At Innoveo, we strive to help insurers to build and market innovative insurance solutions, let it be for Property & Casualty, Life & Health, or any type of Specialty insurance – for both personal and commercial lines. With our end-to-end digital solutions for insurers, our customers can not only develop and launch customized products faster on the market, but they can also enable omnichannel sales and distribution of these products.
To illustrate the pertinent capabilities of our no-code platform for Insurers, we created a mini case study of one of our long-term Innoveo clients, a Tier 1 insurance provider, and how they are making the most of Innoveo Skye®, our omnichannel platform for the Insurers of the future.
Case Study: Digitalizing a Tier 1 Insurer’s Direct-to-Consumer Channel
Distributing insurance products can be done in a variety of channels, and in this project, our client requested to digitalize their so-called direct-to-consumer (D2C) channel, enabling their end-customers to purchase insurance without the need of an intermediary agent or broker. In our specific case, this Tier 1 Insurer’s Home and Motor products are being sold directly to customers via their website application, which is powered by Innoveo Skye®.
As one of our Business Analysts explains,
“At the beginning of this project, we configured the first D2C channel to our client’s Home Insurance product with 2 Business Analysts from our side. Having a successful collaboration, we extended this offering to Motor insurance as well. We are proud to say that in the meantime, we also trained 2 of our client’s internal employees, empowering them to configure projects on their own and modify existing ones in an agile way, without writing a single line of code.”
Thanks to Innoveo’s proven technology, the complete quote & bind process can be done by the customer alone, without the need of an agent, for both the Home and Motor insurance product lines. In reality, this works as a fully digital process: once the customers complete their journey and their payments are done, their insurance policies will be available for download as a PDF, and they will also receive them via email. In addition to being saved in Innoveo Skye®’s database, the data is also sent to a legacy system for policy archiving. If any customer care-related activity is needed, the policy can easily be searched and obtained digitally, which leads us to the second channel, the Call Center one.
Opening a New Distribution Channel via Bancassurance
To enable Call Center agents to do telesales, our team configured a portal for lead management, where agents can easily quote & bind by asking for personal information and preferences regarding coverage from customers via telephone. This is simple. But what happens when the insurance provider wants to enable a partner, such as a bank, to sell their products as part of the bank’s bancassurance portfolio?
In this situation, Innoveo Skye® can offer multiple solutions depending on the circumstances. Our Tier 1 client went with the following for their local, English-speaking market:
- Enabling the bank to sell directly to customers via their website – This is done by white labeling the insurer’s products and branding them as if they belonged to the bank’s. In this case, end-customers also have access to quote & bind journeys resembling those of the bank.
- For retail, a portal was built to enable sales agents in the branches to sell white-labeled insurance products from the carrier face-to-face.
- In this case, as well as in other scenarios when agents are involved Innoveo Skye® also calculates the commission for each of the distribution channels per transaction and sends it to the client’s legacy system, together with the policy for archiving.
The Omnichannel and Vast Integration and Capabilities of Innoveo Skye®
It is important to note is that all the aforementioned portals and channels are running under the same application, thanks to Innoveo Skye®’s user management and omnichannel capabilities. This makes Skye a very attractive solution from the clients’ perspective, as the scalability of the delivered solutions is painless, incredibly fast, and cost-effective. This is especially true when compared to traditional development methods or even out-of-the-box solutions, which usually come with predefined functionalities and with limited customization abilities.
Additionally, Innoveo Skye®’s integration capabilities play a pivotal role in differentiating our client’s offerings from the competition. As our platform enables integrations with 3rd party and legacy systems due to the APIs and batch events that can be configured out-of-the-box, the entire toolbox is complemented by features, such as the payment gateway integration, document generation, and email sending capabilities, just to name a few.
Overall, the most important highlights of this mini case study are:
- Digitalization of a Tier 1 Insurer’s D2C journey and manual processes
- Expansion to a new Motor insurance product line after a successful rollout of Home insurance and with plans to further extend to other product lines
- Opening of new distribution channels such as bancassurance and affinity partnerships – with commission calculation and white labeling of products
- Introduction of renewals besides the fully digital quote and bind journey, with plans to digitalize more processes across the whole customer and policy lifecycle
Barbara Péterfi, Content Marketing Manager at Innoveo