Case studies
Euroins
How to get first place in the Insurance Guarantee Fund’s ranking of insurers.
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BrokerUFG is Makeitright’s product for quick and efficient communication between an insurance company and the Insurance Guarantee Fund (UFG).
To a new player in the Polish insurance market, Euroins Insurance Group (https://www.euroins.bg), we offered both a SaaS platform and services, thanks to which they launched the sale of motor policies in the Polish market within two months and realized reporting and data exchange to the extent required by law and the agreement with the UFG.
In the case study, we share details of the solution and the results that were achieved by participating in the introduction of a new insurer to the Polish market.
Customer
Challenges
Solutions
Effects
Euroins Insurance Group (EIG) is one of the largest independent insurance groups operating in Central and Eastern Europe. EIG insures more than 2 million customers in seven markets. In Poland, the group operates on a FOS basis with the intention of quickly becoming a branch office. The Polish representative office offers motor insurance and assistance products and is known for its high quality of service concluded mostly automatically, with the person applying for a change merely activating the process.
Euroins Insurance Group decided to talk to Makeitright about solutions in areas such as:
- Downloading data from the UFG for risk assessment purposes
- Launching an online data feed at UFG,
- clarifying data inconsistencies,
- data detection of uninsured vehicles,
- data analysis or handling of the statistical quarterly form.
Euroins decided to use our SaaS solution BrokerUFG, a unique product on the Polish market that acts as a centralized data repository supporting automatic reporting and online cooperation with the Insurance Guarantee Fund.
During the project, which lasted just two months, we made it possible to start selling motor policies through:
- The launch of the BrokerUFG service on the Microsoft Azure platform, thanks to which it became possible to send queries and feed UFG data with full management reporting,
- Preparation of a multilingual version of the user interface, messages and reports (Polish, English, Bulgarian),
- Provide administrative support for the solution in a ‘managed service’ model.
As part of the project, Makeitright’s team was responsible for the entire process and implementation, including making sure the data was compatible between Euroins and UFG.
In cooperation, we faced the following challenges:
- Guide Euroins through the registration path and implement an integration platform based on BrokerUFG,
- Quickly launching the sale of motor policies in a partner model,
- Support for a multilingual (Polish, English, Bulgarian) user interface,
- Highest possible availability of the service and its automation
In just two months, Euroins became a recognized insurance company on the Polish market, taking first place in the UFG ranking in the “average volume” category for 2020 with a final ratio of 90.93%!
The UFG’s online feed mechanism made it possible to report not only the policies concluded, but also transmit claims and compensation data to the UFG. With the implementation of BrokerUFG, Euroins’ quality indicators have stood at a high level from the beginning.
Makeitright’s proprietary solution supports the insurance company in all elements required by law. With built-in automation in the areas of provisioning, inquiries and cooperation, BrokerUFG optimizes the costs associated with the implementation of insurance processes. More modules are being added to our product in response to new initiatives of the Insurance Guarantee Fund.
In addition, our specialists monitor, maintain and develop the platform, allowing Euroins to focus on sales development and new product launches.
Client about the implementation
When we entered Poland, we knew that we had to offer customers the most modern and efficient solutions and at the same time fulfill the statutory obligation and a number of requirements set forth in our agreement with the Insurance Guarantee Fund. With the support of Makeitright partners, who carried out the integration with the UFG for us, we smoothly launched commercial operations in just two months.
We can use a tool that meets the expectations of Agents, all our needs and has been developed in three languages: Polish, English and Bulgarian. It is unmanned for us so that we can focus on our core operations and it grows with us – along with the growth of our motor policy portfolio. Confirmation of the validity of EUROINS’ approach is the first place in the ranking of the Insurance Guarantee Fund. If it weren’t for BrokerUFG it would have been much more difficult and costly.”
