Re/insurer MS Amlin, a subsidiary of global insurance group MS&AD, has partnered with Socotra and Mendis for its new digital Small and Medium Enterprise (SME) insurance initiative.
The new SME insurance platform will employ a digital-first distribution approach and will emphasise the re/insurer’s commitment to SMEs in Europe.
The product will first be launched in Belgium, the Netherlands, UK and France. The product offerings will include fleet, commercial liability, property and commercial package offerings.
This new solution aims to enhance all areas of the insurance value chain, including claims and finance.
MS Amlin have been able to begin the implementation process with Socotra and Mendis early, despite the COVID-19 pandemic due to them being able to provide cloud-native, developer-friendly platforms. This task would be significantly more challenging on legacy platforms.
The first end-to-end digital product offerings are expected to be launched in the first half of 2021.
MS Amlin Insurance S.E. Head of Digital Trading, Katie Wolff, commented: “MS Amlin believes that Digital innovation is crucial in order to increase efficiency and improve the way we are able to interact with our clients and brokers. We are working very hard to truly enhance the overall experience of working with MS Amlin. Both Socotra and Mendix understand how important our customers’ experience is to us, and we believe their platforms and approaches are best able to support our Digital ambition.”
Dan Woods, CEO of Socotra, said: “We are delighted to partner with Mendix and help MS Amlin launch its new digital SME insurance initiative. I’m proud to say Socotra is the only core system with open APIs and a powerful enough data model to empower MS Amlin to offer its traditional and non-traditional products under accelerated timelines, collaborating remotely during COVID-19 lockdown.”
Nick Ford, Chief Technology Evangelist at Mendix, added: “Using low-code provides MS Amlin with a collaborative, flexible approach to capitalise on its internal expertise and create an initiative that truly supports its business with increased agility, whilst offering an improved customer experience. It also simplifies integration with third party data and IoT to provide a seamless, integrated solution to MS Amlin’s customers now and in the future – as proponents of low-code, we are proud to be part of this new digital SME insurance initiative.”
