CRIF accelerates access to Open Insurance for the post-Covid19 Environment
CRIF Decision Solutions has accelerated the delivery of its open insurance solution – CRIF Digital Next - in order to support UK insurers who are seeking new ways to re-engage with customers across all lines of business and demonstrate value in the post COVID-19 environment.
CRIF Digital Next pioneers access to open banking data, enabling insurers to deeply understand the behaviours of their customer through real-time data and insights, facilitating the delivery of innovative open insurance propositions. CRIF’s suite of open insurance tools mean insurers can:
- Onboard new customers in a digital environment equipped with the ability to upload documents, verify identity, undertake credit, anti-fraud and anti-money laundering checks and digitally sign documents. The quotation process is transformed by open banking data allowing the insurer to rapidly understand the customer and risk and provide the right cover at the right price;
- Boost customer perception of value and improve retention rates through the potential for proactive, targeted communication and marketing of services at the right time for the customer and with the right fit for their life-style;
- Seize market opportunities and diversify their offerings in order to attract and service new customer segments with innovative digital and on demand insurance products, allowing customers to purchase the cover they need instantly, for as long as required;
- Expand their distribution channel and proposition range through the development of ecosystem partners, such as retailers, banks and Telcos, where products and services can be inter-linked and offered seamlessly. CRIF facilitates the ability to interact with third parties and benefit from pooled data, securely segregated, managed and interrogated by CRIF;
- Enhance their customer relationships further with the provision of added value digital apps to personal and commercial lines customers designed to provide tailored financial information and advice;
- Reduce operating costs through greater speed and efficiency, reduced duplication of effort and manual intervention and straight through processing.
Sara Costantini, Director at CRIF Decision Solutions said: “The pandemic experience, by default, increased consumer propensity to interact and purchase services digitally, whilst heightening demand for insurance cover tailored to individual circumstances and highlighting the need for insurers to increase communication with their customers to engender improved trust and perceived value in their offerings. We had been investing in and developing our open insurance solution and saw the need to bring its launch forward to support UK insurers with the challenges they face and the opportunities arising. CRIF Digital Next will enable insurers to really place the customer at the heart of their proposition, equipping them to reinforce their brand and reputation in the post COVID19 environment whilst operating efficiently and growing profitable market share.”