Industry experts say that INSTANDA’s no code platform and ADROSONIC’s insurance domain expertise will empower insurers with the agility to price risk in ways that meet the client’s needs in a changing post-Covid-19 world.

In a significant development to accelerate the ongoing digital transformation in the insurance industry, INSTANDA, a UK-based SaaS Insurance software platform has entered a partnership with ADROSONIC, a digital consulting firm. Industry experts say that INSTANDA’s no code platform and ADROSONIC’s insurance domain expertise will empower insurers with the agility to price risk in ways that meet the client’s needs in a changing post-Covid-19 world.

Delighted over the tie-up, Tim Hardcastle, the CEO & Founder of INSTANDA, said: “Partnerships play a key role in the insurance industry, not merely for the growth and expansion of the business involved, but also for the transformation of the industry. The new partnership with ADROSONIC is exciting as it provides capability to new markets in North America, India, Middle East as well as Europe.”

Mayank, CEO & MD, ADROSONIC, said that the tie-up would provide insurers with innovative digital product and customer propositions for new markets as well as liberate insurers from inflexible legacy tech and from high-risk, high-cost and multi-year change programs.

“Given the paradigm shift that the market is undergoing, partnership models need to demonstrate not just agility and flexibility but to do so with high quality execution. ADROSONIC and INSTANDA have an outstanding track record of delivery so I am excited at what we can offer insurers to realise their ambitions and bring new ideas to market.” Hardcastle added.

“An unprecedented event like Covid-19 has left a sudden yet profound impact on the Insurance Industry and their IT Systems, as they are now subject to rigorous scrutiny following the rapid shifting of entire workplaces online that was forced due to the pandemic,” Mayank said. 

“As the key decision-makers respond to the new market demands and opportunities, they are starting to question the limitations of their existing processes and legacy systems, they also had to reassess the cost base turning to a more cost-effective and agile platform which enables them to provide quicker and more responsive service to their customers and clients. In such a scenario, INSTANDA’s no code platform coupled with ADROSONIC’s domain expertise along with a wide range of digital accelerators including RPA, Data Analytics, & CRM are key in liberating insurers from inflexible legacy technologies.   

These accelerators will power transformation across organisations looking at improving their ROI by dramatically reduced product launch times, underwriting and distribution costs and an unrivalled customer experience,” he concluded.

INSTANDA works with the leading carriers, MGAs and brokers in UK, Europe, North America, LATAM, Africa, Middle East and Australia. INSTANDA is the Insurance Industry’s first no-code business platform and allows insurers to break into new markets as well as overcome the drawbacks of legacy IT systems and embrace the benefits of digital transformation.

CEO & Founder of INSTANDA, Tim Hardcastle, discusses how businesses leveraging technology are speeding up processes, increasing flexibility, reducing costs,…

CEO & Founder of INSTANDA, Tim Hardcastle, discusses how businesses leveraging technology are speeding up processes, increasing flexibility, reducing costs, freeing up resources and driving profits.

February 2020 brings with it the first leap day in four years, gifting us with a whole extra day of precious time. With this theme in mind, I asked myself: what could be achieved within the insurance industry if only we had more time?

The greatest challenge facing insurers and their time is inflexible technology solutions and legacy platform constraints. Whether it is by limiting the ability of insurers to improve existing processes, or to develop new ones, the legacy systems still used by the industry today waste time, create congestion and frustration, and simultaneously, stall improvement and progress.

But technology offers a solution. As we’ll explore, we see insurers increasingly challenging the constrains of time and, through the use of technology, they are beginning to set the path of a more streamlined, reliable and efficient way of doing business. In this article we show the businesses doing just that and outline the impact it’s having: speeding up processes, increasing flexibility, reducing costs, freeing up resources and driving profits.

Bringing products to market in record speed: Hiscox

The ability of digital platforms to drastically reduce time to market is not a new concept. But what speeds are we talking? Hiscox are leading the way when it comes to distribution and responding to market need. Hiscox’s car product in Germany for example was built in just 10 weeks and the second product, with more channels, was built in just 6 weeks.

Through the use of INSTANDA’s no-code technology, Hiscox has been able to create their own ‘agile product factory’. This means Hiscox have a team of in-house and partner configurators who are adding more books, building new products and making changes whenever the business requires it.

Increasing flexibility and driving innovation: Imperium

Imperium aims to empower its customers by making specialist products easy to purchase. This requires them to get highly tailored products out to brokers, proactively anticipate customers’ needs and respond to market changes – quickly.

But thanks to traditional systems, it often takes months to make adjustments to existing products, let alone build a new one. Implementing a digital pathway by working with INSTANDA allowed Imperium’s trained super-users to transform to product-build mode.

