50% reduction in time-to-market for Maiden Life & General

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.

1030+
customers enrolled
500+
policies issued
50%
improvement in time-to-market

Challenge

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 before we could finally launch,” explains MLG Operations Manager Daniel Deckers, “with some programs not even going live at all 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. This makes their IT department treat insurance as a second priority so resources are scarce and there is always something more important”.

Due to these challenges, 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, he says:

“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”.

 

Solution

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 next phase of development with MLG will be to integrate the claims handling module.

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. ​​MLG expects to onboard 5 new partners before the end of the year.

Daniel Deckers summarises the benefit of working with Cloud Insurance:

“With the Cloud Insurance system, our time-to-market improved by 50%, and the more processes we iterate, we’re getting even faster in implementing new programs, making it simpler for our partners. This system always gives us an option to automate processes that we would have handled ourselves before, enabling us to smoothly handle large numbers of processes in an easy and customer-friendly way. Thanks to the highly automated premium collection module, for example, we can manage large customer volumes with and for our partners without a huge amount of resource required – the options this provide us are very important.”

About customer

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.

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