Increase profit margins by 100% or more, operate with a competitive advantage in larger commercial affinity groups and give customers what they want.
The Insurance Fulfillment Platform (IFP) delivers a multi-carrier Real-Time customer insurance experience. Unique cloud-based RPA technology enables a 100% Real-Time customer experience of quote, issue, change and renewal from all insurers. The result is elimination of manual processes and friction within the entire vertical resulting in lower stakeholder costs and a better experience for customers.
IFP can serve a single insurer wanting to offer their customers a D2C Real-Time insurance experience with a low implementation cost. The biggest opportunities await insurers and brokers who want a dominant competitive position in this new consumer driven insurance marketplace. IFP, as designed, works for multiple insurers to reduce costs and friction for both customers and brokers.
While D2C seeks to eliminate the broker (with the goal of cost advantage), IFP reduces costs by eliminating manual processes and friction. This is what gives customers the best of D2C (low costs) but now in a D2C2.0 multi-carrier environment where throughout the self-serve process customers can depend upon an on-demand independent advisor for advice, guidance or support.
Unfortunately, current developments in technology have largely involved attracting customers directly through insurers or startups. Even comparative raters are eschewing brokers to deliver customers directly to insurers. Broker solutions have been less than complete and still depend upon too much human interaction for automatable tasks.
Insurance brokers have been dependent upon insurers for developing better technology solutions. The problem is that each new insurer solution is sure to look differently than another. Not surprising since insurer solutions focus on earning a larger share of the business. These competing interests are not serving insurance brokers or ultimately customers.
A Customer-First Solution
At Awywi we took a different approach at solving efficiency within the insurance distribution vertical. Rather than starting with what the industry had to work with, we simply focused on the outcome of customer experience.
First, customers want better prices. Insurance customers are shopping and switching now, more than ever. Price is the first thing that draws them in the door. Awywi’s Insurance Fulfillment Platform fundamentally reduces costs throughout the insurance distribution vertical.
For both insurance brokers and insurers, over 70% of distribution costs are for compensation. Much of the compensation, for both brokers and insurers is directly attributable to lack of automation. As compensation drops, a reduction in both operating and administrative costs should follow.
The Insurance Fulfillment Platform, using RPA, delivers all processes throughout the customer experience in Real-Time. Real-Time processing has always been an industry goal, though never achieved in the broker distribution model.
Now, brokers can offer true Real-Time processing throughout the entire customer experience including policy change for multiple insurers.
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