BrokerUFG is a Makeitright product.
It enables quick and efficient communication between any insurance company and the Insurance Guarantee Fund (UFG).
We offered both a SaaS platform and other services to a new player on the Polish insurance market, Euroins Insurance Group (https://www.euroins.bg). As a result of our cooperation, within two months, the client launched the sale of motor policies on the Polish market and carried out reporting and data exchange to the extent required by law and an agreement with the Insurance Guarantee Fund (UFG).
In this case study, we share the details of the solution and the effects achieved by participating in the introduction of a new insurer to the Polish market.
The Client
Euroins Insurance Group (EIG) is one of the largest independent insurance groups operating in Central and Eastern Europe. EIG insures over 2 million customers in seven markets. In Poland, the group works based on FOS, intending to transform into a branch quickly. The Polish representative office offers products in the field of motor insurance and assistance. It is known for high-quality services, most of them provided automatically, and the person applying for the change only activates the process.
More about Euroins:
www.eins.pl
Euroins Insurance Group decided to talk to Makeitright about solutions in the areas such as:
- downloading data from UFG for risk assessment purposes
- start-up of data feed in UFG in online mode,
- explaining data inconsistencies between the Insurance Guarantee Fund and the insurance company,
- detecting of uninsured vehicle data,
- data analysis or handling of the quarterly statistical form,
As part of the project, the Makeitright team was responsible for the entire process and implementation, including ensuring data compliance between Euroins and UFG.
During our cooperation, we faced the following challenges:
- conducting Euroins through the registration path and implementation of an integration platform based on BrokerUFG,
- quick start of sales of motor insurance policies in a partnership model,
- support for a multilingual (Polish, English, Bulgarian) user interface,
Euroins decided to use our SaaS BrokerUFG solution, a product unique on the Polish market, which acts as a centralized data repository supporting automatic reporting and cooperation with the Insurance Guarantee Fund (UFG) online.
During the project, which lasted only two months, we made it possible to start selling motor insurance policies by:
- launching the BrokerUFG service on the Microsoft Azure platform, thanks to which it was possible to send queries and supply UFG data with full management reporting,
- preparing of a multilingual version of the user interface, messages, and reports (Polish, English, Bulgarian),
- providing of administrative support for the solution in the ‘managed service’ model.
In just two months, Euroins became a recognizable insurance company on the Polish market, getting first place in the UFG ranking in the “average volume” category for 2020 with a final index of 90.93%!
The online feeding mechanism of UFG made it possible to report not only concluded policies but also to provide the Insurance Guarantee Fund with data on claims and compensation.
The implementation of BrokerUFG resulted in the quality indicators of Euroins being at a high level from the very beginning.
The proprietary Makeitright solution supports the insurance company in all elements required by law. BrokerUFG provides full support and updates for all changes introduced by UFG, and new modules appear in our product in response to new initiatives of the Insurance Guarantee Fund. Thanks to the built-in automation in power supply, inquiries, and cooperation, BrokerUFG optimizes costs related to the implementation of statutory requirements. At the same time, the data exchanged with the Insurance Guarantee Fund allows for the improvement of sales processes, after-sales service, and loss adjustment.
Additionally, our specialists monitor, maintain and develop the platform on regular basis, allowing Euroins to focus on sales development and introducing new products to the market.
What does the client say about us?
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“Entering Poland, we knew that we had to offer our clients the most modern and effective solutions and at the same time fulfill the statutory obligation and several requirements specified in our contract with the Insurance Guarantee Fund. Thanks to the support of our partners from Makeitright, who integrated with UFG for us, we efficiently launched our commercial operations in just two months.
We can use a tool that meets Agents’ expectations, all our needs, and has been developed in three languages: Polish, English, and Bulgarian.
It is maintenance-free for us, so we can focus on our core operations and grow with us, along with our portfolio of motor policies. The first place in the ranking of the Insurance Guarantee Fund confirms the correctness of the EUROINS approach. If it weren’t for BrokerUFG, it would have been much more difficult and costly.”
