Catering for businesses at different stages in their digital journey, Magpie’s services can be deployed as an SDK within an existing app, or as an off-the-shelf white labelled solution, with support and aftercare through specialist technical teams around the globe.
INSURANCE IS FACING ITS UBER MOMENT
It’s time for insurers to reclaim their sector.
Capgemini and Efma’s World Insurance Report 2016 names Generation Y and IoT as the insurance industry’s two biggest threats.
“Nearly one quarter of Gen Y customers say they are very likely to buy insurance from a technology company if it chooses to foray into insurance.”
Does this mean the end of insurance as we know it? The insurance space is now occupied by a new challenger, the insure-tech industry. It has raised $2.12 billion since
2010 and the new generation are taking it seriously.
Insurers must move at a faster pace to deploy digital plans, as digital operates in days and weeks, not months and years.
Magpie bridges the gap between innovators and established businesses, many of whom are insurers, with an ecosystem that holds the consumer in the centre.
MAGPIE’S CORE PRODUCTS
Magpie recognise the need for speed to market and as such, has developed a range of solutions for their global partners. They can quickly provide off-the-shelf solutions, or embed their services within existing apps, producing white labelled solutions that remain up to date with the latest developments. All of this can be achieved with very little or no coding at all.
HOW DO WE DO IT?
App store for business – creating relationships, not transactions
Most businesses want, or have a mobile app; all apps must compete with each other for memory and space on the customer’s phone. Insurance is unlikely to be the first priority for many and is typically not a high usage or engagement service. Insurers must therefore engage their customers and prospective customers with interfaces that go beyond the product features or claims process.
Magpie’s proprietary platform acts like an app store for business providing partners with a range of apps and services centred on a consumer’s everyday life which precede or relate to a claimable event.
With apps like ‘Trip Planner’, an app that details travel itinerary plans, flights, accommodation and destination information. This information about upcoming trips not only expands insurers’ propositions, but provides future targeted marketing opportunities. It can also expand the potentially negative one off claimable event to an
everyday service that customers associate positively with.
An anti-loss IoT device can be used to help prevent the loss of a mobile phone. Up to 10 ‘anti-loss’ devices can be connected to the app, allowing insurers to extend their proposition from simply ‘mobile’ to many others such as wallets, bags, suitcases and laptops.
Magpie’s app store houses apps and services across all areas of a consumer’s life: from travel to health, vehicle to safety, and is constantly being refreshed. This regular updating means that insurers don’t need to constantly scan the market for the next ‘new thing’. Magpie selects a mix of best of breed third party providers and their own technology capability to bring the latest technology into the platform, such as Internet of Things (IoT), from across the globe.
Platform as a Service (PAAS) – deploy using the method that best fits your business
Catering for businesses at different stages in the digital journey; Magpie’s services can be embedded within an existing app, or as an off the shelf, white labelled app.
Magpie has a range of services built specifically for customisation, one such service enables any insurance claims form to be configured to fit in with the insurer’s requirements and processes and a claim can be commenced from within the customer’s app in minutes rather than hours of downloading and filling in forms.
The platform is flexible and allows an insurer to choose whether they or Magpie is responsible for each area of the customer lifecycle: from sales to service, development to payments.
Insight as a Service (IAAS) –
understand your customers
on a deeper level
Using the new data sources as triggers, insurers have new reasons to communicate with their customers. Magpie’s Rules Engine enables communication across a variety of channels (email, SMS, push) to be sent in real time when a customer or external event is triggered.
Using ‘if this, then that’ technology, a trigger like the loss of an item or delayed flight can remind a customer of the features of their insurance. Anti-loss devices or health trackers can trigger communications that educate a consumer, in real time, on how to reduce their risk.
1-1 Marketing as a Service
Using the new data sources as triggers, insurers have new reasons to communicate with their customers. Magpie’s Rules Engine enables communication across a variety of channels (email, SMS, push) to be sent in real time when a customer or external event is triggered.
Using ‘if this, then that’ technology, a trigger like the loss of an item or delayed flight can remind a customer of the features of their insurance. Anti-loss devices or health trackers can trigger communications that educate a consumer, in real time, on how to reduce their risk.
CASE STUDY
Magpie has 11 signed contracts selling insurance bundles in the health, banking and mobile sectors. Our Fone Essential programme, detailed below, works with mobile phone manufacturers and airtime providers.
FONE ESSENTIAL
In India, we have accumulated thousands of new insurance customers for our partners via a programme that has been running for just over a year. The Fone Essential ecosystem connects insurers with customers who have just bought a phone or changed their call plan, using these events as a trigger for conversation.
From the App Store, Fone Essential customers get insurance, mobile anti-virus and anti-theft and a digital documents store. Clients wanting to add tangible value to their proposition can add an anti-loss device that connects the phone with the wallet, enabling one to be searched for with the other.
The programme to date has 32,000 customers.
DIGITAL FUTURE
The digital future is not limited to apps. With intelligent digital assistants and conversational commerce across social media on the cusp of becoming ubiquitous, the Industry has two more digital challenges to contend with and there will be more.
Magpie has already developed a voice-activation prototype and is tackling these next advancements in technology so that insurers can rest in the knowledge that their business is in safe, digital hands.
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