Around five years ago we were approached by a well-established high street insurance broker needing support to future proof their business by refining their back office set up and moving their product offering online.
We customised our highly automated cloud-based insurance system to take care of aggregation via GoCompare and Confused.com as well as general back office operations.
The system was able to decide if a quote was acceptable based on their risk appetite profile and the best underwriter in a matter of seconds.
Soon we were automatically responding to approximately 2,000 quote requests per day, providing a fully online sales pathway.
With little human interaction required this tripled the broker’s income and reduced operational costs by 77%.
“Huge salary savings have been achieved, we are processing large volumes of business with less staff….” The Broker
But that was just new business!
The automated procedures within the system handle the whole life cycle of a policy.
Clients are able to:
• self-service renewals,
• make a claim,
• request midterm adjustments, affording the broker to create workable margin on historically risky products due to the large manual operational cost.
Having the ability to add new products and add-ons without hassle enabled the system to convert more business through automated cross-selling.
To further aid operational flow, bordereau are created and sent to the underwriter automatically as well as accounting ledger integration to enable financial reconciliation at the touch of a button.
So what next?
We are committed to innovation and plan more automation and refinement to enable an informed product development process based on varying external data sources.
Al governed claims analysis and ratio monitoring to keep premium rating competitive but profitable.
But all this is just a summary of the system and our service which goes much further.
We provide expansive MI & Reporting, high level support and constant evolution.
Maybe Lucid UX can help you next?
Whether you’re a broker or a MGA, drop us a line and let’s see what exciting things we can achieve together!
Lucid UX Limited
T +44 (0) 208 012 8210