From SPB's perspective, the motivation behind this collaboration was to quickly offer a digital product to secure electronic goods.
The key requirement: The ability to be integrated directly into the point of sale to enable a seamless closing during the purchase process.
The requirements for the solution were therefore:
- A digital DNA of the product
- High speed in formulating and designing the product
- Adaptability to upcoming requirements and changes from the legislator
The SPB Group is already well-positioned when it comes to developing innovative insurance solutions. Through the cooperation with ELEMENT, however, we have reached a new level of speed. In addition, the product is also suitable for long-term use and customisation.
The SPB Group, which operates throughout Europe, consists of several brokerage and service companies: SPB, Insurance2go, AVI International, C2A Garantie. As brokers and managers, they co-design and develop innovative, useful and simple insurance ,assistance or warranty extensions. These offers can be embedded in the purchase or use path of a third party, particularly through API-type technologies. TheSPB Group’s brokerage firms are also recognised for their in-depth knowledge of regulatory compliance and data.
The SPB Group already has a great deal of expertise in product development. Accordingly, the collaboration was very fruitful.
On the one hand, SPB was able to apply its own ideas as well as previous knowledge to the development. On the other hand, both sides knew what was important. The processes could thus be designed in a very resource-efficient and lean way.
This cooperation is a good example of what cooperation between ELEMENT and an MGA looks like:
- Product design tailored to specific target group strategies
- High speed in underwriting
- Close cooperation in all processes
Embedded Insurance: Distribution directly at the POS
Close cooperation in the design process
100% digital DNA