As reported eBaoTech Corporation (eBaoTech), a world-leading digital insurance solution provider is proud to share that its customer, AXA Gulf, one of the largest international insurers in the Gulf Cooperation Council (GCC), completed the digitization of its commercial auto business line powered by Insure MO PaaS, a microservice based digital insurance platform. Following the completed acquisition of AXA’s operations in the Gulf region by Gulf Insurance Group (GIG), AXA Gulf is currently in the process of becoming GIG Gulf.
As stated by the report, the commercial auto business is a fast-growing segment in the Middle East region. However, in most insurance organizations, the majority of existing operations are still Excel/manual based. Back and forth offline processes and communications makes generating a quotation and policy a lengthy and tedious task. What is even more complex is the management of fleets at the time of adding new vehicles or cancelling existing ones.
As per the report with the launch of its Fleet business, AXA Gulf has now become the first general insurer in the GCC region to automate processes of its Motor Fleet Business and greatly improve the connectivity with channel partners. This digital transformation has allowed AXA Gulf to increase the volumes of new inquiries by 40% with a conversion ratio of 30%.
In accordance with the report, the new auto insurance SaaS application powered by InsureMO PaaS brings the following key values to AXA Gulf: Real time- Any user, including agents, clients and brokers, can get a quote and issue a policy in real time but also add or delete an existing vehicle in the fleet in just a few minutes, Digitization- All communications between channels and insurers is now online, including the registration of vehicles with different traffic departments and Ecosystem connectivity- Quick and efficient connection to all traditional and digital sales channels through microservices architecture
As per the report the core elements of the new auto insurance SaaS application states that it Supports quotation creation, policy issuance and endorsements, Role based user authority and UI display, Template based vehicle upload / download / edit, Capability to handle large volume vehicles and automate underwriting rule check and configuration
“As part of our overall digital transformation, we are excited to launch our Motor Fleet business in a cloud and microservices based digital insurance platform, and lead the digitization of the traditional, commercial auto business in the Gulf region. Our channel partners are benefiting from the greatly improved user journey with simplified process and self-service capabilities, as well as real time policy issuance, platform stability and overall speed to market. We look forward to partnering with eBaoTech to roll out the new SaaS application in more markets and business lines soon “, commented by Ricardo Arroyo, Chief P&C Commercial Lines Officer of AXA Gulf.
“We are very honored to support AXA Gulf’s digitization with Insure MO. As a PaaS platform, Insure MO is the chip enabling easy and fast digitization of insurance applications, APIs and ecosystems allowing insurers and channels to connect products. The new platform will provide AXA Gulf with strong technology advantages to keep a leading position in the mobile age”, added by Tomek Bugajski, VP and General Manager of eBaoTech EMEA.