The ‘cloud native pay-per-use’ platform could be ‘transformative’ for the insurance industry
Covéa Insurance has partnered with software company Iotatech to launch a scalable pay-per-use technology platform.
Covéa’s new insurance-as-a-service (InaaS) platform aims to provide full policy lifecycle management, a leading customer and user experience, highly configurable workflows and integration with affinity partner, third-party and legacy systems.
The platform also includes full turnkey solutions for businesses wanting to start offering insurance products to their customers, as well as those simply wanting to provide claims and customer service support.
Graeme Howard, chief technology and information officer (CTIO) at Covéa Insurance, explained that the strategic partnership with Iotatech will enable Covéa to take “full advantage of emerging technologies for the benefit of [its] partners [and] customers”.
He said: “The new platform is a brilliant achievement and enables us to truly offer insurance-as-a-service.
“This means we can be much more agile in meeting our customers’ evolving needs by launching new and forward-thinking products quickly and cost-effectively, whether that’s direct or through affinity partners or brokers.”
Further strategic objectives
The initiative is a result of the two companies working closely throughout the pandemic to integrate Iotatech’s policy administration capabilities into Covéa’s new policy platform as part of its overall digital transformation strategy.
Although the Iotatech platform can cater for all lines of business, it will predominantly service motor business through Covéa’s partnership with insurance company Vitality, announced on 16 June 2021, to offer a new direct-to-consumer car insurance proposition.
Mick Sargeant, chief executive at Iotatech, added: “It has been really exciting to have been part of this significant digital transformation programme for Covéa.
“One of our key strategic objectives is to redefine technology platforms for the insurance industry and this partnership with Covéa has demonstrated our ability to do just that.
“We offer a cloud native, pay-per-use [software-as-a-service] platform, where our customers pay only for those services of the Iotatech platform they use, as they use them.
“I am convinced that this approach will be transformative, not just for Covéa, but for the industry in general.”
Based in London and established in 2016, Iotatech aims to futureproof technology with a financially attractive software-as-a-service (SaaS) solution for the insurance sector.
Covéa Insurance, which is the UK’s underwriting business of French mutual insurance group Covéa, is responsible for over two million policyholders across motor, household, protection, pet, mid and high net worth (HNW) insurance.