shifted. For an NBFC operating at scale, that lag compounds: every delayed launch is a missed window to serve a customer need a competitor might address first.

Three specific business problems stood out:

• Underserved everyday risks: Conventional insurance often overlooks smaller, high-frequency risks, like losing a wallet, mobile damage, or trip delays that matter to customers but don't fit neatly into traditional policy structures built around larger, less frequent claims.
• Cumbersome application processes: Lengthy forms, manual approvals, and complex workflows discouraged customers from opting into low-ticket insurance, even when the coverage itself was valuable, the friction of buying often outweighed the perceived benefit.
• Limited business flexibility: Fragmented systems and dependencies across tech, operations, and compliance teams slowed down innovation and inflated the cost of launching anything new, turning even a simple product idea into a multi-team, multi-week project.

The core problem wasn't a lack of demand for micro-insurance, it was that the infrastructure to build and launch these products quickly simply didn't exist.

Solution Approach

Bajaj Tech.AI co-created the Product Configurator, a dynamic, no-code platform that empowers insurance teams to design, configure, and launch new products and customer journeys in real time, without relying on technical resources. With just four steps, selecting product details, defining premiums, configuring journey screens, and publishing instantly insurance administrators can now go live with new offerings in minutes rather than weeks. At the heart of the platform lies a robust set of capabilities built specifically to support the creation and management of sachet insurance products, those with low ticket sizes and high relevance for everyday risks while giving business teams the precision and speed to build, customize, and validate product journeys themselves.

Platform Capabilities

• Product Construct: Defines the core structure of a product, including its type, category, name, and manufacturer, laying the foundation for a tailored insurance offering.
• Journey Customization: Configures customer-facing sections and screens aligned with the product construct, ensuring a seamless and intuitive user experience.
• Product Specifications: Sets rules for premium calculation, tenure, pricing grids, and coupon code functionality, giving teams full control over commercial logic.
• Smart Validations: Applies business rules such as age limits, price capping, and date-of-birth restrictions to ensure compliance and accuracy across every journey.

Technical Architecture

Delivering real-time insurance journeys at scale required more than just a great interface, it demanded a strong, scalable foundation capable of supporting seamless product creation, smooth customer experiences, and robust backend integration. The platform is built on a modular, cloud-native architecture:

• Admin Layer (EP Layer): The control center where insurance administrators configure products, with all configurations stored in a dedicated database for traceability and version control.
• User Experience Layer: Static components, the Product Listing Page and Product Detail Page, let customers explore offerings, while dynamic components manage the end-to-end configurator flow and payment gateway integration.
• Java Services Layer: Modular services such as Universal Business Service, Universal Product Domain, and Universal Customer Domain enable scalable, reusable interactions across journeys and partners.
• Data Management Layer: JSON-based services manage structured entries across Product, Customer, and Business domains, ensuring consistency and flexibility in data handling.
• Rendering Engine: Built on a stable version of Angular and deployed on Amazon ECS, powering a fast, responsive, and mobile-optimized user interface.

Sachet Insurance & Subscription-Led Innovation

On top of this architecture, Bajaj Tech.AI introduced a suite of affordable, modular sachet insurance products designed to meet everyday protection needs with a frictionless experience for both customers and agents. These offerings span everything from Wallet Care and Trek Cover to Helmet Insurance and Eyewear Assure products tailored to real-world scenarios customers actually face, rather than generic, one-size-fits-all coverage. The solution includes a Universal Product Framework for consistent journeys across web and mobile, streamlined application and payment flows with multiple payment options, instant policy issuance through partner API integration, multi-partner logic handling via separate Business Rule Engines (BREs) that list plans from lowest to highest premium for easy comparison, quote regeneration and comparison tools for agents, and smart nudging integrated with platforms like CleverTap and Adobe for real-time customer engagement.

The platform's real innovation wasn't any single feature, it was collapsing product design, configuration, and launch into one unified interface that business teams could operate independently.

Business Impact & Results

The Product Configurator transformed how insurance products are built and launched, delivering measurable impact across customer experience, operational efficiency, and revenue generation not just as a one-time launch, but as an ongoing capability the business now relies on for continuous product innovation.

• Faster time-to-market: Launching a product like Eyewear Assure previously required coordination across tech, operations, and compliance teams, taking weeks. With the configurator, the business team independently built and launched the product in just a few hours.
• Faster customer journeys: A customer buying Trek Cover for a weekend trip can now complete the entire journey from product selection to payment and policy issuance in under 2 minutes.
• New protection categories reached: Everyday risks that traditional policies didn't cover, like losing a wallet during a commute, are now addressed through purpose-built sachet products such as Wallet Care.
• Strong operational reliability: The platform maintains 99.60% uptime, ensuring uninterrupted service for both customers and partners.
• Reduced dependency on technical teams: A significant share of total sachet product business is now built through DIY journeys, empowering business teams and reducing dependency on tech resources for routine product launches.
• Improved agent workflows: Real-time policy issuance and quote comparison tools have streamlined agent workflows and improved decision-making across partner products.

The platform evolved from a functional tool into a strategic enabler giving the business direct control over the pace and shape of its own product innovation.

Key Takeaways

• No-code product configuration lets business teams launch new insurance products in hours instead of weeks
• Sachet insurance low-ticket, high-relevance products fills protection gaps traditional policies overlook
• A modular, cloud-native architecture is what makes real-time product launches possible at enterprise scale
• Reducing technical dependency for routine product launches accelerates innovation without adding operational risk
• High platform uptime (99.60%) is essential when business teams depend on a platform for real-time customer transactions

Conclusion

For one of India's largest NBFCs, the Product Configurator redefined how insurance journeys are conceptualized, built, and delivered evolving from a functional tool into a strategic enabler of innovation, agility, and growth. The platform has proven its ability to scale, perform, and deliver real customer value, while empowering business teams to take control of product creation and opening new avenues for customer engagement through sachet and subscription-based insurance. As the insurance landscape continues to evolve, the platform stands ready to support future innovation making insurance more accessible, personalized, and impactful.

Insurance providers facing similar pressure to move faster and personalize more can draw a direct lesson from this engagement: the bottleneck usually isn't product ideas it's the digital engineering and architecture needed to launch them quickly and safely. This same discipline of scalable, governed platform design also underpins systems like a Loan Origination System, and connects to the broader enterprise AI capabilities financial institutions need as they personalize products at scale.

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