5 ways to improve your insurance program with a modular orchestration platform
In a nutshell
- A modular embedded insurance orchestration platform allows you to pick and choose which parts of the insurance experience you need.
- It can also help streamline data flows between stakeholders (the company, risk carrier, insurtech, etc.) as well as provide a centralised performance dashboard.
- The added flexibility of a tech-first orchestration platform means it’s even easier and faster to scale your insurance program across Europe.
- The platform can provide a cohesive user experience across borders, while also taking into account specific local rules and regulations.
As Qover’s Chief Product Officer, I’ve seen it all over the past 6+ years (hi, I’m Geert 👋).
Working with an orchestration partner can address some of the challenges by streamlining operations and communication between stakeholders, harmonising your program so you can scale with little effort and taking your end user experience to the next level.
Rather than a total overhaul of your existing insurance program, the right partner can optimise your current setup – which is what we try to do at Qover. Here’s how that works.
1. Pick the insurance elements you need with a modular orchestration platform rather than a full-stack one
First thing’s first, if you’re happy with your current risk carrier, there’s no need to switch. In this case, it’s best to find an orchestration partner that can also work with your risk carrier rather than prescribing you a new one.
With a risk carrier and strategy already in place, you may not need a full-stack insurance partner. By using an embedded insurance orchestration platform – which is modular by nature – you can simply pick and choose which elements of the insurance experience you need to upgrade your current program.
Let’s look at the following use case.
A Pan-European financial services company is already offering insurance with multiple risk carriers already on board. They now want to go full-EU by leveraging their current setup in additional countries. On top of embedded insurance in their payment cards, they’re also looking to upsell retail insurance.
The finserv company is happy with the current pricing and product, so they want to keep their legacy insurer, but they feel like things aren’t moving fast enough, and they want to optimise the user experience.
By bringing a tech-first orchestration partner into the mix, they can maintain their existing risk carrier relationships while scaling at a faster pace – launching a new country in a matter of weeks instead of months.
The key to success is working with an insurtech that has a flexible platform and can collaborate with you on the right setup from the start.
Here are some questions you need to ask yourself when upgrading your current insurance program:
- Can your existing risk carrier follow you during the upgrade? Do they have the products, digital expertise and licences in the countries you want to expand to? Deciding whether to keep your current insurer or migrate to a new one is crucial.
- What systems does your current insurer have to help you with the upgrade? Can they digitally underwrite the insurance you want? Can they do payment collection in different countries and support different onboarding funnels? If not, you might want to add a Pan-European insurtech to the picture. Many companies fall into the trap of thinking that their risk carrier’s tech solution can meet their needs, when it might not be as advanced as an insurtech’s.
- What part of the contract lifecycle will be done by your current partner(s)? Can they manage a policy from the start date until the day it is cancelled, as well as amend and renew events? Can they handle this for the full upgraded scope?
- For the claims process, do you simply need tech integration or will you also need customer support? Does your insurance partner have the capacity to handle claims and customer support in multiple languages, or will you rely on a claims TPA for that?
- Will you do everything by API only or will your partner orchestrate the full contracting flow? With an API, you can design the full user experience from start to finish – even allowing users to view their claim status in your app or website. Alternatively, you can opt for a form that’s embedded in your user portals.
These questions will help establish the scope for you, your risk carrier and your chosen orchestration partner.
2. Increase efficiency with clear data and communication flows
An insurance program has many stakeholders, such as finance, compliance, legal and product teams, along with the regulator and risk carrier. Dealing with all these stakeholders and managing their expectations can be a challenge.
Your orchestration partner can take some of this burden away from you by dealing with the risk carrier, particularly when it comes to lifecycle management. It’s important, for instance, to report the status of the portfolio to your risk carrier, along with changes in policies and claims, payments and reserves.
An orchestration partner can also deliver all the necessary documents and data files to your finance, compliance and legal teams so that you can follow up on billing and financial flows; validate policy wording and schedules; and ensure that you’re being compliant with local regulation.
Doesn’t adding another layer or intermediary make things more complicated? Actually, no. One of the benefits of working with an insurtech is taking advantage of APIs that streamline the process. For example, rather than having to consult spreadsheets or go back and forth with your insurer about eligibility checks, you can deploy an API to automate this and save time.
3. Improve clarity and transparency with insurance program performance data
Transparency is key to the success of your insurance program on so many levels, from operational efficiency to pricing to making sure the program’s value is going back to your community.
That’s why you, and every other stakeholder, should have a clear sense of what’s happening. With a proper dashboard, you can monitor the performance of the sales funnels, loss ratio, claims and more without having to coordinate data collection across multiple data lakes.
Having access to this kind of data can help you continuously improve the program. Seeing why claims are being refused, for instance, could indicate that your users need more information or even have a need for an additional insurance product.
The right partner should not only make it easy to keep track of this kind of data, but also work with you to understand what it means.
4. Scale your insurance program quickly and easily
With a modular insurance platform in place, you can scale your program at ease.
On an operational level, you’ve harmonised data streams. On a product level, you can add new products or extend existing coverages.
The most important feature of a modular platform is flexibility, which you can use in the following ways:
- You can decide the setup you want on a per product basis: embedded vs. upsell, white-label distribution or API-only.
- For customer care and claims, you can decide how to organise operations per country and/or product. You can handle calls, emails, chats and claims in-house or outsource them to a partner.
- When you launch in a new country, you can put the entire operations – claims and customer care – on the modular platform.
5. Create a seamless customer experience across countries
As a brand, you have a strong opinion about what your customer experience (CX) looks like. You want it to be the same across each and every country you operate in. And we get that: a seamless CX matters.
A good orchestration platform should absolutely enable a harmonised customer experience. Embedded insurance should be exactly that: embedded into your app or website so that everything from purchasing transactional insurance to filing a claim is done in just a few taps.
Do you feel a ‘but’ coming? Well, in insurance, local regulation and cultural customs will dictate certain elements of the overall experience.
For example, a digital signature is starting to gain traction in France, whereas other countries do not yet see the necessity. Some countries, like Belgium, require full transparency on how the insurance premium is used - so you need to show a split between the administration fees, acquisition fees and taxes.
That’s why some flexibility is required in order to take those (very important) nuances into account. You need a partner that can guarantee compliance, while also prioritising a smooth digital experience for your users.
Upgrade your insurance program with an embedded insurance orchestration partner
At Qover, our modular embedded insurance orchestration platform can improve your existing insurance program by providing:
- Flexibility on the insurance setup you need
- Clear communication among all stakeholders
- Transparent program performance data
- Quick rollout for new countries
- Smooth digital experience for end users