Tietoevry Insurance-in-a-Box: Accelerating Innovation and shortening time to market
We spoke with Sam Datye, Head- Insurance & Wealth Solutions at Tietoevry about their Insurance-in-a-Box toolkit and how it helps businesses launch new propositions fast.
Could you start by introducing Insurance-in-a-Box?
Insurance-in-a-Box is a digital insurance platform that helps insurance companies around the world to accelerate innovation and shorten the time to market. You can literally launch any insurance offering in less than 2 months. Any product.
And how is this different from other solutions?
Compared to incumbents we add speed to the equation. An insurer traditionally takes between 12-18 months to launch new products. With Insurance-in-a-Box, the insurance company can launch new products every month! A whole new digital insurance platform can be launched in less than 2 months.
Insurance-in-a-Box helps insurers bring new products and innovation to the market in the shortest possible time. It helps to launch greenfields and digital startups for any insurance company. The platform is product- and cloud agnostic, includes Machine Learning and is delivered as a SaaS solution.
And how does this compare to insurtech solutions?
We are more than ‘just’ a core platform provider. Insurance-in-a-Box is an ecosystem of partners that covers the entire insurance value chain. It is modular, which means insurers and intermediaries can pick and choose the accelerators and modules they need. For example, we have mobility, meaning telematics is available, but it is not required.
Insurance-in-a-Box is not a single IP. It is a combination of several companies coming together to face the challenges and opportunities of the insurance industry. Although solutions are integrated, they can be used in a modular way and adapted to the need of the insurer. Meaning that we deliver to insurers what they need, instead of selling what we have. See it as the options of Smörgåsbord (Swedish buffet).
What makes your platform unique?
Insurance-in-a-Box has 4 corner stones (see scheme in picture):
- Speed: with the platform an insurer or distributor can launch digital propositions or a greenfield in less than 2 months. And when it is live, launch a new product in weeks.
- Freedom of choice: the system is available as a cloud agnostic SaaS, it can be used completely white labelable and omnichannel, so anything is possible.
- Cost efficiency: insurers can plug-in new modules and plug-out modules that are not needed. It is customized, allowing you to pick and choose relevant modules only.
- Business Continuity: it is an open ecosystem approach with several alternatives for each solution on the platform.
That all sounds great, do you have some client examples?
Our Insurance-in-a-Box solution was used to launched multiple new digital insurance companies in less than 2 months. New product rollouts take place literally every month.
We have several customers live in Europe and are doing three PoCs in Asia:
- A large cooperative insurance company used Insurance-in-a-Box to launch a new home insurance product. With a multitude of integrations to market data, the user journey is super-efficient and simple for both policy and claims.
- Baloise uses the Insurance-in-a-Box platform as an innovation tool to test completely new product ideas in the market. Every few months, they launch unique niche products to explore market potential.
- By this summer, one of our larger insurance customers will launch a fully digital insurance company with parametric insurance concepts in Mobility and Life.
What will you be showing at DIA Amsterdam?
We will be on stage with Baloise to show how they used the Insurance-in-a-Box platform. Baloise’s mission is “digital when possible, always human”. We will talk about two cases: one where they use the platform to support the broker in their digitization process. With the platform Baloise provides the end customer with a digital toolset for sales and service yet includes the broker to add the human touch to self-service via the broker community. And in the other case Baloise uses the platform to rapidly launch new and innovative products on the market, thereby accelerating the innovation journey.
And at DIA Amsterdam we will also be launching Huston, our orchestration platform that brings together the insurer and the ecosystem partners. A great example of how companies in the life insurance space can connect insurance and investment portfolios from different systems.
Tietoevry creates technology that reinvents the world for good. It is a technology company with a strong Nordic heritage and global capabilities. With core values of openness, trust and diversity, they with their customers to develop digital futures where businesses, societies, and humanity thrive.
Tietoevery’s 24,000 experts globally specialise in cloud, data, and software, serving thousands of enterprise and public-sector customers in more than 90 countries. Tietoevry’s annual turnover is approximately EUR 3 billion and the company’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs. Tietoevery has been featured as part of Insurtech100, Wealthtech100, DIA Top 100, and won the MagicOfInnovation 1st prize.