Depends where you are. If you’re in the US, you would most likely hear ‘Insurance-as-a-Service’, and if you’re standing in Europe, ‘Insurance-in-a-Box’ is more common. Some people call the beautiful game ‘soccer’ and others call it ‘football’. 😉
So what does Insurance-in-a-Box or Insurance-as-a-Service mean?
Typically insurers are providing their distribution partners (lead gen, brokers, agents, MGA’s etc…) with manual means by which to do the policy administration:
By manual, we mean usually via the required PDF’s / Excel forms sent through email, and if the partner is lucky, a broker portal and/or integration into their agency management system. You can imagine how big the document management and administration nightmare can be on more complex types of policies.
With end-users more and more wanting a self-service digital experience, what PolicyDock can provide distribution partners, brokers and MGAs is basically the entire digital platform (both front-end & back-end) that comes in a box that is already integrated with the insurer, hence Insurance-in-a-Box. The distribution partner, broker or MGA can then digitally provide the insurance product to their end-clients, channel partners or other digital ecosystems via our well-documented APIs as a service, hence Insurance-as-a-Service. See how only PolicyDock has merged these two terms into one. 😎
Paving the way for powerful use cases
We believe once more partners have our insurance-in-a-box, with our open APIs, each partner will find their own creative ways in which to sell, help clients administer policies, and distribute the product through different digital ecosystems — exponentially scaling innovation in this industry.
What does this mean for carriers who are providing products digitally?
So, are you ready to exponentially scale your innovation while driving your bottom line? Contact us here.
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