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Insurance in a box across all sales channels

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InsurTech solutions serve as a modernization of traditional insurance. InsurTech solutions produce more customizable and bite-sized insurance products to cater to every lifestyle. The digitalization of insurance companies reduce paper-based documentation, creating convenience for the consumers or optimizing the pricing of insurance to an accurate premium.

The solution serves as one-stop solution for insurance companies to launch new products with an intuitive user interface designed for a smooth customer journey.

The solution serves to reduce human capital by automating processes such as having virtual bot agents, allowing the firm to save costs. The solution also helps increase the go-to-market speed of launching new products, allowing the firm to move faster.

Find out more at www.ey.com/sg/fintechhub.
For enquiries, contact us via email at fintech@sg.ey.com.

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Insurance in a box across all sales channels

  1. 1. Insurance in a box across all sales channels Case study Context: An insurer was looking to enter one of the last frontier markets in SEA, via a new stack — for channels and policy admin system, with loose integration to mothership. Making any changes to existing insurer stack would slow down market entry and potentially be cost prohibitive to the entire program. Value-added: • Fit for purpose solution, works end to end out of a box • Attractive pricing model: on a product by product opex basis making financial projections for costs predictable and linear • Unit economics can be monitored on a product by product basis, and products “switched-off” if not working EY’s role and activities: 1. Market landscape of insurtech platforms 2. Benchmarking of vendor platforms and objective analysis leading to platform selection 3. Rollout of platform, including product or business definition, vendor solution gap analysis and management dashboard definitions Client impact: • Strong product and platform fit • Flexibility with product-based pricing • Shifting from CAPEX to operating expense (OPEX) model • Quick go-to market Contact us Challenges faced by insurers Limitation of human capital to launch and scale new insurance services or platforms for newer markets or segments Impact on internal IT road map when launching insurance services and operations for newer markets or segments High CAPEX of solution without testing market appetite for products Increasing customer satisfaction by delivering more flexible and faster insurtech experience Solutions characteristics Mobile solution REST API In-app payment User Experience Design Best-in-class customer journey builder, allowing for easy A/B testing Flexible product and pricing Pricing model of distribution network implementation charged on a product-by-product basis Policy management Cloud-based policy center for no-touch integration or various export or import functionality, including virtual bot agents Potential customers and scenarios New markets Entering new markets with unproven market potential New range of products Market uptake on existing products not proven yet Low price-point products Low profit or margin products, making unit economics difficult to sustain for large-scale platforms Varun Mittal EY Global Emerging Markets FinTech Leader varun.mittal@sg.ey.com Website: www.ey.com/sg/fintechhub Email: fintech@sg.ey.com Sahil Gupta EY ASEAN FinTech Manager sahil.gupta@sg.ey.com
  2. 2. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2018 EYGM Limited. All Rights Reserved. EYG no. 011378-18Gbl ED None. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com

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