ShareCustomer Story: UKIS captured a niche market with Insly’s instant quote tools
UK Insurance Solutions Ltd (UKIS) was founded 24 years ago by Paul Galloway. Paul has been in the insurance industry for over 40 years and has a wealth of experience trading wholesale insurance with UK brokers.
UKIS caters to a niche segment; Motor Trade Road Risks Only insurance. The cover is designed for motor traders working from home. For instance, these customers may own a small garage as a mechanic or a small area where they sell cars from. Currently, there are around 20 brokers nationwide trading this niche insurance product.
The Challenge: Quickly develop a fully-automated insurance underwriting platform
Paul told the Insly team that finding a capacity provider for UKIS's niche insurance offering was extremely difficult.
"The last time we were able to hold this product was six years ago. So it's taken me six years to find capacity since then. Different providers have made many promises to go ahead with us, but it's never come to fruition. Eventually, after a very long journey, we were introduced to Wakam, and unlike most other insurance providers, it took very little time from the moment we met them to be able to trade with them."
Wakam, as a B2B insurance specialist, onboards MGAs entirely electronically. This means that while UKIS's contract with Wakam could be completed quickly, UKIS needed to set up a full-cycle sales and underwriting platform in a few weeks to fulfill their side of the agreement.
Furthermore, UKIS needed an easy-to-configure insurance underwriting platform that could deliver quick decisions and reduce the amount of time it takes for underwriters to assess individual risk cases.
The Solution: UKIS utilised Insly’s to automate sales and underwriting
UKIS approached Insly to develop its urgently-needed insurance automation platform. Paul noted that they chose Insly as their platform provider because we understood that UKIS needed a solution yesterday. The intuitive, low/no-code tools could also simplify UKIS' product-building process and make it more user-friendly.
Insly provided an ideal-fit automated sales and insurance underwriting system, capable of delivering fast quotes with minimal risk information. The tooling also reduced UKIS staffing and overhead costs.
The resulting Insly solution package includes the following features:
- Broker Portal: This tool provides instant broker access to product quotes. It connects the broker's PAS and lets them sell UKIS insurance products from their website.
- Financial Reporting: Insly's finance features provide everything MGAs need to keep their providers/customers happy. It can generate invoices, Bordereaux/insurer records, accounting, and other business intelligence (BI) reports.
- Quote Generation: The software places all decision-making tools on one central dashboard, allowing brokers to integrate rating engine tools or convert files from Excel, etc., to help with sales processes.
- Automated Underwriting: Customisable workflow features allow underwriters to process simple risks without human intervention. The automated underwriting system can also include referral triggers to alert teams to cases that may require more attention.
- PAS: Insly's PAS tools can automate insurance renewal procedures, generate policy documentation and seamlessly update existing policy/quote information, MTAs, and endorsements.
Previously, Paul said that the team of underwriters had to manually underwrite individual risk cases, which was very time-consuming.
"Insly's taken that all away now because the platform can manage to generate the quote for us without us having to look at it. We get very few referrals from brokers because the system eliminates all those 'iffy' enquiries - whether it's going to be acceptable/not acceptable. The brokers know that if the system provides a quote, then that's the quote that will go ahead. So they don't have to ring or email us for a referral. They know straight away that the price is the price. They can go on cover and reduce their admin time as well."
Next Steps for UKIS?
Paul and the team at UKIS were really impressed at the speed at which Insly could turn their product solution around. Wakam was also satisfied with UKIS's ability to deliver its product digitally, and Paul hopes to continue to provide a large and profitable account for its capacity provider.
He also informed us that with Insly's assistance, UKIS had achieved its 2022 sales targets in under 12 months – a huge achievement for the MGA. In 2023, Paul and the team aim to set the bar even higher, surpassing capacity provider and broker expectations for increasing revenue.
Next year UKIS may look into some platform optimisation projects to further refine business processes. The team may also seek to launch in new markets or develop similar niche insurance products. But for now, Paul says he is happy concentrating on the motor trade road risk industry. He wants to ensure his quotes and underwriting platform runs perfectly before moving on to the next project.
We thank Paul Galloway for his customer story and wish UKIS the best of luck in its endeavors.
Insly comes fully-equipped to launch automated insurance solutions from scratch
If you're an insurer or MGA like UKIS, Insly's toolkit provides everything you need to automate the underwriting and quotes process from one easy-to-use platform. Its interface is packed with no-code tools, allowing you to configure your perfect product solution and share it with your partnering firms via PAS.
Additionally, Insly provides business-building and reporting features. So it can free up hours of an underwriter's time and provide them with the financial insights to improve company value propositions.
If you would like to find out how Insly can help your MGA or insurance company reach its full potential through automation, book a product demo with us today.