OutShared: digital insurer in a box
OutShared offers an in-house developed and built digital insurance platform in a SAAS solution to the market. OutShared’s CynoSure platform is an all-in-one insurance solution for policy management, quotations, claims origination and processing: from back-office database through middle-office processing to front-office web and app interfaces. Built on today’s digital ethos, and offered through strategic BPO and SaaS operations, OutShared offers the smart integrated solution for insurance specialists. Developed for both new market offerings and the renovation of established operations migrated to the platform. OutShared offers both the ICT solution and business expertise. Implementation, maintenance and support are covered by OutShared with their team of experts that together have over 100 years international experience in insurance, ICT, setting up greenfield insurers and converting portfolios. Proven examples: InShared and HEMA.
InShared: A fully digital new entrant launched a greenfield B2C non-life insurance services with OutShared’s CynoSure platform in 2009. With its disruptive proposition of sharing what is left of the 80% of premiums reserved for claims it was a clear new generation insurer. The STP and digital services and processes convinced people that it truly was meeting digital expectations. After 6 years InShared has 5% total market share, 10% online market share. And manages 500,000 policies with only 35 FTE. Last but not least InShared has the highest NPS in the Dutch insurance market. HEMA: An established retail brand converted its traditional business to OutShared’s platform. As a result, the operational cost ratio decreased by 50%, the loss ratio improved by 10% points in 1 year. The portfolio was converted in 2 months, from zero to live in 6 months.
OutShared’s award-winning claims handling module (CynoClaim) and portal automates complete claim processing to a maximum degree including assigning claims to coverage assessment through rules-based logic. A strong ethos of self-service is promoted for all aspects of the claim (assessors, repairs, document upload, etcetera). The first user of the CynoSure platform, InShared, won the EFMA Accenture Award 2014 in the category Digital Distribution. InShared is the first insurer in the world handling and settling the majority of claims fully digital from start to finish. The international awards from EFMA and Accenture are granted to the most innovative concepts within the financial sector (source: EFMA October 2014).
Why we selected OutShared for DIA Barcelona
We selected OutShared to present its innovative platform at DIA Barcelona because the solution addresses so many challenges of insurers today. With OutShared insurance carriers can move to state of the art digital in less than a year, realize significant cost savings as well as delivering an customer experience. OutShared offers not only the platform in a SAAS solution but adds the digital business expertise to its offering. The people at OutShared have set up digital or direct insurers before. The solution itself is one of the few end-to-end solutions for a digital insurance company or insurers aiming to rejuvenate an established insurance portfolio and architecture. Replacing a spaghetti of systems and databases by one integrated administration. And with the CynoClaim module, OutShared is offering the first fully STP management of claims.
Who is OutShared
OutShared was set up in 2015, as a spin-off of InShared, the fully digital insurer in The Netherlands. InShared has been using the platform (developed inhouse) since 2009. As more and more insurers approached the company they decided to separate the platform from the insurance portfolio. This entity, OutShared, can now cater for other insurers in their (digital) needs.
Presenting at DIA Barcelona Irene van den Brink, Director Business Development Ronald Willemsen, Director Business Development
Contact info Irene van den Brink, Director Business Development