Facing the Digital Challenge
For insurers, the digital age presents both threats and opportunities. Customers are less loyal, and more InsurTechs are entering the market with disruptive ideas. To remain relevant, insurers must redefine their products, services and business models around the customer.
The challenge is that most insurers are bogged down with legacy systems and large modernization projects that consume resources and hamper innovation. As a result, IT teams can’t cope with growing business demands and the accelerating pace of change.
Accelerate Time-to-Value with Mendix
Leading insurance companies use Mendix to quickly build and continuously improve mobile and web apps that drive business innovation. Our platform is uniquely designed to support rapid, iterative development by a broad range of users while ensuring that IT retains control.
Bring business and IT together to rapidly deliver applications that:
Increase premium volumes
Launch new products in under 6 weeks
Improve customer & broker loyalty
Deliver self-service portals in less than 90 days
Drive operational efficiency
Cut policy renewal processing cost by 80%
Address risk & compliancy
Get your pricing/ratings engines out of shadow IT
Leverage new technology
Test new ideas leveraging machine learning, AI and IoT
Digital Product Delivery
Deliver new products in under 6 weeks
Insurers can increase premium volumes by delivering digital products that better suit changing customer behavior or preferences. Using Mendix, you can bring new propositions to market in just weeks, fast-tracking product innovation in parallel to legacy modernization projects with our low-code platform.
Rapidly deliver self-contained insurance products that span quote-to-buy and back-end processes, including policy management, billing and claims. Test innovative ideas (e.g. usage-based insurance) that leverage IoT, analytics and other emerging technologies. Upon market validation, easily connect new products to your core back-end systems.
From idea to workable product that you can demonstrate to a customer in a fortnight, is unheard of. And we can do that.
Customer & Broker Engagement
Mendix’s development capabilities enable us to build a user-friendly portal in a very short time frame, while having the flexibility to adapt it to our funds’ needs and changing business requirements.
Deliver new Portals in less than 90 days
Despite changing customer preferences, only one in 10 insurers has aligned its digital strategy to maximize effectiveness across the full journey. Using Mendix, you can rapidly deliver multi-channel applications and portals that improve customer and broker loyalty.
Provide a seamless multi-channel experience across web, mobile, conversational UI and whatever comes next. Experiment with AI, robotic process automation (RPA) and other technologies to deliver automated, personalized customer interactions. Deliver the right applications, no matter what insurance business you’re in.
Drive operational efficiency
Rapidly deliver applications that support new and improved processes in areas such as:
- Claims processing, digitizing previously manual processes.
- Broker workflow automation, removing spreadsheet-based work tracking and adding management information and process metrics.
- Pricing and rating, removing spreadsheets from the underwriting process to lower costs, reduce risk and ensure consistent pricing.
- Renewals, digitizing manual activities reducing processing time by up to 75 percent
Integrate seamlessly with existing legacy systems using our Connector Kit and messaging services based on industry protocols such as Acord. Easily and continuously adapt your applications to keep pace with changing business and market requirements.
This advanced platform includes all kinds of decision rules, statistics and decision trees, resulting in a much more efficient process and a better management of the cost of claims.