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Growing a customer base for a new insurance market player
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Despite solid interest in their business model and products, finding IT resources to build the necessary functionality for insurance distribution was a common challenge.
Maiden Life & General (MLG) works with a large number of different distribution partners across Scandinavia, The Baltic States, the UK, and Ireland. Despite strong interest in MLG’s model and products, a common challenge was finding IT resources within the partner business to build the necessary functionality. MLG's Operations Manager Daniel Deckers says: “Many times when we wanted to launch an insurance program with a new partner, we experienced long delays. Some programs weren’t even going live due to a lack of IT resources. It’s connected to the type of distribution partners we’re working with – they’re usually not core insurance distributors and have some other key business, such as finance or banking. Thus, their IT department treats insurance as a second priority. So resources are scarce, and there is always something more important.”
MLG decided to develop a new strategy and provide its partners with a solution to reduce time-to-market. They wanted to offer a simple, plug and play system that enabled their partners to distribute and handle insurance products. Wherever in Europe they were based, there would be no need for an extensive IT development on their side. Daniel Deckers led the search for an IT partner to help MLG execute this strategy:
“I was introduced to Cloud Insurance and it was the flexibility of their system and the high level of professionalism in the team that convinced us. Cloud Insurance knew what they were doing not only on the technical side but also on the insurance business side. This expertise, together with a solution-focused approach that mirrors MLG, made them the ideal partner for us.”
We created a modern seamless platform for the MLG team. They mainly use the policy module for the administration of policies and premium collection.
We’re pleased to know that MLG see our platform as a key strategic component of their partner solutions. Our platform supports their end-to-end customer journeys. It also enables their distribution partners to offer a diverse catalog of insurance products, simply by plugging into a platform. Besides that, this solution allows their partners to tailor online offers to the needs of each distribution partner as well as white labelling. In the first year they sold 10,000 policies.
“Our time-to-market improved by 50%, and the more processes we iterate, the faster we're getting in implementing new programs. This system always gives us an option to automate processes that we wouldn't have handled ourselves before. We can now handle large numbers of processes in an easy, smooth and customer-friendly way. Thanks to the highly automated premium collection module, we can manage large customer volumes and this is very important for our partners.”
Maiden Life & General specializes in affinity insurance schemes; and are made up of two Swedish insurance companies. They work with distribution partners to provide a range of protection products including life, accident and sickness, and unemployment.
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.