Frie: Providing Self-Service Insurance through Automation with IBSuite
THE CHALLENGE
“Working with IBA has been a game-changer for our organisation. The IBSuite platform allowed us to create a cutting-edge insurance solution that meets the needs of our members while providing a high degree of automation and self-service options. We couldn’t be happier with the result and highly reccomend IBA for anyone looking for a reliable and scaleable cloud insurance platform.”
Ulrik Karlsen Insurance director, Frie
The client
The danish financial insitution, Frie
Frie is a Danish financial institution offering individuals, businesses, and organisations insurance, banking, investment, and pension planning services. The company’s mission is to provide personalised financial solutions and exceptional customer service to help its clients achieve their financial goals.
As a customer-centric insurer, Frie strives to understand clients’ unique needs and tailor services to meet those needs. The company places a strong emphasis on building long-term relationships with clients, providing them with expert advice and support throughout their financial journeys.
Frie is also committed to social responsibility and sustainability. The company incorporates sustainable practices into its operations and decision-making processes and seeks to positively impact society and the environment.
The solution
Implementing a cloud-based insurance platform that was both reliable and scalable was a priority for Frie. The platform needed to allow for quick product configuration and seamless integration, providing a new digital journey for their members.
IBA’s IBSuite platform made selected as a trusted and scalable choice. Its ability to support quick product configuration and ease of integration made it ideal for offering a new digital journey to members.
Enhanced customer experience
A self-service option allows customers to manage their policies and claims online or via mobile devices. This reduces the need for customers to contact customer service representatives, leading to faster and more efficient service.
Increased efficiency
Automating processes reduces the workload for employees, freeing up their time to focus on more critical tasks. This, in turn, helps to reduce processing times, increase efficiency, and lower operational costs.
Enhanced accuracy
Automation reduces the risk of human error, ensuring that policies and claims are processed accurately and efficiently. This can help to minimise the risk of disputes or errors and reduce costs associated with resolving them.
Improved data analysis
Insurers can gain valuable insights into customer behaviour and preferences. This data can be used to tailor products and services to meet the needs of individual customers, improving customer satisfaction and retention.
The results
In collaboration with the Workers Union, IBA successfully developed and implemented a fully integrated and automated income protection solution for Frie within 9 months. The project involved a complete migration from an outdated legacy system to a new platform.
The high degree of automation provided by the new platform enabled Frie to streamline its insurance operations significantly. By automating various tasks, including claims processing and policy management, Frie was able to reduce manual errors and improve accuracy. The migration from their previous legacy system was seamless, and Frie praised IBA for the ease of integration and their continued support throughout the entire process. Frie improved their operational efficiency, reduced costs, and ultimately delivered better value to their members.