The last few years have seen many companies exploring the link between technology and insurance to provide better customer experience, while not diluting the need to improve profits and reduce risk. And this slumbering industry is waking up. The connected world and rise of digital technologies are ushering in a more precise, data-driven era, creating huge opportunities for companies to demonstrate their value and to reap the financial rewards of doing so. These companies are seen offering new kinds of insurance policies including dozens of innovative policy types such as on demand, pay per mile, parametric, peer-to-peer, and usage based. One such forward thinking company is mypolicynow. com(Global-India Insurance Brokers).
mypolicynow.com works with all other major Insurance companies and offers an array of products. The portal is quite flexible and can integrate with any technology platform of Insurance companies. “Our online platform provides as much as 12 types of motor product. We have simply designed the platform; it's self explanatory and supported with ample training documents, videos & FAQs. We target growing and aspiring technology Savvy Indians. We want them to not only buy or sell the insurance products but also do the endorsements/cancellations on the very same platform,” says Abhay Deep, Managing Director, GlobalIndia Insurance Brokers.
In a market that has huge opportunities for insurance products to grow, the company
Mypolicynow(GIIB)aims at revolutionizing the Insurance industry by Empowering Consumer and service provider with the help of technology
The Beginning of the Journey
The idea of mypolicynow.com is a result of careful observation of the trends in the insurance market landscape. Technology, innovative product, the online platform are bending with the conventional insurance market. It was during October 2017 when Abhay Deep met his brother, Amit Deep who has depth knowledge of BFSI & technology. Together with Mr Linto, who has over 18 years of working experience in Automobile & Motor Insurance, Mr. Govind, a stalwart in dealers networking, Mr. Vijay, a seasoned compliance professional, Mr. Pai, pioneered in Insurance industry and the youngest team member Mr. Ameya who looks after the marketing now, they zeroed in upon creating a venture that would practice a unique approach of doing business with no compromise on regulatory compliance, support to its partners and services to end customers. This marked the beginning of mypolicynow.com.
Initially, the challenge for the team was to build an indigenous technology platform. “We anticipated that there will be a change in guideline and our team was prepared and so is the system. We can quick to adopt the changes. Today we have a fullfledged system for 360-degree support. We have added 1000+ POSP and this number will increase multifold in the coming times,” he mentions.
In a short time, the company has achieved close to 150 percent in terms of gross premium and is expected to maintain the rate this year. It will soon be launching Soon we will a B2C platform in regional languages to cater local requirement with the help of locals.