April 12 / Author: SK Tirumala

Digital Insurers Are Surging Ahead

The rise of digital technology has transformed the insurance industry in more ways than ever. New InsurTech based insurance carriers and MGAs (Digital Insurers) are emerging at a rapid pace with a sharp focus on a single line of business or market segment. These digital insurers leverage technology to offer personalized insurance products and services at a lower cost than traditional insurers. They are disrupting the industry in the following ways:

Lower Costs: Digital insurers operate with lower overhead costs since they don't need physical branches or a large workforce to sell insurance policies. They use technology to streamline processes, reducing the need for manual labor. As a result, they can offer insurance products at a lower cost than traditional insurers.

Faster and More Convenient Services: Digital insurers use technology to make the insurance buying process faster and more convenient. Customers can purchase policies online, without needing to visit a physical office or speak to a representative. Additionally, digital insurers typically offer self-service options that allow customers to manage their policies, file claims, and receive assistance through digital channels.

Personalization: Digital insurers have access to vast amounts of data on their customers, allowing them to offer personalized insurance products and services. By leveraging customer data, digital insurers can tailor coverage to specific needs, making insurance more relevant and useful for customers. Usage Based Insurance using telematics is a great example of how pricing is being personalized.

Innovation: Digital insurers are often more agile than traditional insurers, allowing them to innovate more quickly and adapt to changing marketing expectations and learning from their experiments. They can test new products and services and implement changes in real-time, providing customers with more flexible and responsive insurance offerings.

Customer Experience: Digital insurers prioritize customer experience, using technology to create a seamless and hassle-free insurance experience. By offering self-service options and easy-to-use digital platforms, digital insurers can enhance customer satisfaction and retention.

In conclusion, digital insurers can offer personalized insurance products and services at a lower cost, faster, and more conveniently is changing the way customers view insurance. As a result, traditional insurers must adapt to the changing landscape and invest in digital technology to stay competitive. Failure to do so could result in losing customers and the market share they enjoyed for a very long period.

Harold Leitner

VP, Business Development

With over 25 years of technology sales, business development, and account management experience Harold leads Xemplar’s business development team. He has successfully driven business growth for early stage technology providers across a range of industries including e-commerce, finance, IOT, connected fleet technology and telematics. Harold holds an MBA from Northern Illinois University and a degree in International Business from Illinois State University.

SriKrishna “SK” Tirumala

CEO & Co-Founder

Over the last 24+ years, SK has been at the forefront of delivering technology solutions in Property & Casualty. For the last few years, he has been spearheading the development of risk management solutions at Xemplar Insights, LLC. As the head of the business, SK passionately leads R&D and product engineering teams to advance the Xemplar product portfolio. He is continuously associated with customers, prospects and industry partners in solving their chronic business issues with cutting-edge technology.

Xemplar Solutions Suite

XEMPLAR AUTO is a comprehensive mobile, cloud, and web solution that enables personal auto insurers to close gaps in their digital capabilities. Designed to support loss containment strategies using state-of-the-art smartphone telematics, it can also include policy self-service capabilities to drive adoption and lower servicing costs. Insurers get a powerful analytics portal to analyze where, when, and how risk occurs in their book of business. Granular data can be used develop new rating variables for Usage Based Insurance (UBI).

Personal and Commercial P&C policyholders value the ease-of-doing business with their insurers over mobile and web channels. They are attracted to insurers with better digital capabilities for convenience and better service. Insurers understand that building relationships and creating loyalty with policyholders is key to their on-going profitability and success. The Xemplar Engage solution enables insurers to rapidly innovate and advance their digital transformation strategy with self-service features on mobile and web channels, resulting in significant competitive advantages with improved customer experience.

Xemplar Drive – Business was designed as a non-white-labeled option for Commercial Auto Insurers that believe that the policyholders will be apprehensive about using a data gathering solution provided by their insurance carrier. Xemplar Drive – Business would be referred by the insurer to the Commercial Auto policyholders (small businesses to large fleet owners) as a solution for risk prevention and loss control.
Xemplar Drive – Business is also available as a white-labeled off-the-shelf B2C subscription-based solution (SaaS or private) sold directly to Large Corporates, Commercial Businesses, and other Institutions that operate a fleet of vehicles, as a self-administered risk management solution.

Xemplar Drive – Business is a branded off-the-shelf, B2C subscription-based solution sold through distribution channels such as driving schools or not-for-profit organizations to individuals and/or parents of teens as means to analyze driving habits of themselves, or young drivers as they gain driving experience and develop good driving habits.

Xemplar Stack’s suite of licensable and adaptable software feature frameworks, platform architectures, design patterns, and data model assets helps businesses save development time and costs and jumpstart the creation of tailored software solutions for unique business cases.

About Xemplar Insights

Our journey began in early 2015 while experimenting with smartphone technology to analyze motion patterns that led us to develop an innovative and economical smartphone telematics solution for loss containment. We then extended our capabilities to include numerous new features including policy and claim services, and developed turn-key solutions for Personal and Commercial P&C Insurers. Today, Xemplar is an established digital solutions company that offers both pre-configured and tailor-made solutions to insurers and commercial businesses, with many companies using our products and services to drive their digital transformation.