Suggested next reading
Growing a customer base for a new insurance market player
Adapting to the customer needs is critical. iNext knew it and hence wanted to use the momentum and leverage technology to become a frontrunner on the travel insurance market.
In this case study, we review how our solutions helped iNext to achieve its goal.
iNext's legacy system struggled with the launch of new products and features at the pace required for a growing organization. Furthermore, it required a lot of company resources on legal and compliance work. Jeff Thaxter, the Director of iNext, says: “The original solution was sort of like the Voyager from Star Trek, where we’d just add one piece after another and it just ended up being this massive thing that wasn’t responsive to an evolving need”.
The company initially attempted to develop the IT system internally through the help of an external supplier of CRM systems. Unfortunately, this didn’t work for them, so they reached out to their network for help and found out about Cloud Insurance.
At the time of the first contact, iNext found themselves in a precarious position as they needed a solution before the end of the fiscal year, which was rapidly approaching. With an ambitious deadline, it required a considerable commitment from both parties to have a solution up and running before the end of the fiscal year.
We delivered to deadline and provided a solution tailored to the specific needs of iNext. As Thaxter underlines:
“The team was very responsive, transparent and had great communication. They asked the right questions in a timely fashion, which meant that they understood our needs straight away.”
Through our flexible software, iNext has been able to make quick changes and modifications to their products in response to external factors such as legislation, something crucial in an increasingly competitive market. “It takes longer for us to specify the changes from a legal and financial perspective than it takes for Cloud Insurance actually to set everything up,” says Thaxter.
When changes to the US regulatory environment manifested; and, as a consequence, schools struggled to find solutions, iNext was able to respond to the crisis and help their customers quickly through their partnership with Cloud Insurance.
The outcome of our collaboration with iNext is a more flexible infrastructure built for scalability. The flexibility of the software provides a quicker turnaround on product development and ensures higher customer satisfaction through an intuitive user-experience. A nimble cloud-based system allows iNext to handle more customers and keep up with industry trends.
“The insurance market is continuously changing and it's important to be at the forefront, and not just reacting to market changes, but actually helping to define it.”
Since the implementation, iNext has seen a revenue growth of 20% and tripled their product catalog. As a non-profit, they can help even more customers and provide better products and services overall. Also, it can offer their customer a more user-friendly experience.
iNext specifies the importance of the real time access to policies, coverage and customer information. This enables them to keep customers safe across the world irrespective of time differences, as personal information is always available in the event of a crisis.
With a system built for scalability iNext will be looking to expand into additional markets, and provide new products and features based on customer preference and current industry trends. Their new, flexible infrastructure enables, rather than limits, innovation. As Thaxter highlights:
“There was growing frustration—both internal and external—with the limitations of the old platform; but now user-friendliness is at the forefront of our operations.”
The iNext travel insurance plans are provided by CIEE (Council on International Education Exchange), the world leader in international exchange since 1947.
Cloud Insurance is an all-in-one SaaS solution for insurers and insurtech companies. Whether it’s customer onboarding, claims management, or profit analytics, Cloud Insurance eliminates the need for disjointed legacy systems when running an insurance business. Cloud Insurance’s rule-based technology saves time, reduces expenses, and boosts profits. Learn more about our solutions here.