iSure platform ensures transparency between insurers and brokers.

Digitalization is supposed to make work easier and, not least, faster. That is the general opinion. A lot has happened in the insurance industry in this respect in recent years, but most of the efforts in terms of digitalization revolve around the company itself.

When it comes to collaboration between different companies (B2B), digitalization is too often still limited to the exchange of documents in electronic form.
For brokers in particular, who act as a link between various insurance providers and end customers, this means that they record the customer’s details, enrich them with their own background information, obtain an overall picture for the risk transfer and pass the documents and data on to the relevant insurance providers.

These providers only take over – usually manually – the data from these documents that they can use for their specific product. This takes time and is prone to errors, and the reverse process from the insurers to the brokers is also not digitally consistent. Insurers rarely grant brokers access to their data and therefore also to quote requests, existing insurance policies and claims returns. Brokers are therefore heavily dependent on the cooperation of insurers, which costs a lot of time and money.

Direct access to insurance offers would make the work of brokers and managing general agents (MGAs) easier. It would be helpful if brokers did not have to access an additional platform for this, but could use their existing CRM system or CMS directly.

Hesse Digital offers such an option with its Isure platform. As soon as the company receives its license from the Liechtenstein Financial Market Authority (FMA), it will commence its business activities – the application was submitted this summer. The Isure platform has already been used successfully for insurance solutions for several years, including by a global broker.

All administrative processes are automated here, which saves time and costs on both sides. The platform is accessed directly, eliminating the need to repeatedly enter the same data.

Isure is set up as a NoSQL system, i.e. a non-relationally structured database. The data is therefore stored at a very granular level and can therefore be used more flexibly than with conventional linear databases. The platform is suitable for large volumes of data and is designed for scalability. This allows risks to be adequately assessed, which leads to above-average underwriting results, including for brokers.

The contract clauses are also stored in a clause library in the platform. This means that the insurance policy is put together within a very short time once the criteria have been entered. In other words: Whereas in the past, policies were typed into a typewriter to suit the customer, IT systems with standardized contracts later restricted the freedom to offer customers tailor-made insurance solutions.

With the Clause Library, brokers and insurers working with Isure regain the freedom to adapt risk cover to their customers.
Hesse Digital is currently focusing on working with brokers, MGAs and traders. Insurance in the affinity, property and casualty and aviation sectors is currently planned.

Collaboration with specialized brokers or MGAs, for example, allows non-insurance companies to include ancillary insurance services in their value chain and thus expand their margins and increase customer loyalty, for example with an extended warranty when selling an electronic device.

In principle, Isure allows all risk transfer options. However, it makes sense to focus on those risks that occur in large numbers in a homogeneous form. Of particular interest are niche markets where no standardized offerings are yet available, such as installations for new energy sources like hydrogen or liquid gas. In the mobility sector, customized risk transfers are being considered for companies that offer mobility-as-a-service business models.

The advantage of the granular platform in conjunction with the brokers’ and MGA’s access to the platform offers a huge playing field for new risk transfer ideas, especially for innovative brokers. The ability to absorb new business ideas and implement them quickly is a further driver for the desired success. The opening of data information to brokers is therefore not just goodwill on the part of the risk transfer provider, but a cross-fertilization.


Source: www.handelszeitung.ch