Insurance customers want instant updates to their policies. Today’s customers in the subscription economy increasingly expect the same kind of on-demand customer service that they receive from Amazon and InstaCart. We use Solartis to enable customers to update their insurance policies within a second, and Visa's B2B API to automate payment of the premium.
Business Use Case
We address the real-world problem of updating insurance policies on demand. Our project presents a use case of allowing current policyholders to make changes to their renters insurance via an application integrating the Solartis Renter API.
Please try out our online demo preferably from a mobile phone. Typically an insurance agent or representative chatbot will provide a link to enable their customer to update their policy on demand. Our video demonstrates how an agent can provide a link to a customer that wants to the policy. Notice how the premiums are updated immediately as the plan options are modified, with colored fields showing changes compared to the original policy. Click the Update Policy button when satisfied with the changes.
The app has a deliberately simple, easy to use interface adhering to Google's Material Design to provide familiarity for the users. It uses Google's Material-UI library to ensure consistency. Although the app works best on a mobile phone, it works on a wide range of screen sizes due to following responsive design practices.
Use of the Solartis Insure Microservices
Resurance integrates the Solartis Insure Renter API which it uses to update policies on demand. Our demo shows how insurance customers can make policy changes via Facebook Messenger, but Resurance can also be integrated into other solutions.
We integrated the Solartis Insure Renter API into our application built on top of Facebook Messenger. The app repeatedly access the Solartis API to update the policy premiums to reflect changes made by the user.
Using a messaging platform allows for ease of connection with the consumer. There is less friction because she is already on the platform and using it daily for communication with friends and family. It doesn’t require the download of yet another application. We can easily implement the application in many other messaging platforms, including voice and SMS.
We mobilize Solartis Insure in innovative ways. The insurance premiums are updated dynamically as soon as the customer changes the deductible or payment limits. This creates a much more fluid user experience than updating premiums on explicit form submission. We calcuate customer savings on improved credit by querying Solartis with the highest possible credit score for the policy.
Insurance Companies are eager to find new ways to engage with policy holders and new customers. However, the insurance industry is burdened by legacy technology and legacy models that make it difficult to integrate new technology into the system. Companies like Solartis are developing new technology so insurance companies can take advantage of the microservices model.
We used the following technology stack in our project:
- Solartis Renters API
- Visa Virtual B2B Payment Method API
- Material UI library to ensure a consistent user experience adhering to Material Design..
- Facebook React for a dynamically updated user interface
- Docker for easy deployment
- NodeJS with Express for the web server
- Heroku/AWS for cloud services
Joe insures with XYZ Insurance Co. He has had some life changes and wants to change his renter's policy. Joe gets on Facebook Messenger and sends a message to his agent Bill.
Joe: Hey Bill. I need to make some changes to my renters policy. Can we do that quickly?
Bill: Great to hear from you, Joe. Sure we can make those changes for you in seconds with Resurance. What do you need?
Joe: Got a great raise at work and I hit it big on Bitcoin. I want to increase my deductible, and increase my property limits. liability limit and med pay.
Bill: Sounds good. Open this link to modify your policy: resurance.herokuapp.com
Bill: I recommend placing your deductible at ... " Property limits at ..." " Liability at ...." " And Med Pay at ...." "Okay?"
Bill: Here's your new premium. You can set up automatic payments using Visa. Any questions?
Joe: No. Thanks. That was quick and painless!
Get policy changes right away with Resurance.
What's next for Resurance
Let's disrupt the legacy insurance industry by bringing it into the digital subscription economy.