A pain point for the customer, in terms of cost and service, are barriers to collaboration, between insurers and agents as well as insurers with each other. These barriers include detailed generic insurance applications (paper or on-line, doesn’t matter), mismatched technology (between broker and insurer) and lack of technological innovation and investment. Making matters worse is an insurance industry that doesn’t seem to care for change even though it could greatly improve customer’s experiences.
Awywi’s Insurance Fulfillment Platform (IFP) removes the barriers between insurers and agents as well as between insurer and insurer. A funny thing happens when you improve the process; Everyone Saves Money! Our focus is turning those savings into customer savings.
We are also convinced that the same barriers that increase costs also stifle innovation. We see a world changing before our eyes with dramatic impacts for the insurance industry. Climate change and now Covid-19, the largest threats to the insurance industry, are creating instability that the industry has never faced before. Natural catastrophes are becoming common place. Record drought, rainfall, cold temperatures, hot temperatures and rising water levels are wreaking havoc for insurance companies.
Insurers are tightening capacity, especially in areas that are prone to natural disasters. The need for insurance has never been greater, yet the ability to get insured is quickly becoming more difficult. Part of the solution lies in insurers working together to share in the more problematic risks with little or no friction that adds significant costs. Awywi’s IFP allows insurers to innovate beyond the capabilities of current systems.
Our IFP can:
- Quote, recommend, issue insurance documents instantly and collect payment between multiple insurance companies.
- We believe that our ability to cut costs and pass those savings on to our customers will always ensure that the customer gets good quality insurance at the lowest cost. We use technology to better match customers with the right products and coverages for their unique Insurance risk profile. Unlike comparison websites that use price as the sole measurement – which, in absolutely no way guarantees a wise purchase decision.
- Automate the policy change process including cancellation, taking those costs to zero.
- Handle renewals like new business, automatically seeking alternative quotes and making recommendations.
- Store all of our customers quotes and policies (insurer-agnostic) in a single easy to access “policy wallet”.
- Provide competitive feedback to our partners including measuring and comparing individual performance to the generic group.
- Easily adapt to all types of insurance products; Property/Casualty, Life, Health, Travel, etc.. Some of the specific examples include:
- Contractors (and Contractor’s Equipment)
- Business (Retail and Office)
- Vacation Homes
- Legal Expense
- Handle short term or micro-insurance policies including;
- Event Insurance
- Short Term Rentals
- Emerging Risks
- Offer a unique experience to groups where direct writers generally get traction. Now buying groups can have a “white lable” multi-insurer experience so they do not have to “settle” for one direct writer and can have a more personalized insurance experience for their membership.
- Conveniently handle subscription policies (for our partner insurers) to enhance product offerings or allow for higher limits that a single insurer may face capacity issues.
- Issue multiple policies/documents/coverages in one single application for single or multiple insurers.