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A unique client demands unique insurance. Nowadays, it is possible to know the individual behaviors of consumers based on real-time data provided by a connected device. Currently, consumers are ready to share significant data about their health, exercise and driving habits in exchange for lower prices from their insurers.

Consumers have become accustomed to the experience offered by on-demand content platforms and want solutions tailored to their specific needs in other industries too. The insurance sector does not escape this trend, customers demand offers adjusted to their context, needs and specific habits. According to recent consultancy studies, usage-based insurance (UBI), is the highest expression of hyper-personalization demand in insurance. Additionally, in today’s society, customers are looking for more innovative solutions to help them achieve their goals.

In this reality, insurers must anticipate the needs of their clients and focus on providing them with a unique experience, positioning the insurance company as a prospective advisor fully adapted to customers’ needs and preventing future claims.

With new behaviours that demand new products or services, as usage-based insurance (UBI) or micro-insurance, new needs arise in data processing, in the way rates are calculated, and in the need to provide and to rate services that are complementary to traditional insurance.

For all this, insurance companies have at their disposal the advances in technology that, on the one hand, allow them to know the behavior and preferences of consumers, and even data in real-time and, on the other hand, they offer comprehensive solutions that allow them to improve operational efficiency and distribution, such as Product Machine. This tool enables quick product and rate setup, hyper-personalized insurance, custom targeting and pricing, and quick time-to-market.
Faced with all these challenges, insurers wishing to lead the post-pandemic scenario must speed up their adaptation to the new reality, relying on the extraordinary resources that technology makes available to them.

Benefits using Product Machine

Increased accuracy and consistency by centralizing and storing your product data in a digital warehouse.

A tool ready to easily define all the steps to comply with your insurance product specifications.

Easy integration with the existent ecosystem.

Configure or change your existing product easily and improve your time to marketability.

Are you ready to empower your insurance business?