Insurance platform (insurtech)
Closing a policy went from two or three days to minutes, right at the counter.
Products were sold with the insurance attached.
- The problem
- An insurance platform (insurtech) sells through retail stores: phone-theft insurance and insurance for electronics such as fridges, together with the product. But traditionally, closing a policy took two to three days, and the insurance did not fit in the sale. Estimate: 10 insured sales a day in a store × 2.5 days to close each policy (between 2 and 3) = 25 customers per store, at any moment, with their insurance still pending (sales a day: assumption).
- What Appfy did
- Appfy built the platform's engine: at the start of the day, it sets aside policy numbers for each type of insurance, like a pad of numbered tickets. Each sale gets its number at once, and the engine notifies the insurer, closes the contract, exchanges the policy files with the insurers and analyses the sales.
- The gain
- Closing a policy went from two or three days to minutes, right at the counter. Products were sold with the insurance attached.
Scene 1 of 8The company
Insurance sold in the store, with the product.
An insurance platform (insurtech) sells through retail stores: phone-theft insurance and insurance for electronics such as fridges. The insurance goes with the product, offered at the moment of purchase.
Scene 2 of 8The problem
Closing a policy took two to three days.
Traditionally, issuing a policy meant a number, a notice to the insurer, a contract and an exchange of files. All of it took two to three days, and no customer stays that long at the counter.
Scene 3 of 8The problem
The phone left the store; the insurance didn't.
Unable to fit in the sale, the insurance waited: the customer took the phone, and the policy came only days later. In a store with 10 insured sales a day (assumption), that means 25 customers, at any moment, with their insurance still pending (estimate).
Scene 4 of 8The goal
The goal: buy the phone, leave with it insured.
Close the insurance at the point of sale, together with the product, in minutes, right at the counter. Buying insurance would be as simple as buying the phone, within reach of every customer in the store.
Scene 5 of 8What Appfy did
Policy numbers set aside as the day begins.
Appfy built the platform's engine. At the start of the day, it sets aside policy numbers for each type of insurance, like a pad of numbered tickets, ready to use. Each sale at the counter gets its number at once.
Scene 6 of 8What Appfy did
Insurer notified, contract closed, files exchanged.
With the number on the policy, the engine notifies the insurer and closes the contract. The policy files go back and forth with the insurers, and the sales become analysis: the market and the profile of who buys.
Scene 7 of 8What changed
Closing a policy went from two or three days to minutes, right at the counter. Products were sold with the insurance attached.
Scene 8 of 8And in your company?
Does your sale still wait days on another company? Close it at the counter.
If a sale of yours only closes once another company answers, with a number, a contract or a file, Appfy connects both ends at the moment of sale. Start with a free 30-minute conversation.