Storm Insurance Builds Out Its Digital Strategy

A 2020 ICTA nomination

Toronto, ON (Jan. 20, 2020) – As insurance broker and consumer demands grow for digital application issuing systems, and the need to be able to conduct business 24/7, Storm Insurance knows the importance of adapting to the ever-changing world of e-commerce.

In 2019, the Storm Insurance Group (a national multi-distribution insurance solutions company) set out to accelerate its digital insurance business strategy with help from its own, in-house Innovation Hub. The Hub is designed to not only automate, but to innovate! We do this by:

  • Modernizing existing programs;
  • Innovating new products;
  • Finding creative distribution methods;
  • Automating manual processes.

In less than 18 months, the Innovation hub has taken flight, recruiting talented specialists in their fields, including an IT Business Analyst, Developer, Project Manager, and Product Development Specialist.

This diverse team works directly with the business to evaluate current products and models, identify future business requirements, and implement creative digital solutions.

2019 Innovation Hub Projects to Highlight:

  • MyInsuranceRenewal.ca

The Innovation Hub’s recently launched www.myinsurancerenewal.ca was created in-house in response to the business’s request to automate what was, until that point, a very manual and time-consuming process for the employees completing renewals.

www.myinsurancerenewal.ca is a tool for Small Business Insurance Programs to be self-managed by clients online. Clients can log in, pay online, download their renewals, and update their policy – plus much more.

In the first deployment of this site, we moved a program of over 5000 independent small business owners whose insurance was previously handled manually over to the platform. Clients received their policies immediately, we were paid faster and the reporting to the insurance companies was greatly improved via an automatic Bordereau – also improving the processes on their end. Since its launch, www.myinsurancerenewal.ca has improved a renewal process that once took weeks of an Account Manager’s time down to a few hours.

  • Online Underwriter Portal

The Innovation Hub has also developed a new personal lines policy issuance system for our Agile Underwriting Solutions. The system enables an underwriter to complete and rate their quotes directly through the company website, share with the broker and ultimately issue the policy – all online at the underwriter’s convenience.

The first product line launching on this system is our Mobile Home policies, followed by Homeowners, Condos and other Personal Lines Property Types. We are also using this technology to implement full direct bill on our personal lines products, being the first and only wholesaler in the country with this offering.

Building this system with the future in mind, we plan to implement features which will allow brokers to complete quotes online as well and bind and issue their own policies (including full policy change), renewals and direct bill payment management.

  • ZipSure “Light”

In preparation for the Storm Insurance Group’s entry into the Quebec marketplace via ZipSure.ca, the Innovation Hub developed a brand new, “ZipSure Light” website geared specifically to the Quebec market and the new Quebec regulations allowing online sales. The new site complies with all new Bill 141 regulations and will be one of the first and only sites offering insurance in a fully digital manner in the province of Quebec.

The team is also in early stages of preparing ZipSure.ca for entrance into the Auto and Home insurance markets. The current ZipSure.ca site is now being redesigned and the development of the business rules and functions required for these additional products are being finalized in preparation for its launch.

Business Impact

Throughout the past year, the Storm Insurance Group’s in-house Innovation Hub has created and implemented products and services that have changed the way we do business as well as the way our customers do business with us.

With the launch of www.myinsurancerenewal.ca, a week-long, manual application entry process was reduced to only a few hours work. By digitalizing this process, we’ve also drastically reduced the use of paper involved in keeping with our efforts to “go green”. Additionally, the ability to conduct business online through our Online Underwriter Portal and ZipSure Light will have great impact on the overall insurance industry and the entire customer buying experience as well as lightening the manual workload processes for our own employees.

About Storm Insurance Group

Storm Insurance Group is a multi-channel group of insurance organizations, committed to partnering with insurance companies, insurance brokerages, associations, and other organizations that seek custom solutions tailored to their needs.

The Storm Insurance Group includes A.P. Reid Insurance Ltd; Agile Underwriting Solutions (MGA), ZipSure Insurance Brokers Ltd. (ZipSure.ca is Canada’s first 100% online insurance provider), MyGroup Insurance Broker Ltd. (a dedicated group insurance division for large employers, associations and alumni organizations), Sheppard Insurance Service and Risk Management Inc., and Axxium Assurances Inc.

For more information, visit www.stormins.ca.

Source: Storm Insurance Group

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