Nexurance - Embedded Insurance

Overview

"Nexurance – Embedded Insurance", solution provides an effective distribution channel to exponentially grow sales property and casualty / General insurance products. We offer an API-first approach which includes capabilities such as core insurance product Guidewire policy center REST APIs for self-managed instances V10.0, Appian user engagement portal.

• Widening protection gap: The protection gap is the difference between the amount of risk that is insured and the amount of risk that is not insured. The protection gap has been widening in recent years, due to a number of factors, including digitization, urbanization, climate change, and a lack of effective innovation.
• Expensive digital portals: Building and maintaining digital portals can be expensive for insurance companies. This is because core insurance products were designed and built primarily to improve the insurance business process, and building digital portals that co-exist with core insurance products comes with a heavy cost.
• Delay in time to market: The existing digital portal capabilities of insurance companies make it difficult to extend automation process to an additional line of business. This can hinder business growth, as it can take months to implement new products and services.
• Unavailability of tailored products: Traditional insurers have not been attuned to the need for such flexible, niche products at the speed that Uber moves and within categories that are new to the industry. This has led to a lack of tailored products, which can make it difficult for insurance companies to attract and retain customers.
• Negative economic profit: According to McKinsey, 80% of insurers made negligible or negative economic profit in the years running up to the Covid crisis. This is due to a number of factors, including increasing competition, rising costs, and a declining number of customers.

Key Features & Functionality

• Embrace existing core policy product customizations which are time tested and well-integrated with reporting, fraud, and other financial downstream systems.
• Provides an efficient system of engagement for providing a unified system of view among diversified system of records within organization. Post M&A, it can be that system of engagement where common business rules can be implemented across acquired organizations.
• Leveraging Appian, low code platform, for reduced maintenance cost not just temporarily but permanently. By democratizing the software development to the business users' future enhancements and change requests can be handled with very minimal IT cost.

Benefits & Business Impact

Potential business outcome:

• 60% increase in quicker time to market. Within 3 weeks we can make digital portal offering for a new line of business.
• 50% effort reduction in enhancing digital portal for new functional requirements.
• Increased Distribution Embedded insurance additional avenues for insurance distribution.
• Improved underwriting Improved risk selection, pricing and point based insurance offering.
• Operational Efficiency Integrating their insurance product and services into the offerings.