New digital proposition from CRIF equips insurers and distributors to rapidly trade new on demand offerings
LONDON, Sept. 23, 2020 /PRNewswire/ -- Insurers and insurance distributors are now able to create and bring a fully digital insurance product to market within just a few months with Digital Booster from CRIF Decision Solutions. Digital Booster is powered by YOLO, a fully and exclusively digital insurance enabler. The partnership with YOLO is strategic for CRIF, enabling it to provide a unique and innovative offering by leveraging cutting-edge technology, digital processes and new insurance products.
Digital Booster, now newly available in the UK, is already live globally with over twenty insurers, banks and distributors taking advantage of the platform. Digital Booster enables users to diversify their offerings in order to attract and service new customer segments with innovative types of on demand insurance products, allowing customers to purchase the cover they need instantly whenever required ad for as long as required.
As customers increasingly embrace the digital marketplace, insurers and distributors risk losing their customer interface and becoming positioned as wholesale providers of a commoditised service. Speed to market with new products is critical, together with multi-channel sales strategies, new relationship models, customised communications, and a unique customer experience. Digital consumers expect to be able to buy and manage their insurance covers based on their specific need, at a specific time and in the minimum amount of clicks, similar to an Amazon buying experience.
Customer engagement is achieved through optimised data management, data enrichment through connectivity and applied analytics combined with machine learning to deliver dynamic customer profiling and the ability to trigger focused cross selling campaigns. Enabled digital operations include marketing, distribution, claims management and customer care. Product development facilities include modular and customised offers, micro insurance, instant insurance, pay-as-you-go insurance, IoT and wearables. Digital Booster users report a 30% increase in insurance product sales penetration within their customer base and cross selling results which led to an additional 4.8 policies sold per customer.
Sara Costantini, Director at CRIF Decision Solutions said: "Our platform creates highly engaging and seamless insurance experiences built around connectivity. We pride ourselves on delivering an end-to-end digital proposition that matches today's customers' needs. Built for multi-product and designed to provide cross-selling opportunities, Digital Booster can help boost any business by digitalising its offering and accelerating the digital distribution of new on-demand and pay-per-use covers. We support retailers, telcos, banks, and insurance companies in creating a whole new path to protection, within only few months."
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