Today’s insurance companies operate in a complex digital economy where speed and data-driven decisions separate winners from losers. Market leaders can adapt faster to the market. Today, many industries are concentrating on aggregators and marketplaces so the consumers can easily find and compare products, services and prices.
Insurtech is a unique service that gives access to data for the online Insurance market. TGN, simulates thousands of insurance scenarios with several variables to aggregators’ websites, as if it was a consumer, filling every detail and field with information in real-time 24/7.
Scenarios’ results are gathered and analyzed into data, reports and insights via a tailor-made cloud analytics platform that was created and developed by TGN.
These data are really valuable for any insurance company or aggregator to check, analyse and optimise some of the following: Scenarios that don’t give any result. Scenarios that have wrong prices and specs. Categorize prices, specs, insurances, variables Price discrimination based on several different locations Price alterations in real-time per scenario and per insurance Identify insurance brands’ strategies
Insurtech service by TGN is a unique service worldwide and none of the competitors has developed a similar service. The USPs of this service are the following:
The Insurtech service is a new addition to the solutions offered by TGN.
Deutsche Telekom’s subsidiary in Greece, OTE Group, has a presence on the Greek insurance market as an insurance aggregator via the Cosmote Insurance department. They provide consumers through its website the opportunity to search, compare and buy insurance packages for health, cars, motorcycles, etc. Cosmote insurance cooperates with the largest insurance companies in Greece in order to provide, as an aggregator, competitive prices on insurance packages so the visitor can find the most suitable one according to their needs and proceed with a purchase. The category of insurance for which TGN proceeded to implement their solution is car insurance.
The need arises based on 3 key factors:
To automate the manual processes that Cosmote Insurance was performing. The completion of the manual process needed almost 3 months, having several employees manually search and log the results. After the completion of the process, the data was already outdated. With TGN’s service, the monitored scenarios are more than 10.000 into several aggregators and Insurances websites, updated multiple times a day.
Search and improve possible problems of produced results per scenario. This means that providing the right offer which gives the most value to the end customer, increases the possibility that the visitor will proceed to purchase, thus improving the conversion rate.
Categorization of insurance brands and insurance market Based on the results, Cosmote Insurance can renegotiate with the insurance companies for better terms. TGN, the European market leader in Price Intelligence, was created from scratch, delivered and gave access to the service in 25 business days.
The requested results of this project were:
The feedback that was given to TGN by the Head of Cosmote Insurance ( Deutsche Telekom’s subsidiary in Greece, OTE Group) was outstanding in terms of implementation time, UX of the analytics platform and results. The result is that several corrections are made by Cosmote Insurance to their internal processes for better pricing. Today’s pricing on the Cosmote Insurance website is based on TGN’s data. In addition, TGN & Cosmote Insurance are expanding their cooperation in other sectors of the Insurance market.
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