The state of insurtech in 2020
Capgemini Research Institute and Efma released a 34-page World InsurTech Report, in which they provided a detailed overview of the state of the insurance industry amidst the ongoing pandemic.
If you want to succeed in the insurance industry, focus on the improvement of your digital services that will boost customers’ engagement. Here are 5 critical priorities:
- Real-time response — customers always expected a hassle-free communication with their insurers, but as these weird times kicked in, the expectation became even higher.
- Insurance-as-a-Utility — as I’ve discussed in one of my latest pieces on mobile trends of 2021, on-demand services are the way to go as people get increasingly interested in usage-based insurance.
- Crisis-proof processes — remember the disruption at the beginning of the pandemic? Customers are looking for companies that are able to secure uninterrupted accessibility of critical services and communication.
- Caring partnerships — the cooperation between insurers and their clients should be based on empathy and strive to build trust and closer connection.
- Superior digital experience — customers also expect to be able to access their insurance providers anytime, anywhere. Mobile-first approach should be considered the first choice when designing new products.
The current state of things requires a lot of improvement and introduction of modern digital solutions, as seen on the below screen from the Capgemini’s and Efma’s report infographics.
How did AdminBro help bolttech successfully go live in only 4 weeks?
Our cooperation with bolttech started when they were looking for an open source admin panel that would offer a lot of flexibility for customization and at the same time would provide lots of features “out-of-the-box”, as the time-to-market timeline was very tight.
That’s how they discovered AdminBro. The library seemed a perfect fit, so they reached out to us on the official AdminBro Slack channel. After 4 weeks, version 1.0 of bolttech Merchant Portal went live.
The developed enterprise-grade solution was aimed to support their device protection department and came with a set of features that made it possible to operate an internal marketplace for bolttech clients.
- AdminBro-powered panel was customized in accordance to bolttech brand and allowed the bolttech team to manage their active merchants (various user roles, statuses and permissions) and sales orders while having access to a dashboard with all the relevant information as well as a separate module for performance monitoring (transactions, metrics, financial records etc.).
- The analytics dashboard was equipped with a set of different charts for data visualization.
- Terms & Conditions versioning prevents users from logging in without accepting the latest version.
- Data import and export can be done both via a complete integration with an external API as well as via a configurable CSV import feature for a bulk creation of batches of records for a given resource with a 'per-type' validation.
- Mandrill integration takes care of sending out confirmation and info emails to the users after certain, defined actions are made.
Post-COVID-19 era will most likely be dominated by those businesses that managed to successfully integrate digitized solutions at their very core. We’ll also see more and more enterprises turn to open source technologies, due to various benefits they provide: security, transparency and community support, just to name a few.
If you haven’t yet switched to offering online products, there won’t be a better moment. You also can start using AdminBro, as it’s an open source software, and customize it according to your needs. In case any support with the latter will be needed, feel free to reach out to me at firstname.lastname@example.org.