FintechOS enabled the insurer to revolutionize its health, home, and commercial insurance offerings with a lower-cost digital solution that integrated with legacy and ecosystem technologies.
Background
An international insurance group – operating in the Americans, Europe, the Middle East, and Asia Pacific – found its digital transformation efforts were hindered by their legacy technology and manual back-office processes. To protect and grow share of wallet, the company needed to innovate its existing and launch new digital insurance products, while also modernizing to accelerate and lower the cost of its back-office operations.
Challenges
The insurance group knew it needed to innovate its insurance offerings to stay competitive. This included improving its digital product journeys to meet customers’ needs, launching new products at the pace the market demanded, and automating and accelerating its antiquated back-office operations.
The organization’s barriers to this digital transformation were diverse, caused by their legacy technology: their product management processes were complex, the number of systems requiring manual intervention – including manually transferring data between systems – was high, and their digital customer journeys were full of friction, with multiple disruptions for human touchpoints. The insurance group wanted to innovate and modernize without having to take on the highly costly and time-consuming task of replacing its underlying technology.
Solution
The insurance group selected FintechOS to re-invent their market propositions across healthcare, home, and commercial insurance. FintechOS allowed the company to expose and extend the capabilities of their legacy systems and integrate with ecosystem technologies, while also digitalizing and automating their processes and customer journeys. With the FintechOS platform, the company did not have to “rip and replace” their existing technologies, enabling them to achieve their digital goals without the cost of core replacement.
The FintechOS solution included reinvented and fully automated digital customer journeys across healthcare, home, and commercial insurance areas, operational and analytics dashboards for improved decision making, forecasting and planning capabilities for profitability analysis, APIs enabled across key channels, the automation of policy documentation, risk sanctions, and GRPD compliance, and improved regulatory and TCF compliance.
Results
Grew revenue 120% for key products
By reducing costs from outdated processes, involving external providers, and driving home customer value, FintechOS enabled the insurance group to increase revenue by 120% across key products, including healthcare, home, and commercial insurance.
Increased customer base by 60% in 9 months
By innovating its offerings and combining its insurance benefits with FintechOS, the insurance group achieved 60% customer growth in key products over nine months.
Reduced transaction time by 90%
After transitioning its home insurance product to FintechOS, the company saw a 90% decrease in transaction times, due to improved customer journeys and automated processes.
Shrank new customer onboarding time to 6 minutes
With FintechOS, the insurance group configured new digital customer journeys that integrated with ecosystem technologies to provide a seamless automated customer experience. This reduced the time to onboard a new customer to just six minutes.
Reduced risk assessments from 2 weeks to 2 hours
The previous risk assessment process involved duplicated effort with multiple teams gathering risk information and took two weeks to complete in each instance. The FintechOS solution reduced this two-week process to just two hours and significantly decreased the effort and costs involved.
Accelerated quote and bind process speed 10x
FintechOS enabled the insurance group to automate their workflows and back-office processes, while integrating with legacy and ecosystem technologies. The results included accelerating their quote and bind process 10x.
The Future
The international insurance group continues to innovate new and existing insurance products using the FintechOS platform. New areas include equine insurance, as well as sports cover products.
