The insurance industry has historically had a high cost of sales and administration. Industry statistics show that a little over 30% of every insurance dollar paid goes to cover those costs.
Why so high? Insurance is a very old industry that has resisted change for years. Clunky is the best way to describe the insurance delivery process. The traditional independent agent can offer the benefits of independent advice, advocacy and choice. While the direct writers can offer slightly better rates by reducing the number of pain points that independent agents face.
To make matters much worse independent agents, broker distribution insurers and direct insurers view technology as a competitive advantage. That should make things better, right? NO! Unfortunately, this desire to create a technological competitive advantage has had literally no positive outcome for customers. Want proof, see the chart above. Where are the savings?
Obviously, some insurers are better than others at utilizing technology to reduce costs but to see no substantive cost change (and even a slight increase) over such a long period of time made us think that there was an opportunity to make things better.
In order to facilitate that change, using the latest technologies, we developed our Insurance Fulfillment Platform (IFP). Awywi’s IFP can reduce selling and administration costs by up to 70% or more. We call Awywi’s IFP “Insurance as a Service”.
Awywi Visual Rate Builder
Awywi’s doesn’t sell technology. Instead we offer a complete insurance fulfillment platform to deliver insurers’ products directly to customers. IFP has been developed in the most advanced cloud environment using extremely sophisticated tools to greatly improve the entire insurance distribution process, from streamlined “smart” applications, robust rating engines to policy processing, delivery and payment.
Some technical facts about IFP
- IFP can process any number of simultaneous policy transactions in a given instant, whether that’s 10 or 10,000 and is scalable to billions of policies
- IFP is useable on any platform; IOS, Android, website on any device.
- Ready made BI system that can analyze terabytes of data, to feed into AI systems and for analytics purposes. Awywi combines the latest in artificial intelligence and natural language processing to help you gain insights into your data. Awywi with IFP is able to help you analyze your data at any scale.
- Awywi follows best practice security and encryption standards. You data is always encrypted, whether it is in transit or at rest. IFP has multiple data redundancy and backup systems to ensure even in the event of a natural disaster, data is not lost.
Awywi works with insurers that share their commitment to helping customers. We offer our insurer partners:
- Access to the Awywi IFP with 100% automation guarantee. No need to disrupt your existing operations at all.
- Huge growth potential into new markets, customer segments and groups with competitive advantages only Awywi insurers will have.
- Unparalleled service and cost advantages that come with the IFP – isn’t that what everyone wants PROFITABLE GROWTH
- Roadmap on to the Fourth Industrial Revolution
The Fourth Revolution… characterized by a range of new technologies that are fusing the physical, digital and biological worlds, impacting all disciplines, economies and industries…
The Fourth Industrial Revolution a book by Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum
- Use of IFP’s customer risk profile technology and coverage match
- Unmatched comparative analytics on quoting and campaign effectiveness
Awywi is currently seeking forward thinking insurers that think like us and see a brighter future for the consumer. Please contact us if you are interested in discussing opportunities to access Awywi’s IFP.