Project Description

Digitalizing Re-Insurance

Enabling people to experience life safely with an automated re-insurance business model

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About the Client

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One of the world’s leading providers of insurance-based risk transfer had a vision to make the world a more resilient place.

Their mission was to expand reinsurance and insurance’s financial safety net to more people and more businesses.

The Problem

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Insurance is one of the oldest financial businesses and one of the last to jump on the digital train. Our client necessitated to quickly adjust to the intensifying need for a technological change. They were in need of a high-end & cost-effective solution that will make insurance easier, accessible and more affordable to people and their families.

They also wanted to have a better insight into the customers’ behavior and needs, in order to be able to respond better and provide the most optimal services.

Our Solution

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An omnichannel platform which is a digital sales solution that the client can offer to their trusted partners, providing them with a bespoke end-to-end insurance solution. Hence, our digital insurance platform was born.

The business model we offered transforms the way consumers buy insurance through a digital insurance engine which incorporates the latest technology with world-class underwriting capabilities.

Furthermore, the digital insurance platform works in a no-touch model (requiring no human touch) and is able to integrate with the different infrastructures of all partners. The solution also provides instant execution of insurance due to the application of AI and IoT.

With a solution like this, we can provide partners with insights to improve their customers’ journeys and make them as intuitive and easy as possible. Finally, the digital insurance platform provides them with a superior analytics tool that uses behavioral science to help partners learn and act on their customers’ preferences.

The Outcome

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We built a digital insurance platform on top of complex legacy systems and in compliance with existing systems & processes, that is transforming the insurance industry. We provided a digital and transparent product in a B2B2C manner supported by a pure cloud-native structure.

The existing setup of the platform is able to adjust to new onboardings, so each partner stays in charge of their own approach, customers, and brand.

Partners are able to expand their product range into both Life & Health and Property & Casualty insurance sectors quickly and with minimum investment. All customers these partners have can secure coverage in minutes, from calculating their needs to submitting the payment details – getting the fastest and most effective insurance estimation. This way, partners can go live selling insurances via digital channels in weeks rather than years.

With the platform, we allow our client to relentlessly test and improve their approach while implementing innovative features like having a virtual assistant or facial recognition.

To sum up, our digital platform is now present in 10 markets offering simple products at fair value across the L&H and P&C sectors to more than 32 partners.

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