Description

The market for niche insurance is small, but excellent. Specialty insurance for works of art or classic cars, for example, covers a narrow but exclusive market. In-depth expert knowledge of the industry and outstanding claims handling services are in demand.

Hiscox – a traditional company with modern solutions

As an international specialist insurer for precisely this market, Hiscox offers an insurance portfolio to cover professional risks, private assets and special risks. For customers with high-value private property, Hiscox offers insurance with comprehensive all-risk coverage, especially for art, valuable household goods, vacation homes and classic cars, as well as ransomware insurance. For art collections and art exhibitions, Hiscox offers special concepts. For business customers, Hiscox offers industry-specific pecuniary loss liability, D&O and cyber insurance tailored to medium-sized service companies. Here, Hiscox focuses on the IT, media, telecommunications as well as management consulting industries.

Hiscox and Sapiens

Hiscox EU decided to launch with Sapiens IDITSuite for Property and Casualty and cloud-based Sapiens Intelligence. Germany was then the first country for Hiscox to go live with IDIT. With Sapiens’ core platform and managed services, Hiscox achieves greater cost effectiveness, scalability and sustainable profitability. It also enables insurers to adapt to increased regulatory pressure.

The packaged IDITSuite solution, with Sapiens as a partner, will help Hiscox improve efficiency and scalability, analyze data, leverage open interfaces and focus on core business strengths. Upon completion, Hiscox will dismantle its legacy environment to take full advantage of the cost benefits, speed to market, product and process flexibility, and ease of maintenance offered by IDIT’s Sapiens. As part of the Hiscox Group, the company has developed a long-term IT strategy that will realize its vision of becoming a European specialty insurer. The goal is to build a network of customers, brokers and partners.

Going forward, Hiscox will focus on straight-through processing as well as end-to-end digitization. Straight-through processing offers increased automation throughout the lifecycle. In addition, the focus is on fast and cost-effective connectivity with third parties, architectural, product modularity and agility as well as fast and flexible changes with a high level of business self-service.

Facts

• Supporting Hiscox with the IDITSuite packaged solution with Sapiens
• With the help of Sapiens, the LEAP change program was implemented, which forms the basis for the future viability of Hiscox Europe
• With Sapiens’ core platform and managed services, Hiscox achieves greater cost effectiveness, scalability and sustainable profitability

The post Hiscox: Carefree with the right kind of protection appeared first on Sapiens.

MMSV needed to rapidly scale up their activities, simplify their legacy programs and enhance and expand their services. Their aim was to streamline operations and maximise efficiency by integrating seven distinct systems into one, easily accessible, cloud-based platform.

Sapiens CoreSuite for Life & Pensions enables MMSV to reduce risk and cost while pursuing exponential growth in its chosen markets. The solution simultaneously enhances data quality and provides vital business insights. Sapiens CoreSuite consolidated MMSV’s operations and maximised their efficiency.

The post Mapfre MSV Life’s Digital Leap: A Brighter Future Ahead appeared first on Sapiens.

The post Sapiens empowers launch of direct-to-consumer life insurance appeared first on Sapiens.

The Client | Anadolu Sigorta

For Turkish insurer Anadolu Sigorta, “Never Lose” was the founding principle that drove them to become one of Turkey’s Top 10 most valuable business brands across multiple industries, with 1,500 employees, 110 brokers and partners, 2,500 agents and more than three million consumers.

For Anadolu, “Never Lose” represents a commitment to being a leading insurance carrier for customers, brokers and partners, and to make insurance affordable and accessible in one of the most underinsured regions of the world.

The Challenge

Anadolu was experiencing demand from consumers for a faster service across all channels, which accelerated during the pandemic. Their existing platform relied heavily on customization and coding, making simultaneous product launches and workstreams challenging. Anadolu’s complex web- services limited their ability to engage with partners to improve distribution and customer service. Anadolu needed to consolidate its employees, bank branches, agents and brokers into a new data processing network through an online, real-time, state-of-the-art system in a hosted environment.

The “Never Lose” commitment was planted and fertilized, and competitive positioning was the growth plan.

The Solution

It was only natural that a company fueled by a “Never Lose” philosophy would pair up with a provider that powers insurers through digital transformation – Sapiens. With 40 years of industry expertise serving more than 600 customers in 30 countries, Sapiens offers a pre-integrated, low-code platform and a cloud-first approach.

Sapiens IDITSuite for Property and Casualty was the solution Anadolu selected to carry out their “Never Lose” plan. Sapiens flagship platform for global insurers, IDITSuite is a cloud-first, component- based, end-to-end software solution that offers policy, billing and claims software.

“Every digital transformation tells a story – about the challenges of streamlining and accelerating customer journeys. The transformation of Anadolu’s processes is an inspiring story about impact – on our company and the nation we proudly serve. Also remarkable is the fact that it took place remotely during the pandemic, with minimal business interruption.”

Mehmet Abaci, CIO, Deputy Chief Executive, Anadolu Sigorta

The Results

Using Sapiens solution, coupled with its industry expertise, Anadolu managed to shorten time to market and improve customer experience and journey across multiple channels.

The modularity of Sapiens IDITSuite has been a crucial factor in the success of Anadolu’s transformation project. The ability to go live gradually with multiple lines of business and smoothly migrate millions of customer contacts without any disruption to day-to-day operations empowered Anadolu to continue business as usual, while upgrading its digital readiness. The go-live enabled Anadolu to become a more integrated and agile insurer, by improving business results and complying with the strict Turkish regulatory environment.

