Iotatech launches Software-as-a Service (SaaS) Policy System

Insurance technology disrupter, Iotatech has launched its multi-line policy administration SaaS solution for Insurers, MGAs and Brokers.

Iotatech CEO Mick Sargeant said: “We are delighted to launch Iotatech Policy, building on the success we have had since the launch of Iotatech Claims. Iotatech Policy is a highly configurable policy administration platform, architected for agility, speed, innovation and scalability. Agents interact with policyholders through their preferred channel, including a dedicated customer portal”.

Mick adds that, as a SaaS provider, Iotatech customers only pay for those parts of the platform that they use, and they pay monthly on a transaction basis. This means that there are no expensive up-front licenses and as an Opex model, it is easy to monitor IT costs, down to the policy or claims level.

“We are now well placed to accelerate our growth by offering an innovative, attractive insurance solution to the market”. He explained that the Iotatech Platform is a SaaS, cloud-native, microservices architecture with Open APIs allowing integration to existing systems, as well as connecting to new technologies in the home or the car, or indeed any connected device”.

“We have developed a sophisticated no-code configuration solution, allowing our customers to configure their own products and processes without needing IT support”, he said, adding, “We are also utilising AI machine-learning capability, which means the system is able to lead and react to market changes while constantly monitoring real-life processes and applying them to optimise workflow. Our state-of-the-art graphical workflow means the platform automatically reacts to key events and automates processes, whilst internal skill-based workload management allows the right agent to deal with tasks, queries, and requests at the right time”.

“We are also happy to work with customers who want to develop and integrate their own microservices. We have already worked in partnership with one major insurer which is launching Iotatech Policy later this quarter, when the business will update the market.”

Mick commented: “The pandemic has forced Insurance businesses to accelerate their thinking around systems provision. Working remotely and using technology that can be used from any location on any device is a must for ambitious businesses and the Iotatech Platform enables that without massive up-front investment.”

He noted: “Iotatech will continue to invest in innovation and stay ahead of the pack, so 2021 will see us develop our AI capabilities further. Our ambition is to become the go-to supplier of technology platforms for risk carriers in 2021 and beyond.”