First Insurance and Lenders Launch an Income Protection Product with Insly
First Insurance Baltics and Lenders have launched an innovative income protection insurance product in Lithuania. An insurance product like this has never been available for Lithuanian customers before. To be able to launch income protection insurance quickly and smoothly, they needed insurance software that would be flexible, easy to use and integrate into both companies’ systems with no hassle. That is how they ended up using Insly.
Background of the partnership
First Insurance Baltics is an intermediary company, focusing on different types of financial security products. They have a long history in the Nordics and are now expanding and starting operations in the Baltics. They cooperate closely with different fintech partners like digital banks, lending companies, and loan brokers. That’s how their cooperation with Lenders began.
Lenders is like a matchmaking platform in consumer lending. They are the largest loan comparison platform in Lithuania that started as an innovator in 2013 and has earned the trust of more than 100,000 customers. Lenders has made the consumer lending process much easier for the customer and added a new product, income protection insurance, to their portfolio in cooperation with First Insurance Baltics.
What problems does income protection insurance solve?
Income protection insurance secures customers' financial situation in case of unexpected, e.g. unemployment, disability to work due to accidental sickness or even death. During recent years, First Insurance Baltics has seen the Nordic market growing rapidly which convinced them that this trend will continue in the Baltics.
Now, Lithuania is converting very fast from offline to online and this trend can be applied to consumer lending as well. For a while now, customers have needed better financial protection. That is why income protection insurance is important and this cooperation addresses that exact need.
How do customers access income protection insurance?
First Insurance Baltics and Lenders are using Insly core system to bring income protection insurance to customers. The Insly platform is easy to use in telesales and integrate via APIs into online processes.
As a simple customer journey is key, the user experience, front and back-end solutions need to be as smooth as possible. Thanks to a modular build-up of the Insly platform and the use of APIs, all integrations between the companies streamline the customer experience. As a result, customers can buy income protection insurance online, hassle-free.
Future goals for First Insurance Baltics and Lenders
First Insurance Baltics has been expanding from the Nordics to the Baltics and will continue this path. For Lenders, sky is the limit, and they also have expansion plans to multiple European countries. As financial markets are developing very fast, the companies are trying to stay on the edge of technologies to keep on growing. Both First Insurance Baltics and Lenders have great expectations towards continuing this cooperation and journey together.
Your MGA or Insurer might also be building products in cooperation with a strategic partner. If you are looking for flexible insurance software, that is easy to integrate, and creates a seamless customer journey, reach out to us and see how we can help!