In today's fast-paced digital world, it's no surprise that businesses are constantly looking for ways to modernize their operations. However, for large insurers, deciding on which products to modernize for digital distribution can be a challenge. This is due to factors such as tight budgets, and the need to maintain strong relationships with broker partners. Furthermore, some products are bundled as part of more complicated commercial insurance products, making it challenging to digitize them for online use.
Complicated documents are also necessary for some products, even though users only want to complete a simple flow. Previous customer service resources are wasted answering straightforward questions where the policy premium size does not justify the allocation of resources. Manual email between broker, insurer, and insured just results in inefficiency and a long sales process that can lead to client slippage.
At PolicyDock, we have developed a solution to address these challenges. We have digitized products that were previously considered legacy, including submission forms, rating tables, and policy documents. By integrating with third-party data sources such as Verisk, we have packaged everything into a simple online platform. This platform includes admin privileges and changes available for the underwriter, a white-label broker portal that allows large brokers to have their direct-to-consumer and automated binding of the policy, and a policyholder portal for insured to check policy details at any time.
Our API-first approach ensures that Insurtechs and digital ecosystems have full APIs to build on top of the platform, unleashing innovation for the insurer. One example of insurers using our solution is Travelers, who are leveraging the platform to do Rate/Quote/Issue (RQI) on the glass for a simple tractor protection product. This application has the potential to reduce cost and increase customer satisfaction. The whole system was built in less than 3 months and it interfaces with a legacy backend process seamlessly. This eliminates the integration headache, which can become a cost sink in many digitization projects. Our SaaS solution ensures cost scale with usage, and our dynamic data model allows for versioning for new policy versions, making it easy to update digital forms instantly.
Legacy products don't have to stay legacy. By digitizing products and integrating them into a simple online platform, we can help insurers achieve significant speed and cost savings while unleashing innovation for the future.
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