Providing customers the ability to purchase, renew and upgrade their policies online
The Challenge
Insurance House are one of Australia’s largest independent insurance brokerages, with a strong offering in highly targeted niche insurance products. Having access to a broad range of insurance products underwritten both locally and abroad has allowed Insurance House to deliver the best and most competitive products for their clients.
However with such a broad range of products, Insurance House needed a quick and efficient way to package them into market propositions to suit their niche customer segments.
The also wanted to empower their customers to benefit from the ability to purchase, renew, and upgrade their policies online, and to leverage Aptiture’s experience building financial quote management systems in the intermediated general insurance space.
Insurance House knew the insurance landscape was changing, with the trend moving rapidly towards online and customer self service. In order to stay relevant in a changing market, they quickly realised an offering like this was not only necessary, but it also represented an opportunity to grow market share. Digitally serviced products need less human touches and benefit from scale. They can therefore be priced more competitively and provide great value to the customer.
"In the changing broker landscape, only those who embrace and invest in technology will be able meet the demands of the modern market."Wayne Hilderbrand, CEO – Insurance House Group
Our Approach
Insurance House has lived through previous attempts at building technological solutions in with limited success, ultimately due to their supplier having lack of experience in the insurance domain and unable to properly understand and model their business processes.
By running a number of workshops we were able to demonstrate not only what’s possible, but that our history of delivering these sorts of solutions in the past meant they were assured of a successful outcome.
An agile approach would be taken by creating high level requirements, specifying a product backlog and prioritising development according to highest business value.
The Solution
The Insurance House Plus platform is a full lifecycle solution initially allowing customers to purchase, renew, and cancel their policy online. The platform also models most of their business processes including quote management tools, broker performance reporting, actioning hard and soft referrals, endorsements, a long list of other features.
However the system’s real power is in the ability for Insurance House to create products with associated question sets, package products into market propositions, manage and update complex rating calculations, generate documents on the fly and publish the products or packs onto their website for sale.
Given the scope of the project, and their limited success with alternate vendors, Insurance House wanted to be sure of 3 things:
- They were engaging someone whose core business was insurance and financial systems development and could guide and advise them
- That they chose a partner who lived in the insurance ecosystem and understood all of the associated players, systems to be integrated with, and processes that would need to be modelled
- That their vendor had a strong team that had proven their capability to deliver quickly
Leveraging off our strong codebase and libraries, we were able to able to quickly ease their concerns by delivering the first phase of the project on time, but with much more business value than they thought possible.
The Insurance House Plus system has revolutionised their business and continues to ensure their business is competitive and efficient.
Our team delivered a combination of creative, technical and strategic capabilities.
The launch of Insurance House Plus has delivered several benefits to the client.
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reduction in policy processing time67%
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increase to insurance product creation50%
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improvement in customer satisfaction80%
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increase in product deployment90%
