What innovation will change the industry and which new technology is ‘hot’ for insurtech? We think the answer lies in the potential created by combining multiple technologies.
It’s what makes insurtech ecosystems so captivating. Integrations of insurtech innovation can bring together digital skills and unique capabilities , helping the industry evolve and continue to deliver relevant products to market.
A new collaboration between INSTANDA, a market leader in insurance software product design and distribution, and Digital Fineprint
, the AI and big data tech specialists, is enabling SME insurers to learn about their risks and needs, based on their business characteristics.
INSTANDA teamed up Digital Fineprint for a two-day proof of concept project to integrate Digital Fineprints’s product recommendation engine, ‘Convert’, with our platform.
‘Convert’ recommends insurance products for SME customers based on their business characteristics. By inputting the company name and address, SME owners and executives can get a list of insurance product recommendations based on insights from open data analytics.
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Once the customer chooses the relevant cover, they are taken through our agile quote & buy platform, completing their purchase in just a few minutes.
By offering ‘conversion through education’ and making it easier for a customer to buy insurance online, insurers have seen a decrease in drop off rate and an increase in conversion rate. This should also decrease the knowledge gap between insurers and small businesses, and improving customer experience.
Erik Abrahamsson, Founder & CEO of Digital Fineprint added: “INSTANDA is a true leader and innovator in the insurtech space. The strategic fit between their leading distribution platform and our analytics capabilities has the power to fundamentally transform the industry.”
This collaboration is great news for clients working with INSTANDA and Digital Fineprint, as the integration will create new opportunities for partnerships and allow for easier and quicker technological adoption in the industry.
The partnership also shows how effective integration within the insurtech ecosystems can be, and the ease of integrating two systems which have been designed with integration in mind from the outset.
To learn more about INSTANDA’s bespoke insurtech solutions, get in touch at firstname.lastname@example.org