In the quickly evolving insurance industry, it seems like every insurance company is adopting a new, cutting-edge digital insurance platform. And while investing in insurtech can be a wise move, there's a common thread with most of the digital insurance platforms out there.
Once you start shopping, you'll find that they all start to look the same. They all use modern technology. They all promise to help you launch new products. They all aspire to make your insurance company run smoother.
So, if every platform is telling you the same thing, what should you actually be looking for to find the best digital insurance platform on the market?
Easy, Fast Plug-Ins
When looking for a digital insurance platform, you need something that will work with your legacy technology. Of course, every platform will integrate with your system, but not every platform integrates the same way.
Whether they're promoting SDKs, APIs, or some other kind of integrations, you need to make sure that the platform will work and work well. Be on the lookout for three things: speed, reliability, and ease.
- Speed: Do these integrations take days, weeks, or months?
- Reliability: You want integrations that have a track record of success.
- Ease: Ideally, you’d like an integration that doesn't require an excessive amount of coding (or, better yet, no coding at all).
Every company or organization has a certain level of bandwidth, so it’s important to recognize that and not exceed those limits.
A new platform can help you offer a product you don't already have. Maybe that's usage-based insurance or temporary insurance. A lot of insurtechs can help you get this over the line. That being said, these products must be adaptable to your unique company and circumstances.
For example, suppose you have several fleets of rental cars. Embedded insurance is a great opportunity for you, but only under certain circumstances. You're limited by geographic regions (some states don't allow it) or by profitability (with some vehicles it's simply not profitable).
The right digital insurance platform needs to be adaptable to your unique needs.
Strong Risk Engine
"What powers your risk engine?" This is an important question to ask.
All too often, companies don't rely on cutting-edge tech to do this. Look out for big data, machine learning, artificial intelligence, or a combination of all three.
If they offer anything less than this, you're probably better off sticking to what you're already using. Keep in mind that a smart risk engine can analyze factors that humans cannot.
At the end of the day, you want a digital insurance platform that’s going to make your life easier–not harder. With today’s technological advancements, you’re going to want to automate many of the tedious, annoying, and complicated tasks that you have with the utmost accuracy.
When it comes to customers, many seek efficiency and painless experiences. So, you should always consider platforms that have good customer experiences for both you (the insurer) and the driver.
All in all, you need something that looks and feels like your product. After all, your loyal customers may not know this new brand. But with a white-labeled platform, they don't need to.
A white-labeled digital insurance platform will allow you to brand it with your logo and launch it without your customers giving it a second top. And it should be easy for you to implement your branding on the backend of the digital insurance platform.
Everything under one roof
At Inaza, we included all these features in our digital insurance platform. If you're in the market to launch new products, optimize your current offering, or automate your backend processes, reach out and let's discuss your unique goals.