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Customer Success Story: PedalSure new trading platform launched

PedalSure has been using IT solutions to automate sales and reach a wider circle of customers for quite some time already - for instance through their own website www.pedalsure.com. "The need to expand operations led PedalSure to step into partnership with a distributor who would sell the same product via both a co-branded website and call center. In order to make such collaboration convenient for both parties, PedalSure looked into adopting the use of a cloud-based IT solution." says PedalSure CEO, Philip Lochner.

PedalSure as a company

MGA Capital Limited Trading as PedalSure is a Lloyd's Coverholder. PedalSure strived to create a completely new type of insurance, tailor-made for today’s cyclist. Capacity is provided by Sompo Canopius and XL Catlin. The former being a global specialty lines platform of Sompo Japan Nipponkoa Holdings Inc., which has over $90bn total assets and is one of the top three Japanese P&C insurers. And the latter,  a global insurance, and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world with $58.4bn in total assets.

Partnering with Insly

PedalSure’s business model is based on distribution through partner brokers both via web sales and more conventional call center sales. The project’s level of complexity primarily came from the desire to be able to seamlessly transition the customer from web sales to call center if and when needed. It requires a high level of precision and data consistency between website and cloud solution. System setup time went as planned thanks to good communication between all parties: we were also able to make good use of the IT solutions PedalSure already had in place thanks to having their website configured for direct sales. This time around the volume for testing was underestimated and it proved a bit more complex exercise than initially planned as we wanted to make sure that the data flow between website and INSLY system is fully correct and that all quoting and policy schedule generation conditions work exactly as needed. Learning points to consider when making the decision of IT system change / implementation:
  1. Commit your time – our learning was that face to face meetings are the best option. If possible, take the time to meet up!
  2. Be quick – the longer development / implementation project runs the more expensive it is for everyone involved.
  3. Think utopia but set up business-critical – does not make sense to automate the 1% of deals that can easily be made manually.
  4. Do your testing!
The result is a cloud-based system tailored for PedalSure that allows sales and general administration that should bring significant reduction into quoting and document production times and help PedalSure fully capitalize on new and exciting partnerships.

Next steps for PedalSure and Insly?

PedalSure has many great ideas to grow their business. Bringing additional distribution partners to the table and integrating with payment gateways for seamless payments reconciliation are just a few examples on how PedalSure aims to leverage technology to offer great products and a better customer experience for today’s cyclists.

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