Launch These Insurance Products With Ease And Efficiency Using Insillion

While Insillion is a “Platform” that enables implementation of any Insurance Product, GoDB Tech with its experience pre-created a few P&C Commercial Line products. These products are built via industry research considering regulatory guidelines, tariffs, underwriting rules, rating and forms as practiced in each country. 

 

Risk Carriers can subscribe to these as additional packages on top of the Insillion platform. Carriers can take advantage of a superset of features along with faster time to market, both on an Opex model ! 

 

It is GoDB Tech’s vision to create a comprehensive set of such Packages and become the go-to platform for Commercial Lines, globally.

Workers Compensation

Workers compensation Insurance covers the legal liability of the employers and enables them to pay compensation to the employees or their family in case of death or bodily injury. Insillion WC comes with inbuilt Tariff rates and guidelines as per the scope of  THE WORKMEN’S COMPENSATION ACT, 1923 (Ministry of Labor, India). For details refer: TARIFF ADVISORY COMMITTEE https://iib.gov.in/tac → WORKMEN’S COMPENSATION TARIFF.

 

This product comes with 14 pre-built coverages under the heads of - Indemnity Limiting covers, Medical Expense Covers, Sub-Contractor Liability Cover, Terrorism cover, Occupational Diseases, Pan India location cover etc. While pricing is done based on the Tariff rates for 800+ Occupancies standardized by TAC, these rates can be modified as required with required Loading and Discounting.

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Instant online quotes can be generated by Sales teams / Agents via the Web or Mobile friendly interfaces, which can be converted to Policies for majority of the Straight thru cases. For Referrals, Underwriters can jumpstart with the inbuilt 10+ rules, or create more rules of their own using simple Excel spreadsheet knowledge.

 

REST API are available for new age Affinity channels and Digital partners who can easily embed Insillion WC quickly into their Distribution Portals. Online interfaces can be given to Direct Corporate clients where the product works seamlessly for both unnamed and named employees.

 

Quoting, referrals, payments, policy issuance are all handled digitally, thereby reducing the operational costs to make the product distribution profitable.

Marine Cargo

Insillion Marine is a ready off-the-shelf package that Carriers can subscribe and use for quoting as well as issuing Marine Cargo policies. The package consists of 3 sub-products:

  1. Marine MOP (Master Open Policy)

  2. Marine COI (Certificate of Insurance)

  3. Marine SMP (Specific Marine Policy / Single Transit)

Risk carriers can rate the cargo shipments based on pre-built rating variables - Commodity / Voyage / Mode of Transit / Coverage Types; or override with their specific rates.

The package comes with various types of Shipment coverages (ITC / ICC clauses), Duty Cover, Warehouse Cover and War-SRCC covers. 

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Instant online quotes can be generated by Sales teams / Agents via the Web or Mobile friendly interfaces, which can be converted to Policies for majority of the Straight through cases. For Referrals, Underwriters can jumpstart with the inbuilt 15+ rules, or create more rules of their own using simple Excel spreadsheet knowledge.

 

REST API are available for new age Affinity channels and Digital partners who can easily embed Insillion Marine quickly into their Distribution Portals. Online interfaces can be given to Direct Corporate clients to generate their own Certificates / upload Declarations.

 

From Sales Turn Over Policies (STOP) to Specific Marine Policy (for single shipment), our platform caters to enterprises of all sizes. Depending on the size of your customer’s enterprise, the insurer can customize the insurance policy to meet their needs accordingly. You can extend the coverage to add extra benefits to your customer’s insurance policy and provide flexible plans to cover all marine-related potential risks for your customers with ease using Insillion Marine.

Fire Insurance

Fire insurance has 10% market share in the Indian P&C Insurance by GWP, and is mostly manually distributed and serviced. Traditionally Fire Insurance was sold as Standard Fire and Special Peril (SFSP) policy, until recently when the Indian regulator has detariffed the prices for smaller businesses and dwellings with an intent for increasing penetration. The new variants offered by the industry are

 

  • Bharat Griha Raksha (BGR) policy - covers Fire and Allied Perils to residential dwellings.

  • Bharat Sookshma Udyam Suraksha (BSUS) policy - covers businesses with Sum Insured less than ₹5 Crore

  • Bharat Laghu Udyam Suraksha (BLUS) policy - covers businesses with Sum Insured between ₹5 Crore and ₹50 Crore

  • Standard Fire and Special Perils (SFSP) policy - same as old product but only for businesses whose Sum Insured is more than ₹50 Crore

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These 4 are typically packaged and sold as Shopkeepers Package Policy, Office Package Policy, Enterprise Package Policy - which are a bundle of other coverages like Business interruption, WC, General Liability etc.

 

Insillion Fire is a comprehensive Software suite for digitally distributing various Fire Insurance policies and allied packaged products via Agencies, Broking, Affinity and other modern channels.

 

Instant online quotes can be generated by Sales teams / Agents via the Web or Mobile friendly interfaces, which can be converted to Policies for majority of the Straight thru cases. For Referrals, Underwriters can jumpstart with the inbuilt rules, or create more rules of their own using simple Excel spreadsheet knowledge.

 

REST API are available for new age Affinity channels and Digital partners who can easily embed Insillion Fire quickly into their Distribution Portals.

All Other Products 

Barring the above Commercial Line Insurance products, the Insillion Platform is extensively used by Carriers and ISV vendors to implement 50+ Insurance products. Below is an non-exhaustive list of various insurance products that can be implemented on Insillion platform:

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Personal lines:

  • Auto

  • Personal Accident

  • Disability

  • Travel 

  • Home

  • Crop

Commercial Lines:

  • Fire

  • Property

  • Marine Cargo

  • Cyber Fraud

  • Small Business

  • Business Owners

  • General Liability

Life & Annuity:

  • Term

  • Annuity

  • Unit Linked

  • Micro Life

Health Insurance:

  • Individual Health

  • Accident

  • Pet

  • Dental

  • Fertility

  • Group Health

  • Group Dental

  • Embassy Health

  • Micro Health