ShareInnovate To Differentiate: How Companies Are Leveraging Automation in Insurance
Millennials are now the prime target market for insurance providers, and this generation's preference for digital platforms is transforming the financial services industry.
Nine out of ten millennials are smartphone users. Plus, research by McKinsey found that 84% of insurance customers expect to use multiple online channels in their insurance buying journeys.
Insurance automation integrates numerous IT systems to give customers seamless omnichannel experiences with brands. Insurers who embrace the latest automated technologies can exceed consumers' expectations and find solutions that ultimately work for customers and meet your commercial objectives.
Read on to discover how companies can leverage insurance automation to differentiate their brand and create innovative insurance products for digitally-savvy consumers.
Accelerate Underwriting used automation in insurance to bring non-standard risk policies to market quicker
Accelerate Underwriting is a specialised Managing General Agent (MGA) based in London. The team offers niche property and casualty protection policies for various trade industries.
Accelerate Underwriting has a diverse portfolio of customers and required an all-in-one e-trading platform that could streamline the B2B sales funnel and provide a suite of automation in insurance tools.
Company leaders also wanted sophisticated customer analytics and reporting software, to help specialist underwriters quickly develop non-standard insurance products that best cater to their customers' needs.
INSLY created a trading platform called AcceleRATER for the brand. The software automates policy documentation –– including dynamic policy wording features ––allowing brokers to highlight relevant questions based on their customer's responses. It also integrates audience insight reporting (bordereaux), referrals and accounts reconciliation tools. Furthermore, AcceleRATER is set up as a modular platform, allowing Accelerate Underwriting to scale and customise its core and cover functionalities based on evolving business needs.
With Insly's help, the AcceleRATER platform can tap into new commercial opportunities at speed and enhance the customer and broker journey with a range of automated workflows.
Renovation Underwriting transformed their business model and now automate insurance processes
Renovation Underwriting is a Managing General Agent (MGA) providing insurance for both private and commercial customers - whether they are renovating, extending, or altering their property.
The brand repositioned itself from an insurer to an MGA in recent years. However, they were using a rigid legacy platform which was not optimised for their new business model.
Renovation Underwriting wanted an efficient solution to update their legacy systems and automate insurance policy administration to improve quote and bind functionality.
By partnering with INSLY, the brand created a centralised web platform that streamlined all of its internal processes. Renovation Underwriting can now concentrate on providing its customers with outstanding customer service, safe in the knowledge that all of their back-office provisions can automate insurance underwriting processes efficiently.
Cactus created an all-in-one insurance selling and policy management platform
Cactus focuses on providing insurance covers in property, motor, and liability and has an XY-strong broker network. The brand prides itself on being an innovative insurance wholesaler that provides brokers with practical online tools to quote and bind risks in a simple, no-fuss manner.
Cactus approached INSLY seeking a one-stop insurance solution for web sales. They wanted a tool with various automation in insurance capabilities alongside a platform that could tap into insurer rating engines and other data sources in just a few clicks.
INSLY set up a cloud-based system that accommodated brokers' full-cycle sales processes and administration. The Cactus insurance automation platform features the capacity to process online sales from start to finish. It can also generate simple quote forms and automate insurance rating engine and referral system access. It also enables web-based declaration signing processes and more.
Thanks to INSLY's low-code insurance data automation tools, Cactus is now closer to meeting its goal of expanding into direct-to-consumer sales.
Explore Your Potential To Innovate With Insurance Automation
Automation in insurance can help you innovate and differentiate your insurance brand. With the right integrated platform, insurance brands of all types can eliminate repetitive admin tasks, gather data from multiple sources and help drive better business decisions in seconds.
INSLY has over 20 years of experience in the insurtech industry and collaborates with leading experts in insurance automation. The team can help build future-proof solutions for insurance providers and MGAs.
INSLY's software is simple to use, and you do not need any coding experience to create a seamless insurance automation platform that matches your exact specifications.
To find out more, take a look at some of our case studies, or get in touch with our contact team to request a demo.