FT5002 Assignment: 2024 / 2025 Sem 1 – Digital Transformation in Finance, NUS, Singapore

FT5002 Digital Transformation in Finance, Assignment Questions

Question 1 (20 marks)

Consider a scenario where you want to purchase travel insurance for your parents from Singlife (https://singlife.com/en/travel-insurance). You are not accompanying your parents on their trip and would therefore only need to purchase travel insurance for both your parents.

Draw the current as-is Customer Journey from Singlife for the purchase of travel insurance for your parents (Hint: please refer to the Customer Journey example on slide 19 of Lecture 3).

Question 2 (20 marks)

Apply the dimension of Customer Obsession from the High Level Framework for Digital Transformation to improve customer experiences by re-designing the Customer Journey from Question 1. Explain your changes.

Question 3 (15 marks)

Assume that the current legacy travel insurance application was designed as a three tier architecture with the following functionalities:

• Applicant profile
• Policy types (single trip, annual trip)
• Coverage type (Individual/group, family)
• Travel plan types
• Add-on services
• Premium calculator
• Registration and log-on, with Singpass if appropriate
• Travellers’ information
• Payment services

In addition, assume that the backend insurance legacy system consists of the following major functionalities:

• Underwriting
• Claims Management
• Policy Administration
• Customer Relationship Management
• Billing and Collections
• Fraud Detection
• Actuarial Services
• Marketing and Sales
• Partner Management

The three-tier travel insurance application is integrated with the backend insurance legacy system via messaging MQ Series.

Draw the IT application architecture for this three-tier travel insurance application. (Hint: Refer to Lecture 8)

Question 4 (15 marks)

Re-design the above 3-tier application in Question 3 into a Microservice Architecture. (Hint: refer to lectures 8 and 9).

Question 5 (10 marks)

To digitally transform the above travel insurance application from traditional three-tier architecture into Microservice Architecture, the IT Head was weighing the following two options:

Option 1 – As this is not a complex application, develop the new travel insurance application with Microservices Architecture independently. Once the new application is fully tested, do a parallel run for 3 months with the current 3-tier application before going live.

Option 2 – Host the new application with Microservice Architecture in public cloud like AWS, Azure, Google Cloud.

These two options are not mutually exclusive.

Discuss the pros and cons of the above two options.

Question 6 (20 marks)

After the re-design into Microservice Architecture, if the business decides to partner with travel agencies and banks to distribute this new travel insurance product as a service,

1. What are the architecture design options and associated pros and cons?

2. Draw the architecture diagrams of your proposed options.