Tuesday, May 10, 2022
Coplus, the specialist ancillary insurance and claims provider, has created a rapid go-to-market product platform that cuts the time needed to develop ancillary products to three months (on average insurance products take at least 12 months from idea to launch).
The white-labelled platform, available to Coplus partners, offers complete policy fulfilment, including premium collection, and can work outside the constraints of existing and legacy systems.
Jared Drucker, Coplus Commercial Director, explained Coplus has developed the platform to successfully launch a home excess protection product for GoCompare customers in January this year, and he is keen to inform other insurers of its potential to launch a wide range of ancillary products.
“We were able to build and launch the GoCompare excess product in two months. It’s white-labelled from marketing to fulfilment and claims handling - and is highly scalable. We are able to market-test products quickly, capture and analyse customer data and design each product to the exact requirements of our partners.”
He explained that GoCompare is using the platform to give free £250 home excess cover (excess refunded after claim settled, excludes accidental loss or damage) to customers who buy a qualifying home insurance policy. Claims handling is managed by the Coplus team on behalf of GoCompare.
Ryan Fulthorpe of GoCompare commented, ‘The new home excess protection incentive builds on our hugely successful car insurance excess offer, where we’ve been able to refund over £2.5m in excesses paid by customers since its inception. We have already seen some good early results with the home excess protection offer, which helps our customers should the worst happen and they need to make a claim. It was a big advantage that we were able to lean on Coplus’ experience and expertise throughout the process, particularly as there was such a short lead time to launch the product.”
Jared added: “Gone are months-long product development cycles where it took so long to bring a product from the drawing board to the market that insurance providers were always behind the curve. Now, and working collaboratively with partners such as GoCompare, we can identify and deliver new product sets in weeks.”
“Any insurer, broker or MGA looking to broaden their product set, but doesn’t want the hassle of doing it all themselves, should talk to us about their needs.”
“We are really excited about the platform and we know there are few who can build such a rapid-fire product development system which is fit-for-purpose.”
James Blyth, Managing Director of Coplus, added, “It has proved itself with GoCompare and we are keen to show other providers what it can do for their business too.”