Innovative approach to bancassurance – vision of tomorrow

How insurance companies can become innovative

‘Innovation’ is a term very fashionable and misunderstood nowadays. Insurers seeing this trend often establish “Innovation Departments”. It is always amusing noting how companies institute a director responsible for innovations. Yet this approach is not effective. If you want to be innovative you should stop doing innovation. Much better is to innovate in what you do. Just take things around as they are – and try to manipulate them, so they can be used in different ways. The same applies to people. Use your current staff, not a dedicated inventor-person. Innovations that you create can be implemented really easily, because they are based on things, processes, standards or resources that are actually available in the surroundings. Only their purpose or a form slightly differs. Altkom methodology – AIM (Altkom Inventive Meetings) – is based on the assumption not to invent new things, but to use the ones that has already been created instead. As a company we went through that road with some insurers and effects of our workshops were really impressive.

Altkom White Label – how innovations can be backed by IT solution

Altkom White Label is a core insurance system that can exist alongside the current IT infrastructure or serve as a completely independent system for selling and handling non-standard insurance products. It has been implemented in Polish Post Insurer, where it is used as the only core system for life and non-life products. White Label was written to be used as a kind of a workbench for insurers; an MVP (Minimum Viable Product) toolset for testing products at the lowest possible cost. If a new insurance product should be tested live, in the real world, it has to be maintained for at least a year, regardless of whether it was a successful experiment or not. Understandably it’s not easy to invest a lump sum to adapt current systems to products that will mostly disappear. One of the major intensions of developing White Label was to allow really cheap experimenting – which is our understanding of how to build MVP focusing on V. Not a ”minimum product”, but mostly viable! That’s why Altkom White Label is equipped with a set of configurators for business users, who can parameterize e.g. product definitions and tariffs via Excel file. All those mechanisms were designed to shorten as possible TTM for new products. Make up, click and launch – day-to-day. And then do not worry, you don’t have to develop anything, because back-office core will handle such a product on a basis of the same definition. This has already worked out for our two Clients and is being implemented in the third.

White Label support for bancassurance and insurance sales

White Label sales front-end is designed to function independently from the core part. They are not welded in any way. It is a concept that we call Open Business Architecture. It means that on the front give a possibility to compare – multicalculate and sell products that are bundled of risks from different insurers. This approach ensures that the customer always stays with the one who sold the product to him. Even if this product was branded with a different company logo. In other words it is very probable that, knowing that seller has a wide range of options, the customer will be loyal to the seller and, will stay with him in the next years renewing policies. This whole mechanism is based on the people’s need to have a choice that a mono-brand insurer cannot provide. And this was just one example of non-standard approach that White Label facilitates.

On February 14 we are participant in 11t Annual Fleming Conference – Bancassurance Forum in Berlin where we are going to share our knowledge, approach and vision of modern and innovative solutions that meets current market needs in insurance and banking sector.

If you want to learn more about the conference – click this link: