Newly launched accelerator enables small commercial insurers to quickly launch personalized insurance offerings that help small businesses better manage risks and protect assets
Innoveo, a leading no-code technology provider for insurance enterprises, announced the launch of its accelerator for the small commercial insurance space. The accelerator, empowering insurers to quickly launch and bind offer personalized insurance in the booming small and medium enterprises (SME) market.
To increase penetration into this thriving market, the accelerator offers customizable insurance products to help small businesses tailor their coverage to their unique needs, with a user-friendly digital interface that simplifies the insurance buying process. Automated underwriting and real-time data analysis help businesses assess their risks and make informed decisions about their coverage.
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This will allow innovative insurers to grow rapidly in this booming yet underserved market, achieve greater customer loyalty, and drive informed cross- and up-sell opportunities. Innoveo’s Small Commercial Insurance Solution also provides a range of benefits to small business owners, including cost savings, streamlined processes, and enhanced customer experience.
Small business insurance offers critical financial protection from a variety of risks, providing business owners with peace of mind. A business owner’s policy (BOP) combines risks such as commercial property insurance, commercial liability insurance, business interruption insurance, professional liability insurance, commercial auto insurance, and worker’s compensation insurance.
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“We’ve partnered with leading global insurance carriers to create a unique digital capability that streamlines risk management and delivers capability to bind a policy at the point of sale. This will be a game changer for commercial insurers looking to profitably grow in the lucrative SME markets,” said Vinod Kachroo, Chief Executive Officer at Innoveo. “Our no-code platforms Innoveo Skye®, enables insurers to quickly deploy digital capabilities and achieve business results.”
The Small Business insurance accelerator brings further innovations to the pioneering Innoveo Skye platform. The platform includes ready-made accelerators, products that are ready to launch on installation, and can be completely configured and tailored to insurer needs. Innoveo’s integrated development environment with built-in features like APIs, code templates, reusable plug-in modules and accelerators automates a significant percentage of the application development process and enables 5-10x in productivity improvements with up to 75% fewer technical resources.
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