SURA Masivos - Digital Broker Platform to innovate Bancassurance Qorus Innovation in Insurance Awards 2019 - Winner

Necessities and wishes of insurance customers change fast, and insurance companies should be ready to please them in the less time possible. Bancassurance isn´t the exception of this challenge and Sura Masivos understood that when it had the opportunity to see the design process of insurance and underwriting policy in Sura bancassurance business. Many bancassurance businesses in Latin America have been created using two types of models. On the one hand, some banks use its platform to underwriting the policies that they sell. Due to that fact, they must configure the insurance in their own bank´s core. As a result, the time to market in this model is the biggest disadvantage, since banks depend on their IT departments to create new insurance offers. On the other hand, other banks have decided to manage this business using other companies which are called insurance brokers. Bank and insurance company have to split their profits to pay for the broker´s job. However, it is common that customers don’t receive the experience that they could have if the underwriting process was direct with their bank or their insurance company. Both models are outdating, as none respond to the challenge of this industry. For that reason, Sura Masivos was created like a digital broker platform which enables insurance companies and banks to design and configure the process of the underwriting insurance in an agile and automatic way completely independent of their cores, reducing time and opportunely responding to the industry challenge.