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Insurance: Diversify today to thrive tomorrow

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by Nucoro
| 09/12/2019 12:00:00

Blog post

Across Europe, insurers are finding themselves competing in an increasingly oversaturated space.

“There is a huge opportunity within the insurance market. Technology can address one of the main challenges facing the larger insurers - transforming their ability to remain competitive, while also engaging with their customers on a whole new level.”

Hugo Ferreira, Head of Business Development (Continental Europe), Nucoro

Insurance firms are facing an uphill battle to remain competitive.

Across Europe, insurers are finding themselves competing in an increasingly oversaturated space, and the rate of growth over the past few years has decreased, showing signs of market stagnation. They’re also starting to notice a downturn in demand for insurance products, which has rather paradoxically created a situation where insurers need to create more products to remain competitive.

Finding a solution
Diversification is key for insurers. Offering more products or a differentiated customer experience is one way to do that, but doing so needn’t cost you precious time, money and resources.

In a recent project, we worked with Swiss Risk & Care, a subsidiary of SIACI Saint-Honoré. Our work with them is a prime example of how tech can help businesses evolve and successfully compete in a crowded market.

Swiss Risk & Care created new products for their Opsion brand—‘Opsion 3a’ and ‘Opsion Vested Benefits’. We created an advanced digitised wealth management proposition that:

  • Applied Robotic Process Automation (RPA) to data-related tasks including KYC and reporting
  • Reduced the onboarding process to just 10 minutes
  • Automated the reconciliation of positions, fees and payments for clients, allowing each one to have a unique portfolio and pricing plan
  • Worked within an open architecture with an investment universe comprised of mutual funds, ETFs and index funds, providing an advanced investment service for clients

The Nucoro Engine powered the full back-end automation of this solution, saving Opsion time and staff resources, but crucially allowing them to sustain and service clients independently. This new experience allowed them to expand into the Swiss retail market, whilst keeping their operational costs low.

“We had been looking for a solution provider who could fit our digital ambition. The solution needed to be flexible, highly user-friendly for both clients and brokers and be able to manage the associated administrative burden effectively. Naturally, minimising the need for increased headcount was also a big part of our criteria. Nucoro were able to deliver the digital platform we were looking for.”

Pascal Payot, Managing Director Opsion 3a and Opsion Vested Benefits

Download the full case study and see how Nucoro can help you become a digital challenger.

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