Top 4 important steps in building a platform for digital insurance from scratch to go
If you are not ready to change, then prepare to lose. To stay competitive, insurers need to offer value-added services that go beyond the core product. This requires digital platforms. The rise of sites, where offers from many providers are collected, encompass the health insurance, auto insurance, and home insurance markets. The number of such sites suggests that many customers want to use digital insurance platforms. Information technology is the driving force that allows insurance companies to successfully interact with increasingly demanding and impatient customers. Consumers, who are well versed in technological innovations and actively use them in everyday life, expect an appropriate technological level of service from insurers. The platforms give insurance companies a relatively cheap round-the-clock channel to reach an expanded base of potential customers. To make it right such sites allow insurance companies to improve their economic performance by strengthening customer loyalty. There is another element that insurers benefit from platforms: individual customer data that can help them better understand and serve. If the company works with clients attracted through the platform, it can make them personal offers.
Active digital users gain a significant competitive advantage by supporting future customers who need a flexible operating structure that can easily adapt to new market conditions and expectations. Successful insurers can fully assess their potential and act decisively to deliver value and long-term growth. That is why so many companies launch digital insurance platforms. Here some important information on how to build a digital insurance right:
Role of the company
It is important to understand the purpose of the company. This can be attracting new customers, increasing engagement, collecting useful data, or something else. Will the company be the "conductor" of a complementary server or distributor?
Provide a good economy
Most providers struggle to achieve scale and profitability. Therefore, insurance companies need to carefully consider how to monetize their participation on the platform. Important to form a circle of potential customers, provide traffic, and so on. Monetization methods include member fees, customer acquisition, loss reduction, transaction fees, revenue sharing.
Hire a good development team to write the code of the digital insurance platform "from scratch". For these purposes, you will need a qualified team of programmers with experience in multithreaded programming. The development team will create an attractive user interface, front-end, and back-end for the platform and infrastructure.
Privacy and security
Finally, it is extremely important to build privacy and security. The issue of protecting customer data has always been at the forefront of insurers' attention. Trust essentially across financial services and insurance is no exception. To succeed with the new digital business, privacy security and related aspects need to be front-and-center in the developing process.
Digital platforms are spreading across all insurance markets. Some of them offer integrated services that go beyond the core product. Platforms enable insurance companies to connect with their ecosystem of customers, partners, and vendors on a single, unified platform. Many insurance companies are thinking about launching a digital insurance platform. So be the one that launches it before competitors. Mifort has the best development team and experience developing Insurance Platforms. Since 2015 we have delivered more than 190 web and Mobile projects. We work with companies to deliver large-scale transformational projects and implement key digital tools and solutions for your business.