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Taking Your Insurance Products Digital in 2 Weeks

Taking Your Insurance Products Digital in 2 Weeks

Brian Tait  •  21 April 2020

COVID-19 has introduced a vast array of new challenges to the insurance industry. A common constraint for businesses in this age of social distancing is the inability to sell policies digitally - completing the insurance sale online, in real-time, via customer-first channels.

For most insurance companies, digital fulfillment will take months if not years to implement. That is because the majority of existing insurance products simply don’t have real-time APIs to enable digital self-service for customers.

I’m responsible for helping our customers make this transition as quickly and easily as possible. At Root, we can get you going within weeks. It doesn’t need to be a painful or lengthy process.

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How it works

We follow the 7 step process described below. At each step, a dedicated team guides and assists you. If you have a well-defined product, all these steps can be completed within 2 weeks.

Step 1: Get in touch

If you have an insurance product (existing or new), get in touch with us. Our experienced team is here to help you figure out the best and fastest way to get your products online.

Step 2: Dive into the details with us

Once we’re familiar with your basic requirements, we schedule a session with your team. The focus is on understanding and capturing all the necessary details of your product. We cover the following in detail:

  • Product specification (pricing model, lifecycle rules, benefit structure)
  • Product collateral (policy wording, schedules, welcome letters, etc)
  • Billing logic (debit order, SnapScan, credit or alternative methods)
  • Client communication (email and SMS wording and whitelabeling)

Step 3: Create a product module on Root

We've built great tooling that allows us to set up and configure a product very fast. As soon as we have all your product details, our team configures a “product module” to your exact specification on Root. Your insurance product is now “production ready” and accessible via our standardised APIs, making it easy to deliver through your chosen digital channel(s).

Step 4: Talk to our engineers about integration and delivery

Next, our engineers discuss the details with your technical team: integration with your systems, and delivering the product through the front-ends of your choice. If your technical resources are constrained, don’t worry, our services team can help out.

Step 5: Build digital front-ends

Once your team is set up with the API, you focus on building and tailoring your digital customer experience through your WhatsApp or Facebook chatbot, website, or mobile app. External distribution partners can also easily use the API to sell your products through their channels.

Again, if your resources are constrained, our team can assist you.

Step 6: Configure reporting

We configure all the required reporting on Root and ensure that the data is transferred to your various stakeholders in their required formats and frequencies. Policies, payments, claims, you name it – we make sure your underwriter has what they need.

Step 7: Start selling!

And that’s everything you need to start selling policies! We flick the switch to take your product module live and you’re ready to go.

The new policies can be fully administered on Root via our user-friendly online management interface. During the process we help train your operations staff on how to use Root effectively. They can then also service customers remotely, from home.

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Let’s get you started

The time to take your products online is now. It’s important to get into the market fast to start learning and iterating on your customer experience. As I’ve mentioned, if you have an existing, well-defined product, we can get you online within 2 weeks. And we’re keen to help you do it.

Let’s do this!


Author

Brian Tait

Head of Delivery at Root

Root is an end-to-end digital insurance platform that enables you to launch new products and digital engagement channels fast. We package all the compliance, regulatory and reporting complexities behind easy-to-use APIs, allowing your team to focus on building great customer experiences.

Are you interested in taking your insurance business to the next level today? Call us at +27 21 100 4884 or email hello@root.co.za to hear more.

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