The product was built with brokers in mind to eradicate or simplify the problems faced 

A new solution from insurtech Tapoly claims to offer brokers more control, flexibility and overall save them time. 

The new Software as a Service (SaaS) product will provide complete “flexibility and control” to brokers. It is a software licensing and delivery model in which software can be licensed on a subscription basis and centrally hosted. 

It’s chief executive, Janthana Kaenprakhamroy, explained that it will give brokers access to a range of on-demand insurance products that are otherwise difficult to obtain. 

”The solution simplifies and speeds up the entire customer journey for the brokers, who can now generate quotes and on-board customers significantly faster via a managed web portal and online payment gateway.

”This in return frees up that crucial time for brokers who can then focus on scaling their business - expanding their customer base and tap into new revenue streams,” she added. 

But Kaenprakhamroy highlighted that the customer journey is “still often onerous” with many parts still being manually executed. 

What is it?

The SaaS product will enable brokers to access a full range of flexible on-demand insurance products.

It claims the new solution will facilitate faster payments and “quote and buy” capability.

The fully integrated broker interface will allow them to generate quotes and take clients quickly using a managed web portal and online payment gateway.

The white-label solution means that firms can rebrand the solution to make it appear that they made it.

Moreover, the platform enables brokers to tap into new revenue streams such as the gig and sharing economy worth £8bn, a market that has previously been overlooked by traditional insurers.

Simple solution

Kaenprakhamroy, added: “The solution really simplifies the entire process for the brokers enabling them to expand their customer base, increase efficiency and revenues.”

She said the solution was built to simplify or eradicate the real issues that brokers face.

SaaS is a software licensing and delivery model which is licensed on a subscription basis but centrally hosted.

“There are only a few software houses in the UK that create insurance software, usually charging large set-up fees, yet the quote and buy process is often slow and relies on manual input.

“We embrace our relationship with the broking community and our partners and work closely to develop truly innovative solutions that empower and enable them to fulfil the currently underserved markets,” she added.

Last year in August, Tapoly announced it was in talks with investors to raise £0.5m to leverage the use of artificial intelligence in a bid to upgrade its platform.