In the days following a new product launch, Imperium can now react immediately to broker feedback and make changes to their questions and rates within the hour. And for the management team, it has dramatically reduced the time spent with systems providers. Imperium can now spend time developing the business and fine-tuning their offerings.

Saving customers time: Aviva

It’s not only the product teams and insurers that benefit either, but the end consumers too. Aviva’s recent deployment of INSTANDA’s no-code platform to introduce innovative life and health cover offers a useful case in point. Aviva found that medium sized enterprises (SMEs) were citing product cost and lack of staff and resources as the two biggest barriers to managing insurance.

Using INSTANDA Aviva can deliver a solution that offers a flexible, highly tailored, yet simplified protection insurance for small businesses.

Driving efficiency: Top 5 global insurer

When it comes to speciality lines, time is complex. Combined with the limits imposed by legacy IT processes, they are additionally challenging given their complexity and diversity. As a result, many are manually run and slow as a result.

In this insurer’s case, despite a number of efficiency efforts their operational model was only able to assess and quote on 12-15% of the 10,000+ submissions received without increasing headcount.

However, in just eleven weeks, the team worked with INSTANDA and Deloitte to digitise the process, enabling the business to significantly increase the size of their book without increasing headcount.

Speeding up the process increased the potential for efficiency and growth by reducing costs, improving customer (broker) experience and thereby providing an opportunity to maximise profits.

Leaping ahead: A lesson in bettering insurance industry

The ability to free up time and resource is integral to insurers looking to revitalise and grow their business – and the only way that the insurance industry as a whole will be able to leap forward.

As the above examples demonstrate, we’re helping companies make the most of their time and create more of it as a result. Through technology, insurers are enabled to quickly build the products they know customers want whilst development teams are freed up, so profits can be maximised. Moreover, customers are increasingly empowered through easy-to-purchase, personalised insurance products delivered in never before seen timescales.

With technology, the insurance industry can leap forward on its own, without an extra calendar day.

Jay Weintraub, founder and CEO of InsureTech Connect explores the digital transformation of insurance, and what makes InsureTech Connect the…

Jay Weintraub, founder and CEO of InsureTech Connect explores the digital transformation of insurance, and what makes InsureTech Connect the largest, most focused and relevant gathering of insurance industry executives, entrepreneurs and investors in the world. By Dale Benton

Walk us through your career journey and how you find yourself as Founder and CEO of InsureTech Connect?

In 2008, I launched an event series for a subset of the Internet advertising space, and it was there that I first got exposed to the world of insurance. Towards the end of 2015, I met Caribou Honig, who was a fintech VC in search of an InsureTech conference, and that meeting could have gone really poorly or really well, and I’m happy to say that it went really, really well.

What is InsureTech Connect?

We are the world’s largest event that discusses the digital transformation happening in the world of insurance. Insurance is one of these remarkable worlds. It’s worth trillions of dollars in annual premiums, it connects our lives, it enables us to do everything that we do at this moment and yet it’s something that is sort of invisible and behind the scenes. In the last four years, the world of insurance has seen, this groundswell of activity by entrepreneurs who are looking at this big world and saying, ‘Wait a second, why does it work the way that it does? There has to be a better way.” It is these entrepreneurs, the investors that fund them and the global incumbent insurance companies that all gather at InsureTech Connect in Las Vegas.

As technology has become more advanced, how are the conversations surrounding tech, different today than they were say, 10 years ago?

It’s amazing how much the conversation has remained the same, it’s the channels that are different. When we think about customer acquisition, there are certainly going to be broad shifts in how companies acquire customers as the access to channels. We must remember, the core of having a great product that appeals to people may change, but it’s the core of having something worth telling that really hasn’t changed.

Is there a challenge in understanding, and defining, what digital and digital transformation means to business?

It’s both a challenge and opportunity and it is what makes being in InsureTech such a fun place to be because is it talking about product lines. How do we use insurance in a new way? How do we take a classic product, break it into a way that is better and necessary but also helps consumers? Digital transformation is going to depend on what product line you’re in, what part of the value chain you’re in and what technologies you think can actually help you serve your customers better. There’s an immense amount of parallel transformation taking place.

What do you feel are some of the key barriers faced by insurance, in embracing innovation?

I would love for the answer to be technology. If we think about in the early 2000s when e-commerce was becoming a thing and people knew that they wanted to buy online, it still took 15 years before it became mainstream, and that was a technology issue. It was because mobile phones weren’t computers, there wasn’t connectivity, the cloud computing didn’t exist, so the ubiquity of what could be done wasn’t actually there. Today, we have consumers that want things and we have technology that gets it to them. It’s a fundamental culture change in a lot of cases, and insurance has been more incremental in nature. It’s an industry that is hundreds of years old and thinks in terms of hundreds of years versus any short-term trend.