The almost doubling of Anadolu’s digital reach also enabled new point-of-purchase insurance products with telcos and a targeted program that make insurance easier to buy for consumers via the innovative Juno 100% digital brand. Juno is an application-based insurance quote-buy service aimed largely at first-time insurance buyers, which has an addressable market of some 19 million consumers mostly in the 18 to 35-year-old category. Juno had 25,000 downloads in the first months after soft-launch and provides access to additional insurance coverage such as pet and health insurance.

Integrating Sapiens IDITSuite powered Anadolu with:

• 13 new products delivered in 18 months
• 1.5 million additional new customer policies, as of Oct. 2021
• A 33% increase in external APIs harnessing the insurtech ecosystem
• A reduction of time-to-market for new product launches by an average of 75% – including the first Turkish 100% automated quote/buy/claim travel product and the nation’s first 100% automated parametric insurance product

In summary, the transformation addressed critical business themes:

• Where and how to add AI driven processes into Anadolu’s data, analytics and digital services to improve customer service
• How to make use of their insurance ecosystem for partners, agents and customers
• How to embrace and adjust Anadolu’s omnichannel distribution of existing and new products and make them even more accessible to consumers

Societal Impact

Anadolu has always played a critical role in the economic development of Turkey. Its digital transformation has had a significant impact on the society at large and has set an example for other Turkish insurers. Anadolu’s core system transforms the customer experience for 12,000 system users and four million consumers. By making insurance affordable and easier to access, Anadolu has alleviated widespread under-insurance in Turkey, where only 57% of residences are covered by compulsory earthquake home insurance (fire), and even less covered by non-compulsory coverages. Anadolu’s societal impact demonstrates how the digitization of insurance reduces prices and offers equal access to coverage.

About Sapiens

Sapiens empowers insurers and financial markets with digital software solutions and services. With 40 years of experience and 600 global customers, Sapiens has a proven ability to satisfy customers’ core, data and digital requirements.

The post „Never Lose“: A Digital Transformation appeared first on Sapiens.

The company history of “die Bayerische” goes back more than 100 years. The traditionally rather regional provider of various insurance solutions has achieved a top position in the Internet business by consistently entering the online world. In the meantime, the majority of the product landscape is available online – for direct sales and as a digital tool for brokers and field staff. sum.cumo Sapiens has developed the necessary front-end solutions for this and taken over responsibility for online marketing.

Facts

• The company history of die Bayerische is more than 100 years old, but a recent move to the online sector has made this company a digital star in the national insurance market.
• Almost all products are now availably for online purchase – using tools for direct sales as well as by providing digital solutions to brokers and tied agents.
• We have build all frontend solutions for this client and are charged with operating all online marketing efforts.

The post die Bayerische: Becoming a national powerhouse by using digital solutions and smart online marketing appeared first on Sapiens.

Dextra Rechtsschutz AG was founded in 2012 by a four-member team consisting of legal protection experts with many years of experience.

The founding objective of Dextra Rechtsschutz AG was to offer high-performance legal protection products with an attractive pricing model for private individuals, businesses and small companies and to awaken the tradition-bound Swiss market. The stable legal protection market is still growing and is served by a few firmly established market participants with a corporate background. Insurance processes should be digitalised with disruptive measures and adapted to modern customer needs. The success story of e-commerce should finally impress the Swiss insurance market.

Dextra Rechtsschutz AG and sum.cumo Sapiens jointly set up a new multilingual online platform. It offers interested parties, customers, brokers, associations and claims partners access tailored to their individual needs, which is almost completely digital thanks to seamless integration with the administration software. For example, everything can be processed and managed 100% digitally, from the conclusion of the policy to the notification of claims and subsequent claims settlement. Here, the focus was always on the use of the latest web technologies and the app model of the future was implemented: The front-end development is based on Vue.js, a JavaScript framework for the creation of single-page applications (SPA) and progressive web apps (PWA). Increasing sales figures show the success of this focus.

Since January 2021, www.dextra.ch has been presenting itself in a completely new light with the introduction of an innovative modural product concept. To open up new target groups, the team of Dextra and sum.cumo Sapiens developed a completely new brand presence within a few months. In addition to an immediately apparent new user interface in combination with a unique visual design, the unique e-commerce application SCIP Sales has now also created the possibility of launching new insurance products on the market in the shortest possible time. The powerful frontend solutions, the product and price configurator and the flexible infrastructure in combination with the communication middle layer made it possible, for example, to quickly introduce an extensive “dexicon” as well as a blog in which users are provided with appropriate information on current topics. In addition, application sections were introduced that react dynamically to changes in the product configurator and adapt immediately.

The secret of success of this unique project is the combination of the latest web technologies, a lot of courage and unique collaborative work of the teams. Today, we are an integral partner of Dextra and are responsible for technological and process development as well as online marketing and brand development.

Facts

• dextra Rechtsschutz is a successful digital scale-up in Switzerland.
• dextra Rechtsschutz stands for digital legal protection insurance and is the fastest growing insurance company in the sector.
• sum.cumo Sapiens has accompanied dextra as a tech and marketing partner on this journey since 2012.

The post Dextra: With legal protection and motor insurance to a successful scale-up in Switzerland appeared first on Sapiens.