Insly insurance software family has a new member CloudSales – an e-commerce solution for online insurance distribution and servicing of insurance products that can be launched quickly and efficiently. It’s not quite unlike an “e-shop” software, just for insurance products instead of physical ones.
With CloudSales, we intend to help our clients take advantage of the opportunities presented by the digital revolution. Unfortunately, the industry in general is not doing great in terms of online insurance distribution, particularly in the consumer segment.
Yes, a significant share of business is transacted online across several countries; however, that’s largely because the customer doesn’t have much choice. According to the “Digital satisfaction survey” by Morgan Stanley and BCG (2013), insurance industry ranks near the bottom in terms of customer satisfaction with online experience. Thus, while customer indeed interact with insurance providers online, they don’t seem to enjoy it. This is an opportunity for agile digital innovators, and a threat to incumbents.
No Uber for insurance yet; not even an Amazon
We wouldn’t probably even need a survey to acknowledge the fact that while all other industries are racing towards efficiency and improved customer experience brought about by online distribution, insurance companies are left behind on the starting blocks.
Let’s for a moment consider our own experiences on the example of online shopping. Features like smart product suggestions, advanced search, seamless order placing, and tracking that Amazon first brought to the table have become industry standard by now. How would Amazon or Uber look like, were they on the same level with today’s online insurance? Probably a cumbersome, 2-page form that you should fill in every time when placing an order or hailing a ride.
How does CloudSales help?
With CloudSales, we have aimed to create a standardised online insurance distribution software that delivers good-to-excellent user experience and features across all main stages of an insurance e-commerce process – from quotes to claims to support.
Design and layout of CloudSales will be configured to match each client’s requirement and visual identity, and the solution can work on a subdomain, integrated into the client’s website, or work as a dedicated smartphone app.
Out of the box, CloudSales does quote-and-bind, policy issuance, renewals, claims FNOL and tracking, and customer support.
Being standardized means by definition it can’t address every niche scenario. But considering how much time and money can be saved by implementing a standard solution vis-à-vis a bespoke development, these resources can then be directed to building on top of the basic solution to deliver experiences that delight your customers.