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13/09/2023 Insurance Innovation

About

The first of a kind B2B quote placement platform that digitises the quote placement process for the commercial lines of business.

Innovation presentation

The quote placement process for the commercial lines of business is manual, inefficient and riddled with risks of professional indemnity claims.

Let’s assume John Berry wanted to insure the Qorus properties. As a wise buyer, John approached Broker A, Broker B and Broker C for his needs and told them that the most competitive one would win his business.

The brokers took multiple datapoints from John, massaged that data and prepared a Request for Quote (RFQ) on an excel sheet/PDF. This sheet was then floated to the insurance companies that each broker prefers, with a significant overlap in their choices of insurers. They now wait (impatiently) for their RFQs to be answered. Estimated Time: 3 days.

On the other side, anywhere between 1 and 36 insurance companies are preparing quote slips for the Qorus risk. More often than not, a lack of communication leads to duplication of work for the insurance companies. After underwriting the data dump in multiple formats sent by the three brokers, they respond with a quote slip in their own formats. Estimated Time: 4 days

Broker A, Broker B, and Broker C now negotiate their terms with the insurers for their client to maximise the coverage and discount for Qorus. Estimated Time: 5 days.

After a back and forth of multiple quote slips and no real audit trail, the brokers struggle to find some sanity and prepare a quote comparison report for John. May the best broker and the best insurer win now. Estimated Time: 2 days.

At the end of it all, John chooses Broker B and Insurer R for his business. Congratulations to the winners of John’s business! Total Time: 14 days (can go as long as 21 for larger and more complex risks)

What about the rest? For every successful quote placed, around 30 unsuccessful efforts are made by the industry. These efforts required 4-5 resources staffed in each organisation for a period of 14 days.

There has been a digital revolution for retail products like Life, Health and Motor. We get it. The commercial lines of business are complex and data heavy. Rate calculation algorithms are difficult to standardise, particularly for different insurance companies while ensuring their data security. Every insurance company has their own formats for quotes and there is a fair amount of rigidity towards standardisation. The system would have to deal with underwriter management and quote allocation. It should also address knowledge gaps and educate lesser experienced resources in the organisation of both intermediaries and insurers about covers and products through some form of machine learning and historic data. Since we’re asking, let’s also ask for query management and audit trails to take care of our liability. Oh, and the interface should be usable by a 20 year old and 65 year old alike. Can you also provide analytics and gamification to encourage a quicker turnaround time? The system should be customisable and allow for bespoke wording. We should be able to add new covers and create new products on the fly with no code required. Oh, and we want all of this to be done in 2 minutes and 37 seconds. This should plug and play with our existent systems though.

We also need the developer to be an impartial party because no intermediary or insurer would use a competitors product and we hate multiple touch points.

ALWRITE ALWRITE WE HEARD YOU! One single placement platform for the entire commercial insurance ecosystem!

Uniqueness of the project

The first and only product in India if not the world that tackles the complete quote placement process for the commercial lines of business. It is configurable by each tenanted user to their own specifications.

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