iptiQ: B2B2C access to insurance for consumers and growth for partners
As more customers expect seamless customer journeys and fulfilling experiences; pressure is building for the insurance industry to adapt, even more so with the accelerated digitalisation push caused by the COVID pandemic.
iptiQ is unlocking access to insurance for consumers by helping them to buy the insurance they need more quickly – in more straightforward and more convenient ways – contributing to closing the protection gap. iptiQ does this via a B2B2C business model: partnerships with insurers, intermediaries, banks and leading consumer brands. It provides life and non-life insurance products, data and an advanced end-to-end digital platform, so that their distribution partners can deliver insurance via multi-channels. Its partners provide their brand(s), customer acquisition skills, customer base and marketing access. iptiQ provides a fully-fledged digital insurance platform and data-driven insurance products in return. The platform is end-to-end and multi-channel which means their distribution partners are faster to market, with maximum efficiency and minimal fuss. As a result, their partners can unlock growth and increase customer value with better insurance experiences for their customers.
One-stop-shop for insurance solutions In Europe, iptiQ offers partners one stop shop insurance solutions covering the entire insurance value chain. From product design to pricing and marketing to policy administration, premium handling and claims processing. iptiQ has an end-to-end digital platform and is a fully regulated white-label life and non-life insurer with pan-European licenses. For example, with the digital Life & Health underwriting solution, Magnum (created by its parent Swiss Re), iptiQ is able to perform automated underwriting for a large proportion of its business. The overall solution allows its partners to go live with selling insurance within a few months. In other markets, iptiQ delivers a B2B2C business model via a similar approach.
How does it work?
iptiQ is more than just an insurance engine. Its business model is based on forging strong partnerships to sell insurance via trusted brands. It provides digital, transparent and simple insurance products in a B2B2C manner ensuring its partners remain in control of their customer base. With this, partners are enabled to sell the right insurance product to their customers at the right time, with the best possible customer experience.
Through data insights and improvements based on Behavioral Science methods and testing the customer journey, iptiQ optimizes sales and customer engagement. Thanks to this approach, they can improve conversion rates and lower distribution costs for their partners. As a result, insurance products become simpler and more accessible. The combination of competitive products, swift partner onboarding and a seamless, streamlined consumer journey is building the foundation for the partners’ success.
Why did we select iptiQ for DIA Amsterdam 2022?
iptiQ, and its partners, are backed by Swiss Re’s capital strength and almost 160 years of risk knowledge. This differentiates iptiQ from many other insurtechs who may focus on specific aspects of the value chain.
Its distributions partners include insurance intermediaries that are looking to expand and enhance their product portfolios with data-driven insights and digital delivery of products and services, financial service providers adding new products and insurers opening new channels or propositions. For consumer and non-financial brands with large customer bases and high-quality data, iptiQ can offer embedded insurance solutions to build out an ecosystem of services and enhance their customer value with a personal insurance offering.
At DIA Amsterdam iptiQ will showcase how it applies its capabilities to create customer journeys and propositions which are configurable in real-time, using the same code base for all partners and property products across Europe, and easy integrations with API access.
iptiQ is a digital insurer and provider of consumer insurance products for life, health as well as non-life such as home and mobility insurance solutions. iptiQ is fully backed by Swiss Re’s capital strength and risk knowledge. iptiQ has been operating as a company within Swiss Re since 2016. Today, iptiQ works with 50+ distribution partners around the world and is active in more than 10 countries including Europe (CH, DE, FR, IT, IRE, UK, NL), Australia and the U.S. As of year-end 2021 723m GPW USD and more than 1,6 million policyholders and estimated customer reach to 100 million people. The company has more 750 employees globally, a third of whom have a tech background.
”Together with our partners, we’re unlocking insurance – making it more accessible for consumers every day.”Andreas Schertzinger, CEO EMEA iptiQ
Find out more on: www.iptiq.com