Maiden Launches a Fast-to-Market Digital Business Model in Conjunction with Cloud Insurance
With a growing demand and exciting business partner opportunities ahead, Stockholm-based insurers Maiden Life & General decided to launch a new digital platform to offer end-to-end services for online insurance customer journeys.
Based on the insurance platform of the Norwegian insurtech Cloud Insurance, Maiden’s distribution partners can now offer their diverse catalog of insurance products to customers by simply plugging into this cloud-based insurance platform.
Maiden and Cloud Insurance have focused on implementing a modular plug-and-play solution for Maiden Life & General. The nimble and adaptable solution allows tailoring of the online proposition to the specific needs of each distribution partner. Utilizing the latest technology, the insurance proposition can be integrated within the distribution partner’s website, completely adopting the branding, look, and feel of the site.
The insurance offer is designed to form part of the core product sales process. Customers are carefully transitioned into the insurance flow at the appropriate time, in a fully compliant manner.
“We have bill protection, payment protection, and other life insurance products ready to go” advises Daniel Deckers, Maiden Operations Manager for Sweden and Finland, “and we are proud to announce that our first online program on the Maiden/Cloud Insurance platform went live in October. Our first distribution partner, a Swedish online loan provider, has recognised the benefit of providing insurance solutions to its customers without putting a strain on their own valuable IT resources. Instead they can simply integrate the Maiden/Cloud Insurance platform into their core sales process”.
The digital business model
“The innovative and digital business model Maiden represents, fits perfectly into our product strategy”, says Heidi Høgalmen, Chief Product Officer in Cloud Insurance. “Our mission for Cloud Insurance is to make it easy for our customers to grow their business by launching new products in new markets with new partners”, Høgalmen continues.
The system offers the flexibility to be developed for multiple insurance products and can be delivered in local languages throughout Europe. “All in all, we already have a lot of interest from potential distribution partners who want to offer our insurance solutions, but don’t want to invest a significant amount of development time or cost. Having our own digital distribution further enhances our overall proposition to partners. With Cloud Insurance we can tick all of our partner’s boxes” concludes Deckers.
CEO of Cloud Insurance, Axel Sjøstedt, summarises
“We are extremely pleased with our strategic partnership with Maiden. They challenged us and have given us the opportunity to prove that our state-of-the-art tech platform can help insurance businesses realise their digital insurance strategy, and within a timeframe that should be impressive.”
About Maiden Life & General
Maiden Life Försäkrings AB and Maiden General Försäkrings AB are two innovative Stockholm based insurers. We specialize in affinity insurance schemes providing life, accident & sickness, and unemployment insurance products, structured with clear benefits, simple pricing, and easy to understand T&Cs. Learn more about Maiden Life & General here.
About Cloud Insurance
Cloud Insurance AS consists of young techies, ex-consultants, and experienced executives from the finance and insurance industry. Our cloud-based software offers a solution that helps insurers reach their business potential and we have been named one of the world’s 100 most innovative insurtech companies.