Technology-led insurance company Homelyfe has launched a partner platform to let third party firms use its insurance product lines and provide home insurance cover in less than four minutes.
The partner platform means that third parties can now implement Homelyfe’s custom technology and insurance buy flow within their own digital domains and earn commissions. It can be use in an app or on a website and the quickest purchase so far is 85 seconds.
Andrew Craven, co-founder and chief technology officer, said: “With our partner platform we enable third parties to integrate an insurance offering into their own apps and websites, alongside their own products, using Homelyfe’s state of the art technology.
“It’s a game changer for the insurance industry, providing a much-needed modernisation of an antiquated process, and is the first step towards a seamless insurance-as-a-service platform for partners and brands.”
A typical banking app offering home insurance would, prior to Homelyfe, would require the consumer to fill out over 60 third-party insurance questions to get a quote.
With Homelyfe’s partner platform, the same banking app could leverage data it already has on the customer to pre-fill information and virtually remove all questions in that buying journey.
The customer experience will be improved and customer conversion rates and commissions will increase also.
Another important feature of the platform is the partner commission monitor – an automated service that is delivered to partners every night, providing daily analysis and removing the need to manually reconcile at the end of every month.
Peter Goodman, co-founder and chief executive: “Finally, everyone can experience what the insurance buying and management process should be. Our partner platform is the first step in delivering multiple line insurance buying to the masses.
“By opening up our products through our technology to third parties, we’re changing the status quo on what’s regarded as a ‘good enough’ customer experience in the insurance industry.
“We currently have home insurance and will be adding further insurance lines on a quarterly basis, a deployment speed we can achieve because we built our technology from scratch.”
Goodman added: “There are forward thinking companies looking to improve on how things have previously been done in their sector and that are always striving to improve customer experiences, along with their margins.
“Over the course of the next few months, we plan to announce several key partnerships, in our exclusive roll out plan.”