By Kyla Reed - April 17, 2024
Vibrant Credit Union: Breaking Industry Barriers with Embedded Lending
Growing competition is forcing banks and credit unions to rethink their revenue strategies. Read how one credit union used embedded
Get the Report! The Modernization Imperative for Insurance – in partnership with Datos Insights
Retail Banking
Retail Banking Overview
Gain new customers by creating experiences and products quickly and easily
Account Opening
Create journeys powering customer acquisition
Personal Lending
Design and launch personalized products quickly to meet customer needs
Mortgage Automation
Build tailored mortgage offers to win new customers
Small Business Banking
Small Business Banking Overview
Grow your small business customer base
Account Opening
Engage and onboard small businesses using frictionless digital journeys
Small Business Lending
Create relevant loan products to meet the specific needs of different business segments
General Insurance
General Insurance
Meet the need for new forms of cover and high-quality digital experiences
Small Business Insurance
Create personalized propositions that meet the unique needs of small businesses
Pet Insurance
Increase share of wallet with cover customers love as much as their pets
Embedded Finance
BNPL and Embedded Lending
Deliver lending products directly to where they are needed
Resource Center
Get insights from the latest customer case studies, whitepapers, webinars, and more
Customer Case Studies
Learn what our global customers are saying about the value of FintechOS
Platform Documentation
Comprehensive documentation for the FintechOS platform including release notes, APIs, and SDKs
Retail Banking
Retail Banking Overview
Gain new customers by creating experiences and products quickly and easily
Account Opening
Create journeys powering customer acquisition
Personal Lending
Design and launch personalized products quickly to meet customer needs
Mortgage Automation
Build tailored mortgage offers to win new customers
Small Business Banking
Small Business Banking Overview
Grow your small business customer base
Account Opening
Engage and onboard small businesses using frictionless digital journeys
Small Business Lending
Create relevant loan products to meet the specific needs of different business segments
General Insurance
General Insurance
Meet the need for new forms of cover and high-quality digital experiences
Small Business Insurance
Create personalized propositions that meet the unique needs of small businesses
Pet Insurance
Increase share of wallet with cover customers love as much as their pets
Embedded Finance
BNPL and Embedded Lending
Deliver lending products directly to where they are needed
Resource Center
Get insights from the latest customer case studies, whitepapers, webinars, and more
Customer Case Studies
Learn what our global customers are saying about the value of FintechOS
Platform Documentation
Comprehensive documentation for the FintechOS platform including release notes, APIs, and SDKs
SME insurance is only now beginning to gain its rightful share of attention from the industry. How can you make addressing the SME market, not only viable, but profitable?
Insurtechs across the world are partnering with leading incumbents to offer a wide range of insurance packages tailored to the needs of small and medium-sized enterprises, a segment that has historically been underserved.
The SME market is only now beginning to gain its rightful share of attention from the insurance industry. Personal and commercial-lines insurers have focused on well-known markets, but have traditionally left SMEs somewhere in the middle and underserved by both. Complex policies and buying processes, expensive premiums, and (whether justified or not) a poor reputation for paying claims have not helped to win the trust and business of this large, untapped market.
With radical changes in efficiency and scalability from digitization, and new segmentation and analytics capabilities provided by new technology, addressing the SME insurance market becomes not only viable, but profitable.
Digital platforms can be used to address diverse markets with better-segmented products and policies more likely to appeal to SMEs. Letting the customer more easily provide data during a digital quotation journey means algorithms can instantly match and offer product options, with all the underwriting work having been upfront in the product design.
Taking advantage of the same new technology platforms, insurers addressing new SME segments can use the digital customer data to gain real-time oversight of risk exposures and other performance KPIs.
Another moment of truth in SME insurance is where the business needs to make a claim. The claims experience should be just as convenient as taking out insurance in the first place. Well-designed digital platforms for SME insurance will deliver this and reap the benefits of improved loyalty and retention.
Marketplaces are becoming increasingly prevalent, be they commercial insurance etrading platforms, price aggregators, or agent portals. Managing multiple presences can be made easier through digital data and product management systems that incorporate APIs, providing a single point of control for products and pricing, as well as the ability to tune offers to individual channels.
Leveraging modern technology to tackle the SME opportunity does not require a “big bang” replacement of legacy infrastructure to be able to develop the required capabilities. The steps to get there can be relatively small, innovating incrementally.
Demonstrating value early, teams can build momentum toward further digital transformation goals. FintechOS technology helps established insurers and financial institutions achieve this acceleration: via a powerful but easily adopted low-code/no-code platform, businesses are able to move ahead of the pack to unlock major competitive opportunities such as SME insurance.
To find out more about our insurance solution, book a demo today.
FintechOS is the global leader in fintech enablement, on a mission to make fintech innovation available to every company. As the world grows increasingly complex, FintechOS strives to simplify and accelerate financial technology so anyone can build, launch, service, and expand new products in weeks, not months or years. The FintechOS platform empowers banks, credit unions, and insurers of any size to grow revenue, lower operating costs, and achieve a faster time to value without dependency on core infrastructure and costly tech talent. Headquartered in New York and London, FintechOS has partnered with some of the world’s best brands, including Groupe Société Générale, Admiral Group, Oney, eMag, Deloitte, EY, and PWC.