50% reduction in time-to-market for Maiden Life & General
“With the Cloud Insurance system, our time-to-market improved by 50%. I’m getting the picture that we can reuse more and more."
Maiden Life & General specializes in affinity insurance schemes; they are made up of two Swedish insurance companies. They work with distribution partners to provide a range of protection products including life, accident and sickness, and unemployment insurance.
Maiden Life & General (MLG) works with a large number of different distribution partners across Scandinavia, The Baltic States, the UK, and Ireland. Despite strong interest in MLG’s model and products, a common challenge was finding IT resources within the partner business to build the necessary functionality.
“Many times when we wanted to launch an insurance program with a new partner, we experienced long delays. Some programs weren’t even going live due to a lack of IT resources. It’s connected to the type of distribution partners we’re working with – they’re usually not core insurance distributors and have some other key business, such as finance or banking. Thus, their IT department treats insurance as a second priority, so resources are scarce, and there is always something more important.”
Daniel Deckers, MLG Operations Manager
MLG decided to provide its partners with a solution by developing a new strategy to reduce time-to-market. They wanted to offer a simple, plug and play system that enabled their partners to distribute and handle insurance products, wherever in Europe they were based, without extensive IT development on their side. Daniel Deckers led the search for an IT partner to help MLG offer this solution.
“I was introduced to Cloud insurance and it was the flexibility of their system and the high level of professionalism in the team that convinced us. The key for us was Cloud Insurance know what they’re doing not only on the technical side but also on the insurance business side. This expertise, together with a solution-focused approach that mirrors MLG, made them the ideal partner for us”
We created a modern seamless platform for the MLG team. They mostly use the policy module for the administration of policies and premium collection. We’re pleased to know they see our platform as a key strategic component of their partner solutions.
The platform supports end-to-end customer journeys. It also enables their distribution partners to offer a diverse catalog of insurance products, simply by plugging into a platform. Besides that, this solution allows their partners to tailor online offers to the needs of each distribution partner as well as white labeling.
“With the Cloud Insurance system, our time-to-market improved by 50%. I’m getting the picture that we can reuse more and more. Hence, we’re getting faster and faster in implementing new programs and making it simpler for our partners.
This system always gives us an option to handle processes that we wouldn’t have handled ourselves before. We’ve been asked to quote for a tender. And as a part of the tender, we would have to do all the premium collection and invoicing. And that process is something we have never done before with our orchestrating structure.
Thanks to the highly automated premium collection module we can actually do it ourselves. So what it does, it gives us options. I think it’s important.”
The next phase of development with MLG will be to integrate the claims handling module. MLG also expects to onboard 5 new partners before the end of the year.