Excellence in Technology
This category seeks to recognise initiatives and solutions that improve internal and external operational and administrative processes and is open to all businesses operating in the UK general insurance market.
From the use of artificial intelligence to the implementation of distributed ledgers, judges were looking for tangible evidence that technology has improved operational efficiencies, customer services, and/or business administration.
All the finalists are listed below. Use the links to find out more from the entrants who have answered our series of Q&As.
PremFina
What key achievement did your entry highlight?
Our promotion of financial inclusion by enabling the payment of insurance premiums via installments. It taps into a market segment of mobile-friendly customers that wishes to buy insurance as if buying a Netflix subscription. Our innovation lies in our newest product, iFaaS - the new way of selling finance for insurance purchases, as an ongoing subscription, via a website and an app on both iOS and Android platforms. iFaaS renders financing as a service, enabling customers to buy and finance insurance premiums “on-demand” on a daily, weekly, or monthly, rather than an annual basis.
The PremFina Team
Can you share data or testimonials to back up your bid to win?
The ease of the software and the friendliness of the staff at the company is second to none. The whole process is effortless, swift and no messing about. PMW Commercial Solutions Ltd
PremFina have restored my confidence in this sector by instilling customer service values into the core of their business. Go PremFina! Robert J Goodson Ltd
PremFina gives us control across the entire customer life cycle, which is exactly what we needed to further add value to our customers. Bennetts – A Division of Saga
PremFina’s premium finance product and system are to a high standard and comprehensive, combining this with their outstanding support this has allowed us to grow faster. Reactive Insurance.
What sets your firm apart from the other shortlisted contenders?
We're the only premium finance company that uses artificial intelligence technology to make customer service more natural, authentic and emotionally intelligent. The customer is always no. 1 so that makes the customer journey our top priority.
If iFaaS were only an app, it would be similar to insurtechs trying to do the same. If it were only a finance offering, it would be providing an annual loan agreement to enable a customer to pay the insurance premium upfront. Instead, we’re able to combine and offer iFaaS, i.e. insurance Financing as a Service.
How will you celebrate if you are the victor?
The whole team at PremFina is grateful for the recognition. We will celebrate as a team (most likely virtually!) if we are the victor!
Tempcover
What key achievement did your entry highlight?
Major blue-chip automotive retailers have switched from the established insurance giants' cumbersome and time-consuming driveaway insurance offering (5-day policies allowing the customer to drive away immediately after vehicle purchase) to Tempcover’s super-slick digital standalone insurance solution which reduces the policy approval process from 20-60 minutes to just 90 seconds. Our flexibility and agility means that the solution can also be calibrated to dealer-specific operating models (single-site car supermarkets, multi-site dealer groups and fully-digital platforms), thereby leading to considerably improved stock clearance times and profitability for the dealers and improved user experience for the customer.
What sets your firm apart from the other shortlisted contenders?
Our one-step user experience is the first-of-its-kind in the traditionally outdated and inflexible driveaway insurance industry and our in-house proprietary technology is dramatically simplifying the process of how insurance is purchased and consumed. All of this has been achieved while maintaining the integrity of the underwriting process and price competitiveness with the market's long-established solution.
Tempcover CCO Rachael Laurie
How will you celebrate if you are the victor?
Winning this award would show just how much of a positive impact our digital product has had on both the motor insurance and automotive retail industries, and the trophy would take its place on our mantlepiece. We would make sure to invite our automotive partners – who adopted our technology in its early stages – to join in the celebrations, as it would not have achieved its tremendous success to date without their support.