The problem we're solving
Insurance Distribution: Insurers, underwriters and brokers want to be able to distribute, sell and service insurance quickly and easily either directly or through partners, affiliates, and organisations. This doesn't work without digital means, and so that has meant long and expensive (and often failed) development projects, and once it's built, limited channels for distributing it. It rarely stacks up. Add to this expensive and tricky integrations that are needed to create data flows for innovative products and great user experiences - good insurtech is out of reach for 99.9% of the insurance market.
uBind makes building top tier digital insurance solutions fast, and allows you to "switch-on" a range of mechanisms for distribution, including embedding insurance in websites and apps, affiliation and white-labelling, broker networks and themed portals, and an online insurance marketplace. It's built-in automation and integration capabilities make it easy to create interconnected insurtech solutions which are innovative, efficient and provide the best user experience for customers and brokers. This makes good insurtech available to the remaining 99.9% of the insurance industry, making insurance all about self-service and automation. Being open and available, organisations can create and build top-notch insurtech solutions and launch them with, or without our help, in record time. The platform is multi-currency and multi-lingual, primed for global distribution. Being a $7 trillion market globally, insurance touches all our lives and businesses in many ways, and we aim to leave no insurance transaction behind in the digitisation of this industry.
We are uniquely positioned to bring the rest of the insurance industry forward, with a technology platform that is modern, interconnected and fully capable, allowing organisations to create innovative and top tier insurtech solutions, with a marketplace for distributing them.
We won a highly competitive tender for the Australian Government Department of Veterans Affairs to provide Home Building Insurance to 10,000+ military service members per year. As part of this we applied our integration capability which allows real time data flows with external systems through the quoting process, so that ratings data can be supplemented with data from external systems interactively. This allowed us to connect to an external data service to retrieve property details, and to calculate the building replacement cost to eliminate under insurance.