2016 ICTA Nomination. Technology by Click Capital Corp.
The CBN partners believed there was significant opportunity to develop an online commercial insurance brokerage and replicate how confused.com, comparethemarket.com and simplybusiness.co.uk were transforming the U.K. marketplace for small business insurance in Canada. A Project Manager was retained in December 2013 and a significant financial commitment was made to bring the concept to life. The challenge was immense – no one had ever tried to create an online portal that would deliver multiple quotes for a broad range of risks with binding, payment and policy issuance capabilities.
There were several critical steps that needed to be taken at the beginning of the project to ensure success:
- Assembling a minimum of four insurers to serve as underwriting partners.
- Securing agreement from the insurers on:
- The breadth and depth of classes of business that could be underwritten;
- A single application form;
- Binding authority for online transactions;
- Sharing of rating algorithms to allow quoting outside of their systems.
- Developing an IT solution that would:
- Host a rating engine that would provide multiple quotes for each class of insurance;
- Connect seamlessly with payments systems;
- Deliver policy documents;
- Double as the CRM solution for the brokerage;
- Allow simple renewal processing to take place;
- Be secure and scalable.
- Creating a distinct and powerful brand.
- Providing clients with a seamless customer service experience from initial quoting, through purchase, ongoing service and renewal;
It took several months to obtain four underwriting partners – Aviva, Guarantee Company of North America, Northbridge and South Western Group (offering Lloyds) – and an exhaustive search resulted in selecting Click Capital as the IT partner to build the required platform.
Benefits to Customers
- A dramatically shorter period of time to purchase coverage – days to mere minutes:
- A liability policy quote takes just 90 seconds and a full package policy quote can be obtained in less than three minutes all done effortlessly from a desktop, laptop, tablet or mobile device
- The ability to fully complete a purchase in less than five minutes including payment and policy issuance
- The ability to purchase coverage anywhere at any time:
- Bullfrog’s online platform is open 24 hours a day, seven days a week. Customers aren’t beholden to traditional brokerage hours – the time when entrepreneurs have the least time to deal with their insurance
- A seamless renewal process that takes minutes, not weeks:
- Prior renewal Bullfrog customers receive an email with a link allowing them to update their information directly in the Bullfrog system. Renewal documents are sent electronically as soon as payment is made.
- Advanced customer support:
- If required, Bullfrog’s brokers are available through online chat (a preferred method of communication for the majority of clients) or by phone through extended office hours
Benefits to Bullfrog
- Significant efficiency gains
- Unparalleled speed – new policies and renewals can be written and issued in minutes, not days
- No payment issues – policies are only issued when payment is made in full by credit card
- No fulfillment issues – policies are issued automatically by the system upon payment being made
- A single, integrated IT platform
- Quoting, underwriting, fulfillment and CRM are fully integrated into one platform eliminating double entry, multiple systems and outdated information
- The system is cloud-based allowing us to easily scale up for demand and expanded product offering, make configuration changes and maintain redundancy for business continuity and disaster recovery situations
- Data Analytics
- The system gathers tremendous insights and data about customers from buying behaviour to profiling. It also integrates with Google Analytics to further enhance the vast analytic data obtained within the quoting system. All of this permits Bullfrog to derive insights, calibrate and make decisions based upon intelligence gained directly from customer interactions
Early results show that consumers are ready to purchase their insurance online. Bullfrog is helping to change the way businesses buy and manage their insurance.
Bullfrog is Canada’s first online insurance brokerage offering complete small business insurance solutions. The brokerage is a collaborative venture of the Canadian Broker Network (CBN), a group of seven of Canada’s largest independent commercial insurance brokers. Bullfrog utilizes proprietary software with a sophisticated CRM platform as the foundation for both the customer interface and the broker management system, resulting in an experience and level of customer engagement which is unparalleled. The brokerage allows customers to get a buy insurance online in 90 seconds and agents are available by chat or phone.
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