www.wealthandfinance-news.com 6 Wealth & Finance International - Q2 2022 SaaS Solution of the Year “I find it quite fascinating that a student from a small country in a big world could eventually end up with multiple clients across the globe. Because typically insurance players work cross borders and they know some guys with similar digitization problems.” - Axel Sjøstedt , CEO of Cloud Insurance Axel Sjøstedt was studying at university and did some tech consulting on the side to pay his student financing. One day, a large insurance broker approached him with a problem of undigitised experience. They received reports via snail mail and manually entered the information into an old system. After seeing a company as big as this using slow and outdated methods, Sjøstedt believed there was an opportunity to help insurers worldwide with their digitalization. After finishing their studies, Sjøstedt and Håvard L. Nilsen realized an opportunity for a new business and founded their InsurTech SaaS. Functionality “The old ways of doing things simply don’t cut it. Younger consumers have grown up with sleek apps and digital processes and expect products relevant to them specifically. As a result, insurance firms need to improve their customer experience to meet these new demands. And this is what Cloud Insurance was built to do. Our mission is to help insurance firms innovate and offer attractive products to their customers.” - says Sjøstedt. The company provides extensive and seamless policy and claims management capabilities, distribution network, customer journey, reporting functionality, and much more. Its technology lets clients build a digital insurance solution to launch new markets, onboard new partners, and improve customer experiences. One of the biggest boons of Cloud Insurance is how it lets firms spend less time worrying about the technology and more time on offering customers the best products. Sjøstedt said, “if you work with us, our goal is that IT should be an enabling factor so these talented product developers and business developers can go out and do what they want to do in order to reach their business goals or grow their business.” Clients successfully integrate the Cloud Insurance core system with their corporate IT infrastructure, add new products, go live within as little as four weeks, and have improved both back- and frontend functionality. They claim a 50% decrease in time-to-market, a 40% rise in revenue, and a 50% boost to customer satisfaction. More about Cloud Insurance features here. Global outlook When the company was founded in 2016, the founders made a critical decision. They wanted to become a global business. This international growth is now well underway. Starting in their home country of Norway, they gained customers and users in more than 20 countries on five continents. Recently they’ve opened an office in the UK, launched a partner program in South Africa, and signed several big contracts in USA, Australia and Sweden. Success with Insurance Distribution Cloud Insurance has also gradually focused on the distribution side of insurance. One of their clients, Maiden Life and General (MLG) was struggling to find the IT resources to build the necessary functionality for their current distribution partners. Cloud Insurance created a seamless, end-to-end customer journey platform for the MLG team to handle the administration of their policies and premium collection. Today, this platform has become a key strategic component of their partner solutions. By being able to simply plug into the platform integrated with white labeling capabilities, MLG’s distribution partners now offer a diverse catalog of insurance products as well as tailor their online offers to meet the specific needs of each distribution partner. In addition, they improved their time-to-market by 50%, earning them a significant competitive advantage while making things simpler for their partners. With rising trends, such as embedded insurance, there are many more ways to meet potential customers. Firms need to be ready to adapt and reach people wherever they might be. APIs for more opportunities Cloud Insurance’s APIs are designed for those insurers looking to rise to the challenge. Not only can they sell through various third parties, but they can also access dynamic pricing by leveraging IoT sensor data to change prices on an individual level. Additionally, companies can implement microinsurance policies that can be turned on and off at will. Next steps The insurTech set several big goals for this year. These include increasing its customer base, expanding into more geographies, and moving into new verticals. Additionally, they’re looking to increase their financials by 2.5-times compared to 2022. To top it all off, Cloud Insurance is also exploring a Series A funding round. Company Name: Cloud Insurance Contact Name: Alex Astengo Contact Email: [email protected] Web Address: https://www.cloudinsurance.io Feb22158
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