New digital proposition from CRIF equips insurers and distributors to rapidly trade new on demand offerings
Insurers and insurance distributors are now able to create and bring a fully digital insurance product to market within just a few months with Digital Booster from CRIF Decision Solutions. Digital Booster is powered by YOLO, a fully and exclusively digital insurance enabler. The partnership with YOLO is strategic for CRIF, enabling it to provide a unique and innovative offering by leveraging cutting-edge technology, digital processes and new insurance products.
Digital Booster, now newly available in the UK, is already live globally with over twenty insurers, banks and distributors taking advantage of the platform. Digital Booster enables users to diversify their offerings in order to attract and service new customer segments with innovative types of on demand insurance products, allowing customers to purchase the cover they need instantly whenever required and for as long as required.
As customers increasingly embrace the digital marketplace, insurers and distributors risk losing their customer interface and becoming positioned as wholesale providers of a commoditised service. To successfully grow their business within the expanding digital market they need to draw on the connectivity led environment populated by digital consumers to offer a customer centric and innovative digital service. Speed to market with new products is critical, together with multi-channel sales strategies, new relationship models, customised communications, and a unique customer experience. Digital consumers expect to be able to buy and manage their insurance covers based on their specific need, at a specific time and in the minimum amount of clicks, similar to an Amazon buying experience.
As an end-to-end solution and platform, Digital Booster is developed to incorporate a flexible front-end / back-end cloud based infrastructure which integrates with partners via API, overcoming the barriers of legacy technology systems. Customer engagement is achieved through optimised data management, data enrichment through connectivity and applied analytics combined with machine learning to deliver dynamic customer profiling and the ability to trigger focused cross selling campaigns. Enabled digital operations include marketing, distribution, claims management and customer care. Product development facilities include modular and customised offers, micro insurance, instant insurance, pay-as-you-go insurance, IoT and wearables. Digital Booster users report a 30% increase in insurance product sales penetration within their customer base and cross selling results which led to an additional 4.8 policies sold per customer.
Sara Costantini, Director at CRIF Decision Solutions said: “Our platform creates highly engaging and seamless insurance experiences built around connectivity. We pride ourselves on delivering an end-to-end digital proposition that matches today’s customers’ needs. Built for multi-product and designed to provide cross-selling opportunities, Digital Booster can help boost any business by digitalising its offering and accelerating the digital distribution of new on-demand and pay-per-use covers. We support retailers, telcos, banks, and insurance companies in creating a whole new path to protection, within only few months.”
Gianluca De Cobelli, Co-Founder and CEO of YOLO Group said “The arrival in the UK market is an important milestone in YOLO's international development plan, following on from our recent launch in Spain. The integration of insurtech into traditional distribution models, which underpin YOLO's business model, has generated growing interest, in Italy, among insurance companies, banks and retailers, leading to increased understanding of specific market needs and further innovation. We attribute strategic value to our partnership with CRIF and are confident of the UK market feedback”.
YOLO is the first Italian group that offers services and technological solutions for the insurance market and carries out insurance brokerage activity totally and exclusively in digital mode. YOLO allows to access and subscribe in real time to the products of the major insurance groups operating at national and international level. The offer is based on the real needs of the customer and his profile, designed to adapt to his habits, his personal and professional life, thanks to the use of enabling technologies such as Internet of Things, Artificial Intelligence and ChatBot.