Completing The Broker-Company Circle: Full Life-Cycle On-Line Real-Time

A 2019 ICTA nomination

Toronto, ON (Jan. 14, 2019) – Nuera Insurance is dedicated to delivering superior insurance products in a simplified and convenient way through an on-line experience supported by broker expertise. SGI CANADA is committed to supporting the broker channel in delivering to customer needs through ease of doing business and real-time data exchange. Nuera and SGI have partnered to build and deploy a full-service on-line platform for true “real-time” quote, new business, policy change, cancellations and renewals. The industry is seeing examples of real-time or “near” real-time quote and  purchase of insurance for consumers; however, this solution is a first in the industry to provide customers with the ability to service the complete policy life cycle in real-time.

Nuera developed consumer facing UX (user experience) platform. They employ a team of brokers, underwriters, IT, digital marketing and analytics staff as well as contract external expertise to design and build the UX and establish processes to acquire, engage, support and retain customers in the Nuera platform. Nuera’s vision is to provide the right coverage for their customers, not just the cost-effective, and the platform has been designed to provide this to customers in a simplified way, let them pay on-line and receive their policy documentation immediately. Trusted external data sources are leveraged to simplify the customer experience, to ask fewer questions and assist the customer through the platform. Nuera’s advanced systems improves customer conversion rate, retention rate and reduces risks.

SGI CANADA provides the transactional functionality through APIs to process quotes and issue new business, policy change, cancellation and renewal transactions in real-time.

The first deployment of the Nuera platform writing SGI CANADA business was in November of 2017 with the tenant product in Alberta for all policy transaction types. As of the date of this nomination submission, the platform has been deployed for both tenant and home for all transaction types for SGI CANADA business written in British Columbia, Alberta, Manitoba and Ontario.

Nuera has also built out a modern broker management system underlying the customer UX which allows the Nuera broker staff to monitor, engage and assist customers through the tenant and home policy lifecycle as well as provide outreach in the full range of products that Nuera offers beyond tenant and home. The state of art technical capabilities provides the brokers with leads on potential customers with high likelihood of conversion for the brokers to follow-up. The system also prioritizes broker tasks, so the most important tasks are addressed immediately. It also logs voicemails and emails sent by the customers on the customer profile.

The system has built in dashboards to study the conversion rates, revenue, claims, loss ratio, renewals, new business, referrals and sales growth. Nuera is currently building an artificial intelligence and machine learning based reporting functionality that will revolutionize business intelligence by predicting user behavior. This data will be used to provide personalized user experiences to the customers. It will also be used to monitor market trends to identify additional business opportunities for growth and expansion.

Nuera also uses innovative marketing strategies to attract and retain customers. Nuera has an in-house marketing team that focuses on building and maintaining partner as well as customer relationships. Nuera has also developed a system to add, monitor, reward partners and customers. Nuera also focuses on unique digital marketing strategies that help potential customer identify Nuera as a brokerage that provides state of art technology and service.

Nuera is now in the position to provide the online Broker Management System platform as a SaaS (Software as a Service) assisting other brokers in Canada while providing the experience customers expect. Nuera is also expanding the product lines to offer insurance across Canada to provide a comprehensive platform for SaaS customers.

Business Impact

The Nuera platform is the first of its kind, offering all policy transaction capability (quote, new business, policy change, cancellations and renewal) in real-time while still being supported by brokers to provide advice and assist customers as they choose through chat or phone call.

SGI CANADA benefits from this technology partnership in two ways:

  1. Premium and policy growth. In 2018, Nuera is SGI CANADA’s leading broker for tenant new business in Alberta, with early signs that profitable business is being attracted with a low first year loss ratio;
  2. Learnings on digital consumers and data exchange. Nuera provides SGI CANADA with an Insurtech platform to practice and perfect real-time data exchange capability through APIs that can then support the broader broker community.

Other benefits include:

  1. Process efficiency. Customers can get a quote and purchase a policy within 5 minutes. It is at least 6 times faster for the broker to help the customer purchase the policy, compared to traditional brokerage.
  2. Easy to use. Broker Management System is quick, simple and easy to use.
  3. Unparalleled Support. Nuera’s software support/live broker support is available via phone, email or live chat. Technical and Business teams are available for support 7 days a week, 365
    days a year.
  4. Application Usage/ Audience. Nuera’s application usage increased by 50% from last year due to significant increase in the number of Nuera’s customers.
  5. Revenue Drivers. Nuera is working on multiple projects to drive 3 times more revenue than last year.
  6. Software Effort. Nuera is working on new additions and enhancements to the systems to add continuous value to the customers.
  7. Application Failure Frequency. Rate of application failure has reduced by 50% since the launch of the system. The development/support teams proactively identify such issues and resolve them.
  8. Real Time Policy Purchase and Issuance. 100% of transactions performed on Nuera’s platform are issued automatically in real-time. Policy documents are sent to the customers instantaneously, thereby, reducing the wait-time by a day or two to receive the insurance documents through mail.
  9. Disaster Notification. Nuera’s system receives automatic alerts during natural disaster. Nuera uses this information to temporarily lock out policy purchases in the affected area, so the focus can be directed to helping existing clients in that area.
  10. Filing claims. Nuera’s clients can log in to client portal and file claims online. This reduces broker’s time in filing claims significantly and increases overall efficiency.

About Nuera Insurance

Nuera is an innovative online insurance brokerage (Insurtech) dedicated to delivering superior insurance products in a simplified and convenient way. Customers can quote, purchase and change their policies completely online from any device, any time, 365 days a year and can be assured that they can reach out to a broker at any time for advice and help. Customers love Nuera’s industry-leading, 7-day a week service as proven in their 5-star reviews on Facebook & Google!

About SGI CANADA

SGI CANADA is the trade name of the property and casualty insurance division of SGI,offering products in 5 of Canada’s provinces. It operates as SGI CANADA in Saskatchewan, British Columbia, Alberta, Manitoba, and Ontario, and also as Coachman Insurance Company in Ontario. Operations outside Saskatchewan are held by the subsidiary company, SGI CANADA Insurance Services Ltd. Products are sold through a network of independent insurance brokers.

Source: Nuera Insurance

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