The different stakeholders of the industry continue to exchange information in an old-fashioned manner. The means used are physical documents, Excel sheets, PDFs, emails and phone calls; unstructured information. This generates great operational and commercial inefficiencies, high selling and admin expenses, inability to penetrate new segments and a poor user experience.
To tackle this, Hello ZUM developed a white label multi-line and multi-carrier SaaS portal for insurance distribution channels (e.g. brokers, agents, banks, retailers, insurance companies, etc.), that allows the insurance value chain to be integrated digitally from end to end.
With our SaaS, distribution channels are able to manage all sales (quoting, issuing, placement) and post-sales (policy servicing, collections, endorsements, renewals) processes digitally, integrated directly to insurance companies operating / legacy systems via proprietary APIs and Web Services
ZUM allows distribution channels to establish digital B2C, B2B and B2B2C relationships with customers, by enabling digital capabilities to customers directly (be it individuals or companies) or to their sponsors.
The platform was designed from the consumer’s perspective, with two main functionalities in mind: consultations (quotation, coverage, account status, etc.) and transactions (purchase, payment, use, modification and renewal). This way, stakeholders have simultaneous access to updated information necessary for the fulfillment of their respective needs and roles.
Even though ZUM has been structured to support multiple lines of business, currently we are live with Auto insurance products. However, 80% of components used to develop this line of business are reusable across all others: Life, Health, P&C, PA, Worker’s Comp.
ZUM’s modules, for any of the lines of business, consist of:
- Quoting: generate and manage multi-carrier quotes, issue policies in real time after client’s online approval directly into insurer’s systems, and send them to the client immediately (less than 3 minutes)
- Policy management: manage active policies and whole portfolio, see all policy-related information directly from insurer’s systems. Renew massively and automatically
- Tasks management: automatically generated follow-up tasks and reminders (for inspections, GPS installations, health exams, etc.
- Collections: Check status of collections individually or by group. See and sort coupons by status, period, amount due, date due, etc. Review details of financing and collections per coupon directly from carrier’s system
- Reporting & BI: All information in the insurance companies the distribution channel works with can be viewed in ZUM in real time through the reports functionality, in an aggregated way. Status of sales, collections, quoting, etc., by executive, by period, product, and more.
ZUM as a portal can enable consultations and transactions not only to the distribution channel’s employees (like call center reps, sales reps, sales supervisors, etc.) to serve their clients, but also enables e-commerce capabilities for their clients to self-serve via a B2C, B2B or even a B2B2C relationship (e.g. In an affinity business model, a distribution channel client-employee buying a policy through their company’s intranet enabled by the distribution channel through ZUM)
ZUM can also connect to any other system the distribution channel may have (to create value for the entire company by, for example, feeding data to CRM tools, Analytics tools, accounting systems, etc.), or to any other stakeholder, allowing data to travel seamlessly throughout the industry.
Our technology digitizes up to 66% of the tasks/processes of an insurance distribution channel, of which currently almost 100% are manual.
ZUM: Main Benefits
- 25% savings in operating expenses for both the distributor and the insurance company
- Quoting and policy issuing automation allows for a sevenfold increase in commercial productivity
- Ability to penetrate and serve new markets (e.g. SMEs, individuals, or any segment with high-transactionality or lower income), due to a wider digital reach and acquisition cost reductions
- Superior customer experience
For our auto product, we have obtained the following results:
- Quoting: 60-min offline to 5-min real time
- Issuing: 4 weeks paper policy issuing to 3-min digital policy issuing
- Sales Reprocesses: 70% reprocessing to 3% reprocessing
- Reconciliation of data: from up to 1-month manual to less than 1 day automatic
- Churn: 15% to 5%
- Renewals reprocessing: 40% to 1%
- Analytics & CRM: Limited use due to lack of data --> Full data + transactionality