How Insurance Startups Are Streamlining The Discovery Process
Digital insurance marketplaces guide customers to the coverage plans that meet their needs, simplifying the often daunting task of research
Trying to find the correct insurance for their needs—assuring that they are not over or under-covered—can be an overwhelming endeavor for consumers. In response, companies are creating digital marketplaces that help customers find the right coverage for their particular needs, providing real-time information and tailored recommendations to save time and expenses compared to traditionally manual processes. PSFK researchers explored three examples:
Ask Kodiak is a cloud-based software platform that provides customers carrier contacts that meet their P&C insurance needs and gives brokers access to eligible carrier markets. Using Ask Kodiak’s search engine capabilities, users can filter by state, classification and risk-size, to instantly see product highlights for rating, quoting and underwriting criteria. Meanwhile, carriers get a digital marketing platform that gives them unique analytics about what agents and brokers are searching for and some easy-to-use tools to feature their products.
MetLife Auto & Home is launching a digital insurance marketplace called SnapeQuote, which uses advanced API technology (powered by Boston-based distribution technology firm Bindable) to enable the insurance marketplace to integrate directly into existing platforms to give end users a seamless experience. SnapQuote’s algorithms pull data from existing platforms and, with minimal additional information, can pinpoint the best available quotes from MetLife Auto & Home and other high quality home and auto insurance providers based on factors like cost and coverage. The online marketplace aims to provide consumers with streamlined information and access to licensed agents to ask questions and buy a policy.
TechCanary × Bold Penguin
TechCanary, a provider of a cloud-based, analytics-driven insurance solution has partnered with Bold Penguin, an InsurTech portal provider delivering a streamlined insurance experience via an online marketplace for commercial lines P&C agents. Bold Penguin’s portal, marketplace and recommendation engine combined with TechCanary’s agency management system—built entirely in Salesforce—reduces the time from consideration to close, supports the complete customer lifecycle and provides the operation with agent performance tracking to enable continuous improvement in both commercial lines sales and customer support.
Helping match people with the right plans for their needs ultimately benefits customers and insurance companies alike. For more insights on these shifts in the insurance market, download PSFK’s report Optimizing The Digital Insurance Experience.