InsInCloud Insurtech Software Solution
Our story
We are a small team with global ambitions. We believe that insurance plays a vital role in protecting people and businesses and in enabling society to function.
InsInCloud was founded on the belief that insurance products should be close to users and easily understandable. We achieved to create an easy-to-use, affordable software for the international insurance market and combine it with post-sale support.
What led us to the idea of creating the software?
Despite a number of technological advancements in the insurance industry over the last 10 years, there remains a common belief that the sector is outdated. We are working to quickly shake off this misconception with the advancement of Insurtech. We succeeded to create an online software system — InsInCloud — used for online insurance selling, designed to help any broker, agent, re-insurer, MGA to sell insurance online EASIER. Our main goal is to actively increase the value of the whole process of insurance.
1. Insurers are under pressure to ‘go digital’ but most of them won’t achieve this on their own
The insurance industry plays an important role in the economic and social hedging of risks. Whether it is because of ongoing cost pressure, increasing regulatory requirements, or generally lacklustre financial performance, insurers need to evaluate their business process models to be able to react to changes effectively. Our team believes an innovation from within would be the right approach to solve their problems.
2. The insurance value chain is full of opportunities for InsurTechs to do things better
The insurance industry is one of the last in which companies are still doing most of the value chain on their own. They are doing it with 25+-year-old legacy systems and as a result, are missing numerous opportunities. By rethinking internal structures and processes, insurance companies can optimize capital, reduce costs, and focus on customers. Efficient processes help with increased financial, risk and regulatory challenges. However, transforming this into a fully digital process can ensure consistency of programs across business functions, geographies and customer groups.
3. Insurance markets are saturated, so new growth needs to come from a totally new customer experience
“If you want to grow your business then make sure your customers are your fans!” The list of famous companies which have proved the veracity of this statement is endless but there won’t be many insurance companies among them. But in the future, with the help of Insurtech software, we can expect to see a lot of InsurTechs appear on such a list.
4. New visions
Sometimes it just takes a simple piece of software which meets the customer’s desire for simplicity to revolutionize a whole industry. ‘Thinking outside the box’ companies like Amazon, Uber, Airbnb, Netflix, Spotify and others were able to offer a revolutionary new way to bring suppliers and customers together. They have invented digital marketplaces that make it easier for all parts to come together. We are among those who managed to recognize that the future of insurers and InsurTechs might also lie in such digital marketplaces.
With their desire to embrace new technologies and to build products and services which are totally focused on the customer, we believe Insurtech is going to transform the insurance industry!
Which customer’s needs do we satisfy?
· Achieve growth and profitability targets by finding new customers and retaining existing ones
· Gain competitive advantage
· Create operational efficiencies
· Become more customer-centric
· Improve pricing and lower reduce costs
· Strengthen relationships with unique customer segments
· Optimize all interactions — more frequent, meaningful and personalized communications
· Gain increased customer satisfaction and loyalty
· Build on first-generation agency portals with new capabilities to support the entire distribution management lifecycle
How our software helps our customers’ day-to-day business?
We are confident that an online insurance software, like ours, will help insurance companies, and lead them towards sustained innovation and optimization of processes. We believe our system is delivering convenience and efficiency.
Innovation through new technologies is a key driver of change in the insurance sector and this will lead to immeasurable efficiency gains.
With the increase in optimization, comes an increase in productivity, leading to a higher financial return and customer satisfaction. This is achieved as a result of our software, which makes for a better customer-facing experience and increased operational efficiency. We can help insurers improve pricing and boost profitability, enable stronger underwriting efficacy and achieve more precise customer segmentation. When the customer is better served and the level of customer care is increased, the insurance agency can grow at a more rapid rate.
Author: Aynor Shekirova
