Insureon Simplifies Insurance-Buying for Small Businesses
Competition within today’s insurance industry is fierce. Insurance providers must offer flexible digital platforms that adapt to customer expectations or risk becoming irrelevant. Every customer is different, but each demands a seamless experience tailored to their policy needs and lifestyle.
In just eight years, Insureon has evolved from a startup tech company to the leading online provider of small business insurance in the U.S., connecting 350,000 small-business owners with a variety of insurance options from multiple carriers. In 2018, the Insureon platform connected $800 million in premiums, more than tripling its $240 million figure from 2016.
As a leading InsurTech company, Insureon’s success is built upon the strength of its technology platform. Insureon wanted to improve that platform by creating an intuitive, web-based application that made shopping for small-business insurance faster and easier.
As a tech startup pitted against insurance industry giants, Insureon needed to be faster, more agile, and smarter—using technology to do more with less.
Insureon’s customers span over 1,400 verticals. To remain competitive with policy-seekers in those spaces, Insureon needed to create an online insurance marketplace that offered quotes in real time. However, achieving that level of speed in an insurance industry weighed down with compliance hurdles and regulations that vary from state to state isn’t easy.
In cooperation with Insureon stakeholders, insurance agents, and brokers, the Forte Group cross-functional team began by performing a market analysis. The results of this research armed Forte with a better understanding of how small-business owners shop for insurance and what features would be most beneficial in their decision-making process.
The results of the analysis were then used to build a product roadmap. Both teams agreed that the product needed to meet two primary functions:
- An online insurance marketplace: The customer-facing side of the online application required a robust UX/UI that could connect insurance providers with people looking to purchase policies. The application needed to be quick, seamless, and even enjoyable to use. Insurance shoppers needed to be given easy-to-understand information quickly to make informed purchasing decisions.
- An automated actuarial analysis platform: After customers submitted their requests, insurance agents and providers needed a tool that could help them quickly analyze applications and submit their policy offerings.
With the goals of the product agreed upon, Forte teams used agile methodologies to deliver working, tested software with each two-week sprint. The final product featured the following:
- Sales funnel optimization: After applicants enter their data, they receive a range of offers from various insurance companies in less than five minutes. After evaluating their quotes, customers can immediately make their purchasing decision and pay online using secure, embedded payment tools.
- Real-time collaboration: Insurance agents and companies receive applications in real time. Automation and big data aid the validation of customer information. The product uses a multilevel acceptance system to comb multiple databases to assess multiple risk factors that determine the cost of a policy. Even if a customer isn’t ready to make a purchase, their information is safely stored within Insureon databases to use for future transactions.
- Advanced notification system: Forte integrated email and SMS notification tools into the platform to notify customers of important policy information updates.
We have been utilizing the resources provided to us by Forte Group for multiple projects. Their offshore team of testers and developers supplemented by their onshore team helped us handle critically important projects. Their open communication ensured a smooth transition. We are looking forward to growing our offshore team with Forte and continuing our successful collaboration.
By investing in the creation of a robust technology platform, Insureon has fueled its meteoric rise in an industry once dominated by old-guard Fortune 100 companies. Continual platform advancements have resulted in improved workflow, productivity, customer experience, and application processing times. Harnessing the power of technology, Insureon is driving a transformative change in how people buy and companies sell insurance.