Insurers within the technology industry often struggle with the constantly evolving landscape requiring scale innovation.
However, INSTANDA helped drone insurance provider Moonrock ditch legacy systems and embrace modern technology for enhanced speed, agility and scalability.
Moonrock specializes in providing insurance policies to the drone industry: a fast-moving market which demands both speed and innovation from insurers.
Regarding development, Moonrock previously worked with a different third-party provider using slow, inefficient and expensive legacy technology.
Even making policy changes or requesting a report came at a high cost, which was impractical for Moonrock’s budget as a small business. Plus, with an average policy development time of one year, it didn’t provide the speed they needed to meet the needs of a changing market.
Working with INSTANDA has given them the flexibility and speed needed to scale at ease and work towards their international expansion goals.
With INSTANDA, Moonrock’s delivery time has been reduced by 90% and development costs have been slashed by up to 100%.
While Moonrock is not technically a start-up, it’s still a relatively small business with budget constraints. As a result, Moonrock's Head of Product, Luke Mackie, was tasked with building the business's system from the ground up. Despite having limited development experience, using INSTANDA, Luke was able to launch two commercial platforms, from scratch, to market.
Moonrock’s Managing Director, Simon Ritterband, said:
“What Luke was able to do on his own was build an incredible commercial platform. And what that means is it's a system that is intuitive. Luke's by no means a trained developer, but he was able to build a product to go to market with - it's been finessed with the help and guidance of INSTANDA, but he's generally been able to sit down on his own and build a product from the ground up.”
INSTANDA's open-source technology has enabled Moonrock to develop and update its central system and broker portals quickly and continually build new policies to meet the market's changing needs, including an upcoming 'hobby policy' product.
Moonrock must ensure its customer experience is as smooth as possible in a highly competitive market. With INSTANDA, they have been able to streamline customer processes and ensure that buying and managing policies is fast and straightforward.
“We also have another capacity provider, which is a line slip - so its price submit. We send our customers proposal forms, which they can fill out online, which we can then integrate into our backend pricing systems as well.
"So we can have so many different things on INSTANDA and not have to buy one product and pay for that and then have to buy more; we can have as many as we want on there, which we love."
The drone market is evolving rapidly, with daily technological advancements - so competition among insurance providers is fierce. Staying ahead of the curve and being first to market with new, innovative products is imperative to success.
With INSTANDAs flexible no-code platform, Moonrock can quickly and easily amend products to keep pace with advancements, new compliance regulations, and more.
With INSTANDA, Moonrock have managed to publish 12 small change batch releases in three months, compared with an average of less than one per quarter with their previous provider.
“If we need to make changes, to pricing, to wording, or to endorsements, we can do it instantly. I can send an email to our Head of Product saying ‘that needs to change,’ and he will do it within five minutes.
“Previously, I would have had to wait to get a price from the previous legacy provider, then argue about the price, then it would take a week for them to do it - so lots of time and effort. Now, it’s literally a five-minute job with no extra cost.”
In addition, Moonrock can better manage its broker network. For example, they’re “going to be rolling out a whole broker strategy very shortly” to reflect the positive changes that INSTANDA has brought to the business, including how quickly they can get brokers onboarded.
“If we want to launch a white label product and we're entering into two agreements with large brokers, it would have taken six to eight weeks to have got the system right for that particular broker partner. We can turn them around, probably within a week now.”
In markets like the one Moonrock is in, it’s important for insurers to keep the interest of potential customers by moving quickly. “Drones are the future. Everyone’s excited and we need to keep the momentum going,” says Simon.
Therefore, making sure underwriting and distribution capabilities are quick, and pain-free is crucial to meeting customers’ needs while they’re still in a buyer mindset. Simon says:
“If we’re signing up a new customer and then we have to take a pause, to get the developers to make sure the APIs are working and fits in with the work - you lose that momentum. INSTANDA allows me to say, right, we can get going with this straight away. Send me your artwork, send me your sales team’s details so we can get you set up with broker accounts. It’s all about momentum, and INSTANDA allows me to keep the momentum going in sales.”
With INSTANDA, the team at Moonrock have one primary contact to turn to for any problems or queries, knowing that they will get a response almost instantly. This differs from their former legacy provider, for which they needed to deal with developers in multiple countries - making the problem-solving process slow and inefficient.
With our previous provider, we were having to deal with their developers in Portugal and in Birmingham. Now we have a centralized port of call, and we know whether it's a finance issue, or a development issue, or any type of query, we have a key person to turn to, and we don't have to go to 16 different people.
“INSTANDA are always very much on the front foot. They see what's happening in the market and react to that quickly.”