Insurance coverage administration has come a good distance in recent times, with new applied sciences and instruments rising to streamline processes and enhance buyer experiences. Nonetheless, many insurance coverage corporations are nonetheless utilizing legacy techniques which might be sluggish, rigid, and troublesome to combine throughout totally different channels.
One of many greatest issues with legacy insurance coverage administration techniques is their lack of agility. These techniques are sometimes constructed round particular channels or merchandise, and usually are not designed to adapt to new applied sciences or altering buyer wants. When corporations need to introduce new merchandise or channels, they should undergo a brand new growth cycle, which ends up in a very long time to launch.
To assist remedy this challenge with legacy techniques, Igloo, a regional insurance coverage expertise firm that gives digital options to gamers within the insurance coverage worth chain, developed its platform Turbo, which operates throughout a number of enterprise traces together with B2B2C, B2A (enterprise to insurance coverage gross sales intermediaries resembling brokers), and B2C. By means of Turbo, Igloo is ready to ship the identical services and products throughout a number of distribution channels, together with e-commerce, offline retail shops, and Igloo’s personal digital answer for insurance coverage gross sales intermediaries, the Ignite cell app. To attain this stage of consistency and adaptability, Turbo permits insurance coverage specialists with out coding information to self-manage the product launch course of.
One instance of this technique in motion is the way in which Igloo gives gadget insurance coverage (overlaying electronics unintentional harm, water harm, and prolonged guarantee). The identical product — with constant advantages and ranges of service excellence — could be distributed at scale through e-commerce platforms, gross sales brokers from retail shops, or by way of direct channels. This not solely ensures a constant buyer expertise and, therefore, buyer satisfaction, it additionally permits Igloo and its insurer companions to achieve a wider viewers.