Since its foundation in 2016, Cloud Insurance’s robust and flexible platform has helped insurance carriers, MGAs, agents and brokers manage policies, claims, distribution, finances, products, and reports. With a user base in over 20 countries on five continents, Cloud Insurance gained a proven track record in solving some of the most common insurers’ challenges: improve customer journeys across digital channels, reduce time-to-market, increase efficiency, and boost revenues.
We have reached out to Cloud Insurance’s team to chat about how they can help insurers build a financial platform and to discuss their interest in the German market.
The platform game is on, also in the insurance industry. Where do you see the potential for platforms within life insurance?
Life insurance business models are being reinvented, from providing death cover to being a core pillar of financial security. These new models transform traditional life insurance and employee benefits into life-enhancing solutions – including mental, financial and social wellbeing. The platforms powering this transition take into account behavioural psychology and use gamification to engage with clients in a trusted and seamless way.
How do you help insurers with their core insurance platform?
In two ways. Firstly we provide insurers the engine to digitise their traditional offerings with rapid go to market and configurable templates, an all-in-one end-to-end solution. Secondly, with our super flexible architecture we can adapt to the newer platform orientated products by using our API’s, and simply build microservices as needed to engage with other components of the platform tech stack.
What are you looking to achieve in the German market?
Our mission is to be the global SaaS leader in our core verticals and Germany represents a particularly interesting region. There is a great opportunity to bring innovation to both the distribution and automation of current products, as well as help deliver new exciting offerings that cater to the insurance customer of the future.
What do you think the insurance market will look like in 10 years? What are the coming opportunities and threats?
We have witnessed an exponential increase in the pace of tech innovations over the past 10 years. And acceleration will continue, which makes it hard to predict. One of our missions is to make insurance understandable, fancy, and digitally available for everyone. The pandemic has provoked a need for digitization and new distribution models in the insurance industry. In the next 10 years, we will see a lot of business development and innovation in the distribution space, and Insurance-as-a-Service or embedded insurance services will be more dominating. Artificial Intelligence (AI) and Machine Learning (ML) will also morph from being mostly buzz to a cornerstone in pricing and prevention. The threat lies in the many opportunities that we are exposed to. If we look at the hype-cycle for emerging technologies, there are a flora of possibilities arising. Customers will need suitable methodologies to make the right choices.
Cloud Insurance has seen great growth in the past years. Any key targets or milestones to help continue this trend on your side?
One of the main elements in our growth plan is the distribution strategy. Besides building our local presence in key markets, we believe that teaming up with local partners will help accelerate our growth.
Besides distribution strategy – what is important to form a culture of innovation within a company, especially when talking about teaming?
Learn and develop, build for quality and durability, challenge and innovate, focus on clients, act as team players, and have fun! We have defined these as our core values at Cloud Insurance to take inspiration from. Besides that, we strongly believe that a diverse team is a prerequisite for innovation. Having said this, it is important to empower your employees with trust, support, and responsibility.
Cloud Insurance is one of the 10 startups joining InsurTech Hub Munich FIN:SURE Innovation Sprint. Want to know more about their solution? Contact Alex Astengo, Head of Sales UK.