Why the next generation New Business Platform matters

Why the next generation New Business Platform matters

By David Gallagher, VP Marketing

We are excited to launch the next generation of our insurance portal offering, collabor8 cloud.

As I was preparing to write this blog, I asked myself – Why do our readers care? Why is this of any interest, let alone have importance to you? Can a new business platform help you in any way?

With that in mind, I reviewed my notes from conversations with our customers who are migrating to collabor8 cloud, to see why they opted to upgrade and why it was important to their organizations.

They identified three core reasons:

  • Improve response times – brokers, like everyone in this world, want the fastest web response possible. Waiting even for micro-seconds takes away from the ease of use and our customers wanted us to push this faster and faster.

  • Support their broker partners with the best technology – enabling brokers to access a broad array of products online and making it easy-to-use, empowers brokers to better serve policy holders.

  • Enable nimble response to market changes – insurers need to deploy new products quickly, introducing new lines of business and more customised offerings to stay competitive. Existing products must also be easily modified without months of coding and testing.

That’s a lot to cover, so for today, let’s start with the first reason.

Why improve response time?

Personalization has a cost

Older portals, including those from Hubio, enabled customers to add features, functions, products, services, underwriting rules, what-if-analysis, auditing, record keeping – all actions that enhanced their capability to create unique experiences with their brokers and customers. But this has one significant drawback – additions were easy, lots of additions were made, and these additions drew lots of processing power – and over time the response times started to lag.

We knew our next version had to address this problem. The existing breath of functionality and flexibility had to stay, but response times had to improve and be developed so they could stay fast over time. To do this, we could not make incremental changes, we had to transform our technology to be the most modern, advanced platform.

So, we moved to new technology that represents the leading edge in web development tools, and is faster than anything we’ve seen before on the market. Using the MEAN stack, which is a combination of leading edge JavaScript-based technologies used on web applications, we ensured extremely fast load times for high loads.

With new insurtech disruptors emerging on the scene, our customers do not want technology to hold them back, but to enable them to be responsive and help their competitive position. That’s why we’re continuously updating our technology, to help our customers stay ahead.

How speed impacts abandonment rate

Imagine the last time you tried to visit a website and left when it took too long to load. Sounds familiar? You’re not alone, DoubleClick’s study found that 53% of mobile site visits are abandoned if pages take longer than 3 seconds to load. To match user expectations (1 in 2 expect a load time of 1-2 seconds), insurers need to ensure their platform is fast and user friendly. Today’s consumer won’t wait for you.

Every second counts as Google takes into account loading speed as a ranking factor in displaying search results. Google rates it as important, but most importantly, so do your users. Having a slow and unresponsive platform is not just inefficient, it’s costing your business. Kissmetrics survey found that a 1 second delay in page response can result in a 7% reduction in conversions.

To compete with direct writers and new insurance disruptors, our insurance customers need the best user experience. Brokers need to interact with underwriters smoothly and efficiently, and face no technological impediments. Even with data-heavy new business quotes, complex rating, and large commercial businesses, brokers need fast processing times, or they will move their business elsewhere.

Insurance Software as a Service

collabor8 cloud uses Amazon Web Services, always ensuring secure access so your business can run anywhere 24/7 without interference.

We’ve also used the cloud service to improve performance. We use multiple database servers to ensure requests are not bottlenecked at the database read/write level. Plus our use of Asynchronous and event driven processing; Native bindings; and Node.js distribution of a small heap per connection, ensures top performance.

Our new collabor8 cloud is faster and significantly more responsive, enabling our customers to be future ready. Are you ready?

If you are interested to learn more and see how our platform can transform your business, please contact David Barber david.barber@hubio.ca