Our client is a large multi-national insurance company. Their concept is to provide niche markets with comprehensive insurance direct through the web. The internet is seen as the ideal delivery channel for their new insurance products due to low start-up costs and the speed at which an online business could be launched.
The client approached Mavada with a very simple business objective. They needed to provide boat owners with a way of insuring their craft with minimal fuss, 24/7. Their unique selling point was to offer boat owners cheaper insurance by running a complete ebusiness.
Mavada established the reasons for our client to choose boat insurance over any other form of insurance as a starting point. Quite simply, boat insurance requires the least amount of data or information from the customer to provide a quote.
Mavada utilised this as the means to build a 3-step insurance quoting system, making the process simple enough to complete online in a matter of minutes. It became apparent to Mavada that whilst the quoting system is the primary reason for developing the website, to develop an ebusiness the entire insurance experience needed to be delivered through the web.
For the ebusiness to succeed, the web solution would need to handle quotations, policy purchasing and claims tracking seamlessly online. This would ensure the minimum amount of human interaction with the business operations, therefore reducing costs. This model would allow our client to radically reduce their boat insurance costs, and therefore enter the market with a competitive product.
The Solution | 3-Click Insurance
Our clients web solution comprised of a front-end consumer website, and a back office business administration system.
The consumer website offered the user the complete insurance facility. The customer is presented with a quote in as little as 3 clicks, and can purchase a policy online within minutes. Their policy document would be generated dynamically online - and stored in their policyholder area, or if preferred downloaded as a PDF document to be stored locally.
Logging into a secure policyholder area, the customer had the ability to fulfil all their insurance needs. This would include increasing their cover, cancelling their policy, making claims, tracking claims and monitoring all payments debited from their bank account.
The back office administration system enabled our client to control the front-end system without additional or ongoing development costs. Whether they needed to add a new boat type or class, increase premiums due to a claim, terminate void policies or administer policy renewal reminders, they could do so through the administration system. Any amendments or additions they would make would have immediate effect, putting them firmly in control of their business.