In this case study, we review how our team delivered a customised policy management solution to meet our client’s business goal of growing their customer base while entering a new market.
The client wanted to grow its customer base and retention while entering a new market. They realised, however, that they’d need to switch to a more flexible and fast cloud-based insurance software to achieve this goal.
Based in Europe, the client was already a recognised market leader in their current niche of private loan comparison, personal protection cover, and expert advisory services to help their consumers to save money on their loans.
Now that they wanted to expand by entering a new market with a new product line, they needed to make sure their systems could support their growth as smoothly as possible to avoid damage to their current reputation and position as market leaders. As the company's Product Owner says:
“We wanted to make our insurance better, and be able to offer it to a bigger segment of our customers. We also didn't want to handle payments ourselves, because we are not experts in having our systems for payment, handling payments and invoicing sort of stuff. So we looked for a partner that could take care of that for us. That was important.”
We started our cooperation to help this insurer achieve their goals and add on missing functionality.
During the project execution, the client made a decision to change the target market. Instead of the larger European market, they wanted to focus on launching locally, in the country of their location. We adapted the initial scope to fit the new reality and deadlines.
As a result, we delivered a customised policy management solution within the desired timeframe. This involved data migration of a large portfolio of policies from their old system to ours.
“The Cloud Insurance team is awesome - 10/10 points to both Project and Development teams. I think the key to the project’s success is the communication and understanding between our teams... They took charge of things that needed to be done and answered all our questions. The whole work on the project was great, and above my expectations!” - says Product Owner.
Our technology enabled the team to transform their daily operations and automate the policy management lifecycle. These are some of the features they actively use:
Up to this cooperation, we’ve offered credit cards and real-time transactions. However, since the client required regular invoicing, autogiro and e-faktura, we've introduced it for them, and it’s now available for all clients. Also, we’ve broadened our list of global payment partners with popular payment gateways in the local target region. On the onboarding side, the insurer's Product Owner highlights: “Our handlers very much appreciated Q&A sessions and live online demos of the system. Product tours, comprehensive PDF manuals and fully functioning support portal is a great way of making transformation clearer and smooth.”
Our solution enables the client to operate more efficiently and improve customer satisfaction with more perks:
“Handlers now have more power to help customers than before. Previously we needed developers or the finance department to help the customer. But now our customer service team can do basically everything themselves.”
“Our customers are feeling a change when signing up for insurance and choosing the payment method. There's a checkout with a direct debit payment. We didn’t have it previously, so it’s great to have it in place! Also, the way we send invoices changed.”
“Customers can do and see more things about their insurance (due dates, instalments, etc). They can change payment methods, pay in advance for a few months ahead if they want. We couldn’t do that before.”
A recognised market leader in the niche of private loan comparison, personal protection cover, and expert advisory wanted to enter a new market with a new product line.
Cloud Insurance is an all-in-one SaaS solution for insurers and insurtech companies. Whether it’s customer onboarding, claims management, or profit analytics, Cloud Insurance eliminates the need for disjointed legacy systems when running an insurance business. Cloud Insurance’s rule-based technology saves time, reduces expenses, and boosts profits. Learn more about our solutions here.