How Igloo manages multiple insurance products across channels with Google Cloud

Insurance management has come a long way in recent years, with new technologies and tools emerging to streamline processes and improve customer experiences. However, many insurance companies are still using legacy systems that are slow, inflexible, and difficult to integrate across different channels.

One of the biggest problems with legacy insurance management systems is their lack of agility. These systems are often built around specific channels or products, and are not designed to adapt to new technologies or changing customer needs. When companies want to introduce new products or channels, they need to go through a new development cycle, which results in a long time to launch. 

To help solve this issue with legacy systems, Igloo, a regional insurance technology company that provides digital solutions to players in the insurance value chain, developed its platform Turbo, which operates across multiple business lines including B2B2C, B2A (business to insurance sales intermediaries such as agents), and B2C. Through Turbo, Igloo is able to deliver the same products and services across multiple distribution channels, including e-commerce, offline retail stores, and Igloo's own digital solution for insurance sales intermediaries, the Ignite mobile app. To achieve this level of consistency and flexibility, Turbo allows insurance experts without coding knowledge to self-manage the product launch process.

One example of this system in action is the way Igloo provides gadget insurance (covering electronics accidental damage, water damage, and extended warranty). The same product — with consistent benefits and levels of service excellence — can be distributed at scale via e-commerce platforms, sales agents from retail stores, or through direct channels. This not only ensures a consistent customer experience and, hence, customer satisfaction, it also allows Igloo and its insurer partners to reach a wider audience.

A no-code platform for any user to easily and quickly launch new insurance products across channels

Another key issue associated with managing multiple channels and product launches is that it can be a complex and time-consuming process. Past methods of launching insurance products often require coding knowledge, limiting the involvement of non-technical staff. This can lead to delays, errors, and a lack of speed and flexibility when adapting to changing market demands.

Whether it’s launching a new product, or making changes or updates to existing insurance policies, Turbo’s no-code approach allows insurance experts to self-manage the product launch process. A user-friendly interface guides users through the process of setting up new products and launching them across multiple channels. This not only allows for faster and more efficient product launches, but also gives insurance experts more control and flexibility over the process.

In addition to providing more control and flexibility, Turbo reduces the risk of errors and inconsistencies. By centralizing the product launch process, Igloo can ensure that all channels receive the same information and that products are launched with the same level of quality and accuracy. This helps to build trust with customers and ensures that Igloo maintains its reputation as a leading insurance provider.

The diagram below illustrates how Turbo functions, following the insurance logic and process required for every new policy signup.

There are nine key benefits that Turbo provides to its users, namely: 

• No-code - Anyone and everyone can use the platform, since no technical expertise is required

• Re-utilization degree - Basic information is pre-filled so no reconfiguration is required, speeding up the process of filling in forms 

• Streamlined collaboration - Anyone with access to the cloud-driven platform can use it

• Insure logic and process variety - Easy set up with a step-by-step guide for every insurance journey

• Presenting flexibility - Enable sales across channels

• Purchase journey flexibility - Automate configuration of information for insurance purchasing flexibility to accommodate a variety of needs and use cases 

• Low usage threshold - Simple interface and highly intuitive

• Short learning curve - User friendly platform

• Single truth domain definition - A centrally managed platform where all business logic is managed on the platform for consistency and reliability

“By utilizing Google Cloud’s cloud-native solutions, our insurance product engine, Turbo, has effectively leveraged scalable, reliable, and cost-efficient technologies. This has led to the creation of a sturdy and high-performance platform that enables rapid digitization and seamless deployment of high-volume insurance products across various distribution channels.” - Quentin Jiang, Platform Product Director, Igloo

Helping insurance carriers, channels, and businesses make more informed decisions

In addition to providing a user-friendly interface for insurance experts to self-manage product launches, Igloo's Turbo system also collects and analyzes valuable data insights after getting users’ consent, without Google Cloud having any visibility into the data. This data includes user views, clicks, conversions, and feedback, which can provide important insights into customer preferences. By automating the collection and analysis of this data using BigQuery, Igloo is able to make faster and more informed business decisions for insurers and insurance agents. For example, if a particular product is underperforming on a particular channel, Igloo can substitute this with a similar product while running analysis to identify issues and make improvements to the underperforming product. This helps to ensure that Igloo is always offering the best possible products and services to its customers, while also maximizing its own business performance. 

Overall, Igloo's Turbo platform is a powerful tool that allows Igloo to leverage data-driven insights to make faster and more informed business decisions, thereby helping to reinforce its ongoing success as a leading insurtech.