Cooper Rose Digital: InsurTech, is excited to reveal that we have launched a two insurance products: Direct to Consumer (D2C) Leisure Home Insurance product, (https://quotes.myholidayhomeinsurance.co.uk/#/home) and Park Home assist (https://quotes.parkhomeassist.co.uk/quote), for one of its partners; Assist insurance Group and in collaboration with Open GI.

 

My Leisure Home had historically captured and completed all quotes and sales over the phone and wanted to add a new digital channel to their distribution. Due to the high number of quotes and interest in their great coverage product, creating a new D2C website for digital and automated applications and quotes was that next phase in the plan. With multiple project and product builds going on, Assis needed an Insurtech partner that could build exactly what was required, with minimal input from the team after the initial requirement phase.  

 

Following our successful model: discover, design and deliver, we planned our initial discovery phase carefully. Once all mock up’s for the D2C, documentation, policy management and API into an external rating engine have been reviewed, the client was happy that we had understood their needs.

 

An 8 week core development sprint, with weekly show and tell sessions proved to be just right. Our system was ready for UAT, along with sandbox accounts all integrated into the journey. The final piece to complete was the live data integration into Open GIs rating engine via their Extreme interface, as well as the monthly premium finance solution, offering client a monthly direct debit option.

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Integrations:

 

One of the really exciting elements to this project was the opportunity to collaborate with one of the biggest broker systems in the UK, Open GI. The rating engine resides in their portal, so an integration using the Extreme interface allows us to send rating data one way, and receive the premium the other way. 
 

Approach:

 

Due to the exciting collaboration for this project, we started this project with a conversation. A discovery phase ensued, 

 

- Competitive TCO

- API integrations

- Tailored solution

- System Needs:

 

The objective is to build a direct to consumer proposition, quote and bind, full stack MGA Insurance Software solution which enabled the following product features:

 

• Distribute policies via a direct to consumer website

• Build a full replication of the binding authority in a rating engine, underwriting workflow and manual underwriting

• Customer emails and documents in real time

• Policy management: business, renewals (auto and manual), cancellation, endorsements and MTA (Mid Term Adjustments). 

• White labeled broker branded policy documentation. 

• Additional reporting integration to MGA for reporting on new product 

• Commision management

• Claims Management

• Multi product back office searches and reporting

• Broker permissions and commission

• Integrations:

  • Payment gateway 

  • Sanction & PEP checking

  • Postcode lookup

 

Outcome and next steps:

 

One of the most critical and important elements post-product launch, is to remain agile. 

After the first 2 months of live sales, the figures look astounding, with online conversion at 150% more than anticipated, customer satisfaction at 98% and operational costs at the lowest for any product previously sold by this distinguished broker.