The insurtech ecosystem needs to work together to create a springboard for the spread of innovation in the industry. By creating a collaborative, outcome-orientated environment between insurtechs, we can bring together digital skills, unique capabilities and mindsets that can help the insurance landscape to evolve and continue to deliver relevant products to market.
Recently, Digital Fineprint teamed up with the insurance software provider Instanda for a two-day proof of concept project. The Dfp team worked on integrating our product recommendation engine, ‘Convert’, with the Instanda platform. ‘Convert’ helps to educate SME customers about their insurance risks and needs based on their business characteristics. By simply inputting their company name and address, SME owners and executives can get a list of insurance product recommendations based on our insights from open data analytics. Once the customers choose the relevant cover, they can be taken through Instanda’s agile quote & buy platform that allows users to complete their purchase in just a few minutes. By offering ‘conversion through education’ and making it easier for a customer to buy insurance online, our customers have seen a decrease in the drop off rate and an increase in the conversion rate. This should also decrease the knowledge gap between insurers and small businesses, and help improve the customer experience.
Henry Kwan, Instanda’s Head of Marketing said: “Working with Digital Fineprint was an enjoyable experience. The partnership has shown how effective integration within the insurtech ecosystem can be, and the ease of integrating two systems which have been designed with integration in mind from the outset.”
Erik Abrahamsson, Founder & CEO of Digital Fineprint added: “Instanda is a true leader and innovator in the insurtech space. The strategic fit between their leading distribution platform and our analytics capabilities has the power to fundamentally transform the industry.”
This collaboration is great news for clients working with Instanda and Digital Fineprint, as the integration will open up new opportunities for partnerships and allow for easier and quicker technological adoption in the industry.