Insurance Aggregator Development

Project background

By definition, an insurance aggregator is a group or cluster of independent insurance companies. They unite to give their members more benefits than individual points of sale can allow to get insurance quotes in just a few clicks and compare the options before choosing. This way, a client doesn’t have to search each website individually. 

According to profound research by McKinsey, about 50% of online insurance in Europe alone is sold via digital insurance aggregators. It means agencies can’t stay aside and need to adapt to the market change as soon as possible. Insurance comparison apps help businesses enter new markets, expand their customer reach, and become more competitive in terms of price and product performance. Building a service like Inpolice allows to analyze the market regularly, poviding fresh insights into customer and product data, which gives companies a chance to discover new customer segments, respond to new trends, and test new products. 

Business needs

Our client, a well-established insurance broker in Ukraine, wanted to unite several service providers to give their customers more benefits than individual agencies to get online insurance quotes in just a few clicks and compare the options before choosing. They needed to a platform, a kind of online insurance marketplace, where customers compare product features, carriers, coverage, and price. The product had to provide:   

– An effective way to increase insurance broker sales by attracting new online customers; 

– A simple and convenient way to conclude an insurance contract; 

– A new level of sales; 

– Reduction of the company’s operating costs. 

Product features

1. Quotes and coverage comparison. Insurance quotes and coverage comparison of different insurance providers
2. Registration. Fast registration of an insurance policy online in just 5 minutes
3. Accounting. Transparent, detailed and updated real-time accounting
4. Insurance contract. Drawing up an insurance contract from anywhere in the world
5. Cost calculation. Calculation of the cost of a Motor Third Party Liability Insurance (MTPL) e-policy, and Green card e-policy from 35 insurance companies
6. Invoice. Getting an online invoice
7. Payment. Fast payment by card
8. Correspondence. Sending the policy by email
9. Leads generation. New leads generation for aggregator partners
10. Language. Multi-language support: Ukrainian, and English

Solution

The CHI Software team has developed an insurance platform that united 35 companies as of today. This insurance marketplace app can organize and track all interactions with clients and partners.

The main idea behind this insurance aggregator development is to provide reliable services with maximum savings of time and money, gathering all the necessary information in one place. At the moment, the online insurance aggregator operates throughout Ukraine, and in the near future, it is planned to expand to the markets of Eastern Europe and Central Asia. Our team has:

– Created an intuitive platform for a wide scope of insurance services sale

– Implemented an online payment for insurance functionality

– Created a unique instrument for promoting the insurance company’s products

– Realized an opportunity to issue insurance policies online without paperwork

– Automated the insurance contract managemen

– Created a client’s personal account

Our technology stack

• PHP Laravel Nova
• Vue.js
• PostgreSQL
• TypeScript

Key achievements delivered

1. Fast entry onto the online insurance market
2. Increase in sales and business income
3. Optimization of accounting and control of insurance contracts
4. Lower operating costs
5. A simple tool for end clients to access all products of the insurance company on one web platform