La Parisienne Assurances, which recently announced 2018 results showing strong growth, opted for the digital route with its insurance partners. SQLI launched the brand’s first partnership development and management site. This online platform helps to co-design bespoke insurance products by digitising exchanges, reducing responsive times, providing value-added services, and offering its partners a personalised experience.
A client-centred approach
La Parisienne Assurances designs bespoke insurance products that it markets as white label solutions to its different distributor partners to sell to their own business and personal customers. Its Bespoke Studio platform automates and digitises the different stages of insurance product design. It is intended as a response to performance and transparency issues, strengthening the relationship between La Parisienne Assurance and its partners.
Previously, creating insurance products required both parties to send each other a lot of e-mails and attachments. The platform has become the unique entry point that centralises all their correspondence and documents.The partners now have a unified vision and can access their information in real time.
The solution, which is both agile and collaborative, allows them to also execute a certain number of actions themselves, offering them greater self-sufficiency and transparency.The portal also acts as a full-fledged command centre to manage La Parisienne Assurances’s partnerships. Partners can monitor all the marketed product’s business and performance stats at a glance, and contact La Parisienne Assurances about potential changes.
SQLI and Microsoft, a winning combination
La Parisienne Assurances selected SQLI to design and develop Bespoke Studio. This choice was based on two essential aspects: technological proficiency and assistance with every phase of the project, from design to production, plus UX.SQLI chose Microsoft tech suite to work on the project: built using SharePoint, the platform is hosted in the Microsoft Azure cloud and linked to the Dynamics 365 CRM tool. Whenever a partner says they need a new insurance policy, La Parisienne Assurances opens up a space in their environment for them to design the requested product. To approve the different stages up until marketing, the portal features several modules:
- Document management (sending of contract and administrative documents, link to electronic signature, audit report);
- Performance measurement and monitoring using Power BI (subscription and KPI monitoring);
- Digitisation of correspondence (ticketing process to manage requests).
A platform that’s already proving its worth
By automating insurance product development, Bespoke Studio reduces time-to-market: La Parisienne Assurances is now capable of releasing a bespoke product in a very short 10-week lead time. In addition to reducing response times, process digitisation limits in-house workload and cuts production costs. Operating cost are below 6%, meaning the insurer can offer its partners competitive rates.
So far, more than 45 brands have used the portal and really rate the changes that have been made. The site opens up new perspectives for La Parisienne Assurances by providing future integrated services through this portal, as well as opening up new markets, particularly with re-insurers, which could use an equivalent platform.