OpenCredo Launches the WebTrader Insurance Product
Published February 22, 2012 12:45
This week OpenCredo launched another insurance product for a large london based insurance company.
Entitled "WebTrader", this product is targeted at small to medium-sized online businesses who are rapidly beginning to realise that their livelihood relies on their online access and that existing insurance products that assume 'bricks and mortar' just aren't suitable for them. Existing insurance products tend to assume a 'bricks and mortar' operation and just aren't suitable for modern online enterprises.
"OpenCredo aspires to build value quickly and use the best possible technologies for our clients and their products. Using the mix of Scala and Lift to build the application for online businesses combined with VMware's open source Cloud Foundry to continuously deploy and run the application in production, we were able to reliably reduce our turnaround (develop-stage-demo-to-production) cycles by easily a factor of 10." says Russ Miles, CEO of OpenCredo.
Russ continues, "By focussing on value-first, high productivity and high quality throughout, we were able to work in an agile and highly collaborative manner with the insurance company. It is has been deployed an order of magnitude faster-to-market than the insurance industry would normally expect. In a world where new products need to be built, validated and scaled as rapidly as possible, we have shown how we can do this with our expertise in leading edge technologies."
Erich Eichinger, Principal Engineer on the team behind WebTrader, goes further, "Using Kanban and BDD allowed us to effectively feed features into the development process, avoiding a lot of potentially costly and time-consuming mistakes, while supporting agility to ensure we were delivering value continuously throughout the collaboration."
"This is a new and exciting proposition to bring to a rapidly emerging market segment. To deliver a new product through a technical distribution channel in three months is nothing short of miraculous. This type of development in the financial services industry usually takes more than double that" says Matt Cowdrey, Executive Partner at Pilot Lite Ventures.
WebTrader is the third new product constructed for a large london based insuance company in just 7 months using this same technology mix. With WebTrader, OpenCredo has demonstrated its commitment once again to open source and leading edge technology as an enabler of rapid business value.
OpenCredo are a team of expert technical consultants who provide mentoring, coaching and advice to their clients on how to apply the best technologies to deliver high quality value fast and sustainably. Based in London, OpenCredo clients include many blue-chip organisations across Europe and North America.
Pilot Lite Ventures is a specialist venture management firm that work with major and medium size corporates, VC- backed portfolio companies and new start ups to accelerate and de-risk the launch of new, core, non-core initiatives and ventures through a proprietary market validation, launch planning and piloting methodology.
The large London based Insurance Company is a privately-owned insurance and reinsurance group which underwrites a diversified portfolio of business from its operations at Lloyd's and around the world.
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