The new insurance as a service platform developed in conjunction with Iotatech signals a game changing approach to insurance from partnership specialist Covéa. Initially supporting the new motor product from Vitality, the Covéa InaaS platform offers full policy lifecycle management, leading edge customer and user experience, highly configurable workflows and integration with affinity partner, 3rd party and legacy systems.
The platform provides a much enhanced agent experience, reducing time spent at each step of the quote and buy or claim process enabling improved and more efficient customer service across channels.
Graeme Howard CTIO at Covéa Insurance said:
“The new platform is a brilliant achievement and enables us to truly offer Insurance-as-a-Service. This means we can be much more agile in meeting our customers’ evolving needs by launching new and forward-thinking products quickly and cost-effectively, whether that’s direct or through Affinity partners or Brokers.”
“Our strategic partnership with Iotatech has delivered a ground-breaking digital platform to ensure Covéa takes full advantage of emerging technologies for the benefit of our partners, customers”.
Graeme explained that Covéa, in conjunction with Iotatech, has created a scalable, future-proofed, cloud-native technology that enables bespoke partnership offers; from full turnkey solutions for those businesses wanting to start offering insurance products to their customers to simply providing claims and customer service support for those with an established product and presence, and everything in between!
The Iotatech Policy Platform is a cloud-native, microservices and Open API solution, which will service the motor business recently announced through Covéa’s partnership with Vitality, although the Iotatech Platform is able to cater for all lines of business. Iotatech and Covéa have worked closely through the pandemic to integrate Iotatech’s policy administration capabilities into Covea’s new policy platform as part of their overall digital transformation strategy.
Mick Sargeant, CEO at Iotatech commented: “It has been really exciting to have been part of this significant digital transformation programme for Covéa.”
“One of our key strategic objectives is to redefine the technology platforms for the insurance industry and this partnership with Covéa has demonstrated our ability to do just that.’
“We offer a cloud native pay-per-use SaaS platform, where our customers pay only for those services of the Iotatech Platform they use, as they use them. I am convinced that this approach will be transformative, not just for Covéa, but for the industry in general.”
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