Nest Innovative Solutions: Omnichannel distribution with a focus on reducing cost-per-policy

Nest Innovative Team

The key influencer in Insurance sector has been the paradigm shift in customer’s expectation. Prospective policyholders expect to know the coverage options, the comparative prices, the track record of their service providers and much more before purchasing. They also expect to see a 24X7, quicker, transparent and time-bound resolution of their claims or policy service requests.

To respond to this growing need, the Insurance companies, brokers as well as aggregators, all are invariably moving towards a more “digital” business model. Insuretech operations are opening up, slowly chipping on the market share of conventional players. Because of the low insurance density, and because of the resulting perception around a tremendous headroom for growth, distribution channels are continuously evolving.

Established in December, 2011, Nest Innovative Solutions believes that insurance service providers need to achieve omni-channel distribution at ten times of current scale with one tenth perpolicy cost. Also, with its insights on the current dynamics of the insurance sector, the company understands the significance of conventional intermediation and aims to bring quality and efficiency to improve its current state. The company delivers business solutions for insurance service provider’s needs using its packaged, insurance specific software assets working at the top of a blue-print of open-source community edition platforms. Over last few years, it has been implementing mobile quoting apps, mobile claims apps, insurance specific CRMs, claim solutions, renewal solutions, agency management systems and insurance back office for specific lines of business in USA, GCC countries and Indian sub-continent.
Macaw CRM, specifically for insurance
Macaw CRM is specifically for Insurance industry. The prospects lead into the opportunities, then to quotes and then finally with payment to the policies. The underwrit¬ing and rating engines can be integrated if the insurer wants. Salesforce can be deployed, monitored and compensated. The policy servicing and claims tracking is built in. The “digital” pieces are built-in as different portals and mobile apps. Document management and analytics are buit-in. With underlying workflow capabilities, the insurance service provider just needs to fit its processes without worrying about the typical challenges of adopting a generic CRM for the insurance context. Integration with legacy is usually a must, and that’s achieved by the pre-built adaptors.

Macaw AMS, for Brokers with a “digital” business model
Built around a customercentric model, the complete process of intermediation is built into this platform. Presales, sales, servicing and back-office operations are all integrated and are all available 24X7 in a webbased environment. With Macaw AMS, the traditional problem of reconciling across policies and financials can be addressed in an effortless manner. With strong focus on campaigns and opportunities, it is very difficult to lose an opportunity. Document management, workflow, analytics and reporting are all available at one place, and is fully automated. The call center can be integrated as well, and the underlying CRM ensures that every customer service cases can be converted into an opportunity to sell. Comprehensive customer console allows 24X7 support without any additional effort on the part of the intermediary.

Macaw Mobile, to facilitate anywhere-anytime sales and service
The company deploys Macaw Mobile’s special technology which allows all Macaw functions to be deployed in mo¬bile application on both iOS and Android platform. In its packaged products, the company offers customer’s mobile app and sales person’s mobile app. With Macaw Mobile, and with the underlying service oriented components, there is an endless possibility of deploying mobility for any business outcome across different business processes.

Moving ahead, Nest Innovative Solutions plans to incorporate Virtual Assistant, Artificial Intelligence and Robotic Process Automation technologies in its solutions in 2019.