How do companies stay on top of the new consumer demands so as not to fall behind competitors?

We have a couple of assumptions. We are assuming that over time, if it can be sold online, it will be. We assume over time that everything will be sold and written directly. The challenge for any business is, what is that time horizon? Personal lines are vastly consumed both directly and digitally, but commercial lines will one day be far more direct than they are. It’s why small commercial concerns are such a hotbed of innovation.

You think about the next generation of small business owner, it’s going to be somebody that has grown up with a phone, and so when they look to purchase their insurance, they’re going to want to start digitally versus maybe how the previous generation turned to an individual. When we’re looking at insurance, it’s about locating the pain point? Is the product going to be sold digitally no matter what? Or is it something that is still going to be sold through an individual, most likely with an advisor. How do you enable that advisor to do their job better?

How difficult is it to balance, move forward and embrace this next generation without turning your back on the existing previous generations?

I don’t think it’s a pure split. I think everybody wants to speak on the phone at a certain time, and I would say that there’s an ever-growing comfort with people who are happy to speak on the phone or not speak on the phone. We look at Facebook, right? It went from being students only, to almost getting a backlash for it becoming the playground of the parents and grandparents, and it shows the comfort of people engaging with a mobile phone as a device for consuming and inputting information.

I think about chatbots and other forms of conversational AI, and it’s a case of understanding how it helps you to make the experience better versus looking at it as just a, ‘Oh the young kids, they want to engage with their phone.’ We have to say, what does it help us do better, faster, and at scale? We have to look at these things for very specific performance enhancers and then always have an escalation process knowing that if there’s a certain level of complexity, if there’s a certain level of frustration, if there’s nuance, then there’s a trigger for people to always speak to a human. People can be guilty of looking at tech as the box that everything fits into. It’s like a hammer in search of a nail. Well let’s make it a box for everything, and we see it ultimately leads to poor outcomes.

How do you work to ensure that InsureTech Connect is relevant to the discussions of today in a time of never-ending disruption?

What is our role? Our role is to convene. When we think about the goal of insurance, both to enable people to live and take risks and to get people back to a pre-loss state faster, our hope is to always keep an eye on what’s happening and look at how we reduce the coverage gaps and say, what is actually making a difference? Who is actually making a difference? How do we make sure they get enough time on stage? And more importantly, how do we enable the attendees, via technology, to connect with each other so that start-ups meet an investor they might not have?

What can organisations, and the industry as a whole, be doing now to open the door to the next generation of skilled workers that’ll be able to continue to innovate and continue to operate in these new and exciting times?

It’s one of those great questions that has horrible answers because the businesses operate at scale. It’s about repeatable process and it’s about having the data and then acting. What we’re talking about now is, no one knows the data. We wouldn’t have guessed 5 years ago that having somebody who was really good with a mobile phone and understood Instagram could be a person that is immensely valuable to the largest organisations, and yet today, you think about some of these competencies… People are saying, ‘Oh, we want you to know how to use social because having our 10,000 employees engaged in social is actually one of the best ways for us to get seen and get noticed.’ But a lot of these skill sets we have are not obvious until they’re obvious.

The best thing is to look at the younger generation and at how they engage. Study them as consumers first, as this is how they consume and then look to understand what that means, every five or 10 years. The hardest part is we can oftentimes see where the future’s heading, but we don’t know how long it’s going to take. There’s a real discipline that says, how do we separate out some of these new skill sets, new future activities, how do we stay on top of it, without trying to either shift the entire organisation or treat it as something that is not that important today.

What would you say is key to remaining successful in this time of opportunity and challenge?

Never underestimate the power of relationships, because it’s the people who are ultimately the ones that are creating the next thing and the closer you are to the creators, the closer you are to the ecosystem itself. I think it is also being calm; you have to be calm and stop listening to the noise as much. We think about the companies that have dramatically changed our lives. I think about some of the big tech companies: Google, Amazon, Facebook, Apple. There are thousands upon thousands of start-ups that are doing interesting things, but the number of them that are going to ultimately change the way we do business are slow in their growth, in a way, before they fully change us.

Be a little patient and learn about ecosystems and make sure that you have at least someone or a team that is comfortable with these new platforms, so that when one of them becomes dominant like Facebook or Apple there’s at least some embedded knowledge about how these things work. Listen, but don’t overreact. Be patient. There’s usually always time, even though it doesn’t feel like it in the get-go.