Small commercial insurance constitutes a significant portion of the commercial insurance market, amounting to 1/3rd of the market in major countries like the US. The penetration of commercial insurance coverage for small enterprises is limited. Reports suggest that the major drivers of acquisition in the small commercial insurance market are price (31%), online information on products (29%), and digitized policy and signing in process (29%).
Accelerate insurance penetration to the small commercial insurance market with our insurance-in-a-box offering: The offering comprises the following:
Digitizing Small Commercial Insurance business
Mindtree has utilized a design thinking approach to enable solutions to key challenges faced in a digital sales and service process, i.e., Personalized coverages, Insights driven suggestions, Artificial intelligence-powered Conversational engagement.
Mindtree’s solution approach utilizes a bouquet of coverages approach to personalize based on the buyer’s industry segment and risk characteristics. Further, it utilizes social validation techniques to present insights on the choice of policyholders from similar segments. Last, it also uses an AI-powered chat & voice bot to provide proactive and supportive interventions as required during the process, e.g., seeking assistance in identifying agents or downloading related documents.
It is targeted at both policyholders and intermediaries to deliver a contactless sales and service platform, supporting the entire lifecycle, including acquisition, servicing, and renewal.
Transforming the Core business processes through the Duck Creek platform
We also provide an option of transforming the core insurance platform through pre-configured product and process templates for Small commercial insurance on Duck Creek on-demand.
Deliver superior policyholder, agent, and broker experience for small commercial insurance by working with Mindtree.
| Accelerate buyer journey with guided insights | Personalize products to suit specific needs | Enable seamless interactions with a human touch | Insurance in a box for a holistic approach |
| Support policyholders, agents, and brokers with insights on behavior in covering risks and actual loss experience from similar risk segments. | Design your own products through a bouquet of coverages approach to bundle them as per the segment’s needs. | Simple intuitive interactions supported by AI-powered conversational solutions. | Duck Creek on-demand for an end-to-end solution option. |