Partner onboarding is much more than first impressions and creating goodwill. It is closely linked to your company’s scalability, resources and core values. Slow, problematic partner onboarding could cost your company revenue, reputation and the most crucial resource of all – time. But done properly, a smooth partner onboarding can minimize costs and positively impact your bottom line, all while fostering a good insurer-partner bond.

Studies have shown that onboarding often runs over budget due to lack of structured processes, manual interventions, gaps in communication and use of outdated or unsuitable technology. Aside from budget overruns, poor partner onboarding simply means you get off on the wrong foot with your new associates.

Bringing new partners onboard is, however, easier said than done. With the InsurTech scene growing leaps and bounds each year, insurers world-wide have been reinventing their core processes with the help of AI to stay relevant. A good case in point is our client, a leading insurer with best-in-class products and an ever-growing customer base. While the insurer had a rapidly growing network of partners, they were lacking the technological support to keep pace with growing competition. Their legacy systems could not integrate with custom partner portals and customer portals. The siloed teams and outdated systems resulted in the loss of multiple business opportunities and around 30% online customers every year.

Effectively improving business through partners includes several business processes and most of these processes are custom to a business. The client, therefore, needed a fully tailored partner portal that could easily integrate with multiple partners/distributors’ systems with highly customizable features. The client also wanted to improve data processing capabilities to improve partner and customer retention.

After deliberating every detail with our digital transformation experts, Aspire Systems offered the client an insurance analytics solution with highly-customizable portals to keep interactions smooth and quick with multiple business partners. The solution was based on Microservices and APIs, making future upgrades easy. It made workflow and end-to-end data sharing smooth within the client’s ecosystem of customers, partners, employees and internal business systems.

  • The client’s digital transformation was quick
  • The new platform was 1,000 times faster than the legacy system
  • Partner onboarding time was reduced to two days from four months
  • Onboarding was more efficient as the decreased manual efforts also lead to fewer inconsistencies

The icing on the cake was on the cost front, in terms of Increased Revenue per Product: Products could be sold through a larger number of partners with custom variations resulting in 150% increase in revenues per product. The partner portal created a new revenue stream.

The insurer has since grown to have a stronger network of around 200 partners owing to the better customer experiences provided. We continue to work with the client as their preferred partner for digital product innovation. ISG termed the solution to be a stand-out example for digital transformation.

The ISG Digital Case Study Awards weigh digital transformation projects from scratch to finish, looking for the objectives, solutions and outcomes achieved through the projects. Technology and service providers from around the world turn in their case studies, which are then validated and reviewed by ISG’s committee of experts in digital research. Projects with the most tangible impact on business and unique solution make the cut.

You can find the specifics of the award-winning digital solution here.

 

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