Innoveo recently configured a digital-first insurance marketplace for one of our Tier 1 US Insurer clients. Their business need was to build an end-to-end policy admin system that puts the customer at its center, comes with an open API architecture, and breaks down the silos of broken processes and disparate legacy systems.
The project is targeted at younger, tech-savvy consumers who want insurance products that offer holistic coverage for their lifestyle. Being powered by our no-code platform, Innoveo Skye®, let us share with you the highlights of this highly innovative project.
Maximizing customer lifetime value and increasing conversion rates
Within this digital marketplace, products are exposed directly to consumers, or available via APIs to agent partners who sell the bespoke products across 24 states. What is unique about this insurance marketplace is that across all the available products, the customer is only issued a single policy and each product is treated as a coverage.
This is beneficial for both the Insurer and its end customers. On one hand, the end-customer gets an overall risk coverage, a single policy for combined coverages across different insurance categories, be it for health, life, cyber, or travel insurance. These modular policies are written in an understandable language, and they are part of an intuitive, fully digital customer journey that also includes easy document generation.
On the other hand, this way, our Tier 1 client is ultimately able to maximize its customer lifetime value and increase conversion rates, by reducing the complexity of the buying journey for customers and agents alike.
An end-to-end digital solution focusing on Millennial buyers
With the words of an SVP from our client’s side,
“The Innoveo Skye® platform’s maturity to deliver end-to-end functionality for any personal lines products stood out. We have broken out from the constraints of traditionally siloed PAS and Claims systems with painfully long implementation cycles, to emerge with a future-proof SaaS solution with an open API architecture that arms us to lead the world of ecosystems.”
When it comes to the implementation of this project, Innoveo‘s technology was used for the complete quote and bind process, policy issuance, management, claims, billing, collection, and payment system across the insurance marketplace.
Overall, the unique benefits of our project delivery were:
- Record speed – The project was executed remotely through the pandemic. Even under these circumstances, the Innoveo Team built the entire application, including the above functionalities for a slew of products and multiple coverages in half the time as traditional insurance package solutions.
- Dynamic Document Generation for combined coverages and payments – Innoveo Skye® was used to create a single policy where each product is treated as an add-on coverage and added to the same policy document.
- A simplified technology landscape with an open API architecture – This enables our Tier 1 client to launch additional products rapidly in the future as well as to expose all products and services to partner ecosystems.
There is much more we are doing with Insurers globally to accelerate their digital agenda. If you want to learn more about our specific solutions or get an overview of our insurance use cases, we would love to hear from you and explore how we can enable your business.
Barbara Péterfi, Content Marketing Manager at Innoveo