Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!
Tell us wiCover’s brief pitch
wiCover enables insurance companies to meet the technology expectations of the modern digital customer. We build digital customer experiences to change the way insurance is consumed. As a technology business providing front-end digital insurance platforms, we create solutions that reduces user friction, reduces costs and resources; and increases transparency. wiCover provides our technology as a Service, we take care of the ever evolving technology requirements and the insurance company focusses on developing the product and the distribution channels. Customer experience leads into Customer Effort: what additional effort are you forcing your customer to undertake to do business with you? What friction can be removed to drive a better customer experience?
wiCover operates in Australia, South Africa, Dubai, the UK and our teams provide services in the US and Asia. We provide services to global insurers, listed entities, InsurTech startups, MGA’s, brokerages and provide the same level of UX, design, technology, security, encryption regardless of whether you starting your business or changing a 100 year old business. In some markets, we are building interfaces between large insurers and the brokers to enable brokers to enjoy the speed that customers are now expecting from digital direct insurance offerings. We solve a specific problem in insurance – the customer experience. Each customer is different, in some spaces, we are enabling customers, and in other markets we are enabling brokers. We are not an admin platform. We do integrate into existing technology partners to enable customers to digitally access sales, service, claims and create additional engagement opportunities.
So how did wiCover begin?
wiCover say the opportunity to remove the friction and frustrated created when filling out paper forms for claims and new business; and to reduce the reliance on call centres for sales and service. We built a lot of really cool technology that we expected insurance companies to “want” or even “need” to assist with their digital plans while connecting with new age customers. We found that most of the insurance businesses we engaged with loved new technology presentations, even though they had no capabilities to use the technology and were not selling insurance online. We found our sweet spot in creating digital front end customer technology that allows insurance companies join the digital age. Our as a Service model allows speed to market, reduce time to market, reducing the technology invest and building long term partnerships that create value. Now we challenge insurance companies with the statement: your customers are digitally enabled, are you?
That’s an awesome origin story!
How has wiCover evolved since inception?
We started out building technology solutions for insurance businesses to own and slowly (these lessons are not always quick!) realised that we had better opportunity following the Software as a Service model that reduced the upfront costs significantly for insurance companies to create a meaningful digital presence for their customers. We also made a few mistakes in our hosting solution and were losing business opportunities as a result. We started again from scratch after 18months and a few tough lessons to meet the needs of the market. We take our role in providing powerful digital customer experiences seriously and will continue to push the limits of what insurers believe is possible in meeting their expectations. Long live the Customer!
Keep moving forward!
What is your team currently working on 2019 or what have you accomplished recently?
We are delivering solutions to clients in Australia, Africa and Europe which keeps our DevOps teams very busy. It feels right when your business learns lessons, takes action and we reap the benefits and enjoy successes. Our focus on adding to our wiCover Core platform capabilities, continue to reduce the cost to create digital solutions and expand our client base in Australia. We have seen huge appetite for digital solutions in the Australian Insurance market and look forward to driving future successes. Each client deployment has a totally unique user experience, so each week we are working on something new, creating something of value and learning new tools and tricks.
Great! We’ll hear more about this space!
How does wiCover ‘give back’?
wiCover creates and participates in events, summits, interviews that helps focus attention on InsurTech industry and particularly shines the attention on solving customer problems. In Africa there is a massive opportunity to extend financial services to previously uninsured markets by decreasing the cost to connect and distribute insurance products and we aim to provide the technology that will connect that new customer to the insurer. We are all about the customer experience changing the way insurance is consumed and we aim to bring that purpose to life with each client deployment being to closer to that goal.
What is wiCover’s biggest challenge in today’s markets?
We face challenges of potential clients thinking we just build websites and cannot understand why they need to invest in their digital customer experiences. Having come face to face with our own technology limitations and slayed that dragon, our challenges of scaling into new markets rapidly are creating the challenges of video technology limitations meeting time zones! Other challengers we face are fear of replacing people by digitising insurance services. We actively say that technology enables relationships and does not replace the need for the human connection. Technology can automate processes that creates efficiencies and reduces friction, and then allows people to provide the human touch.
Having deployed teams onto 3 continents to face the challenge head on, managing those teams has its own set of challenges. We have amazing partners in some territories that make the transition from newcomer to market credibility extremely smooth and we cannot thank them enough. We are allowed to think Global and act local due having existing business networks in those territories. InsurTech Australia and it’s community would count as part of those we are thankful to be part of.