Insurance Times Awards 2023: IS2 helps Markel achieve significant cost savings

Why did you choose to enter the Excellence in Technology – Service Provider category?

IS2’s entry for this category showcases its technology excellence.

This excellence comes from the fact that it offers the market a seldom found combination of quality technology that has benefited from continual research and development (R&D), together with a long heritage and proven track record.

In the project put forward for this entry, our client Markel wanted to rapidly grow the size of its SME book and provide the best possible service to its customers.

To achieve this it needed to improve automation and lower referral rates to increase quote volumes, improve retention and improve the customer experience.

What do you think makes your entry stand out and why should you win the award?

IS2 enabled Markel to activate multiple distribution channels for any product at speed. It digitised scheme pricing via a hosted application programming interface (API) and delivered full-cycle digital customer journeys across those multiple channels. It achieved significant cost savings and reduced time to market, enabling Markel to surpass its ambitions.

For example, policy count is up 27% in 12 months, adding 6,600 new policies, the online referral rate reduced 22%, with online referrals down to a market-leading 0.38%, while there was a 6% increase in renewal retention, retaining an additional 2,000 policies

We were also rated 4.8/5 by Feefo, amongst the highest customer service rating, while affinity partners grew to more than 20 in 12 months.

What would winning this award mean to you and your firm?

Winning the award would recognise the talent, hard work and dedication of IS2’s team over the past 30 years. A team that has shown great loyalty and dedication to building successful long-term partnerships with IS2’s stellar client list. IS2 is perhaps the unsung hero of many leading insurers’ digital ambitions today.

Winning in this category would also shine a spotlight on the critical importance of the quality and design of the underlying technology in meeting the needs of digital first organisations. A positive trend that we only see continuing in 2024.