InsuredHQ - InsurTech Innovation Award 2022
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INSUREDHQ delivers collaborative insurance administration software to provide modern insurers with complete policy, claims, accounts, and document management experiences through its cloud-native platform. The platform offers comprehensive and accessible end-to-end systems that can be implemented at a fraction of the cost and time of comparable enterprise solutions. It is designed for mid-market insurers, MGAs, and brokers globally to help them address challenges around cost, outdated technology, scaling products and distribution channels, and unprofitability in certain markets.
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InsuredHQ - InsurTech Innovation Award 2022
- 1. collaborative insurance administration software INSUREDHQ delivers mission- critical applications to provide modern insurers with complete policy, claims, accounts, and document management experiences insuredhq.com Level 26, Pwc Tower 15 Customs Street West, Auckland, 1010, New Zealand
- 2. CX: It is our perspective that in the insurance industry the customer should be the focus, not policies. IHQ Core and IHQ API allows agents and insurers to become digital-first while allowing them to focus on staying customer-first. COST: Many mid-market and SME MGA’s, brokers and insurers do not have the financial ability to access the enterprise-level software and professional services available to more enterprise organisations. DIGITISATION: Across global markets many of the common insurance systems available have limited functionality and are using outdated technology – especially evident in this rapid post-COVID Digital Transformation environment. SCALE: The ability to quickly scale new products and build unique online distribution channels direct to the consumer are unobtainable with existing legacy systems. MARKETS: At the SME level, the cost of distribution and the inability to individually underwrite, make insurance highly restrictive and unprofitable. INSUREDHQ | the industry challenge
- 3. COMPREHENSIV E Provides complete and mission-critical end-to-end policy, claims, accounts, and document management systems ACCESSIBLE Simple but secure cloud-native web application provides access to the right tools from wherever your team may be working AFFORDABLE Can be set up and implemented in a fraction of the time and at a fraction of the cost of comparable enterprise systems SCALABLE IFRS Compliant and can be deployed across multiple country, currencies, underwriters and risk types INSUREDHQ | a powerful platform Designed for mid-market insurers, MGA’s and Brokers across the globe - INSUREDHQ offers a comprehensive digital insurance administration experience.
- 4. INSUREDHQ | a digital insurance administration platform We combine all of our core technologies into a single platform that can work for a variety of insurers, MGAs, or new entrants.
- 5. INSUREDHQ | a digital insurance administration platform InsuredHQ is designed to work best in the General Insurance realm and with our customer-centric approach, we already cover all the must-have features and many of the nice-to-haves.
- 6. INSUREDHQ | customer feedback
- 7. USAGE-BASED Our fees are based on the Gross Written Premiums (GWP) of our customers. Our sweet spot is any company with a GWP of $5 million or more. MONTHLY BASE Current base SaaS fees are $4,000 USD/month to provide more predictable revenue during fluctuating insurance sales cycles. SERVICES This is time and material based revenue to optimize the InsuredHQ platform for the Country, risk type and business channels of the customer. INSUREDHQ generates revenue via four primary channels : INSUREDHQ - Business Model UPSELL ADD-ON For our larger customers, BI Portals are available on a seat based licensing perspective (users/dashboard)
- 8. Please Contact Jon Davies CEO +64-21-258-8870 NZ +1-415-297-4710 US Jon.d@insuredhq.com Insurance Made Simple 8
Editor's Notes
- We're headquartered in New Zealand with an internationaly distributed team with international customers. Our primary target market is APAC and North America InsuredHQ started as platform to a simplify systems for Micro Insurers in developing nations and provide them with a comprehensive, flexible, and scalable back-office Insurance administration platform capable of supporting complex products, large volume, complex reporting, and a full trust accounting system.
- We realized that while there is opportunity in this market, building a sustainable business model is too difficult and so we pivoted the platform towards a mission-critical cloud-based insurance administration platform that provides complete end-to-end policy, claims, accounts, and document management systems targeting mid-market insurers, MGA’s (Managing General Agent), and Insurance Brokers who discovered face identical business challenges as our initial micro-insurance market
- InsuredHQ is designed to work best in the General Insurance realm and with our customer-centric approach, we already cover all the must-have features and the majority of the nice-to-haves. We do this by prioritizing regular client feedback, prioritizing practical necessities for their business, and keeping a publicly available product roadmap with our focus on enabling all of our customers to be more efficient with their business and growth. Simplifying processes for both the customer and for internal teams are critical problems we love to solve and they depend on having a modern and unified back-end platform
- We have taken our platform a step further recently with the launch of IHQ API, where Agencies and Insurers can leverage our API which is designed to make easy to build or integrate into any existing purchase path or distribution channel for their customers and insurance products while still maintaining a robust insurance management system of record. This gives insurers the flexibility needed to attract new customers, improve the agent channel, and stay ahead of the competition
- In todays customer-centric insurance marketplace, Insurers need to focus on optimizing the front-end of their business by creating seamless and compelling customer experiences. This includes building customer-centric products and helping their channels serve that customer. InsuredHQ knows core administration. With our strengthened API and comprehensive engine, we become an insurers system of record, replacing manual processes with with critical and time saving process automations.
- We are focused on back-office excellence and want an insurance infrastructure that scales with our customers Net Dollar Retention will be a core focus of our intentional scaling efforts. Designing a public API allows our customers to bring products to market in more unique ways, in channel efficient ways and faster. IHQ prices based on usage - reducing friction for bringing products to market allows our customers much more agility than ever, increasing market share, creating new markets, introducing innovative insurance products. All of this will have a complimentary impact on our Net Dollar Retention.