InsurTech Qover has launched an embedded insurance orchestration technology, designed to help companies add any insurance programme to an existing programme.
According to Qover, the technology will mean tens of thousands of companies that would benefit from being able to offer their customers insurance will be able to do so.
For too long, Qover said, insurance products have been complicated and hard to understand, with small print that leaves consumers confused about what’s covered and claims processes that are hard to navigate.
However, Qover said that has now changed with the unveiling of a new InsurTech category.
The technology provides a modular infrastructure that allows businesses to add insurance at any point of the user journey, whether that be at the point of sale or myriad other occasions such as email or phone follow-ups.
Without the need for a lengthy migration process, this plug-and-play solution promises to be transformative for clients who previously relied on disparate business partners to work on each different element of the insurance process.
Integral to this new category is the InsurTech scale-up Qover’s solution that, via a single API, can add brand-new, completely tailored cover to any company’s digital products and services, meaning organisations across 32 European nations – including the UK – can quickly add insurance to any line of business regardless of industry, from motoring to banking to retail.
Qover’s clients have access to a flexible, full-stack insurance platform, meaning that any business can offer simple, personalised insurance via a range of policies including accident, mobility, pet, property, purchase and travel.
Qover said this is achievable thanks to its fully modular insurance fabric, which enables businesses to ‘pick and choose’ which insurance component works for them, ranging from claims to user portals.
Quentin Colmant, CEO & co-founder of Qover said, “For a long time we’ve held the belief that the insurance industry has to change. It has remained too disconnected, too fragmented, in order to serve its purpose of protecting customers from unfortunate events.”
“Embedded insurance orchestration changes that by enabling any business to orchestrate the insurance experiences they need on a global scale – no matter their operating market, or industry. In reality, what this means is that our product can protect your customers and employees – providing a better, stronger experience that drives the behaviours your business needs for success.”
Earlier this year, Digital insurance MGA for recreational boating Ahoy! partnered with Vantage Recreational Finance (VRF) to provide an embedded insurance programme.
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