Building a Platform
Homelyfe (the digital MGA built on the Aventus platform) began with a straightforward mission: take a frustrating and antiquated user experience and improve it for customers everywhere. With our home insurance, we’ve focused on three areas of the user experience:
A reduced question set:
By working closely with our underwriting partners and injecting third-party data we’ve been able to dramatically reduce the number of questions we need to ask to get customers a quote. Benchmarks show that customers can get through our question set and buy a policy in seconds.
Our fast and dynamic pricing engine is able to update quotes in milliseconds and let users know when changes they have made are outside the limits of cover. Showing how changes in cover affect the premium in real-time improves transparency and lets users make smarter decisions.
We deployed our apps across web and mobile but with a particular emphasis on the mobile experience. Questions, quotes, payments, and even policy documents are responsive across different devices, making it easy to purchase, view, or manage your insurance wherever you are and on any device.
We’ve had fantastic 5-star feedback which shows that customers are loving our simple and straightforward approach to insurance.
Sharing our success
What really enabled us to create this experience in such a short time was our technology platform, Aventus. In the early days, we started by trying to integrate with other insurance software but quickly found them too limited, slow, or difficult to use. Our own platform is fast, modern, flexible, and without the legacy that so often cripples innovation.
The platform itself is designed to be easy to integrate, and we’ve created a range of widgets that let companies get started with only a few lines of code. The app can also be white-labelled, allowing others to offer the same great user experience we have at Homelyfe. Our backend system has been built to manage all parts of the insurance back office, including document generation, financial reports, payments, and product versioning. These features might not sound as glamorous as chatbots or blockchains, but when done well they make a big difference.
We want to share the success and learnings we’ve had building our own insurance company, so we’re opening up this platform to other companies looking to rapidly deploy their own products. We can’t wait to see what people build with it! Get in touch if you want to learn more.