Self-sufficient software solutions for insurance companies

February 3, 2020 SSP Limited

For insurance companies operating in a competitive trading marketplace, quick decision-making and speedy application of new strategies act as the catalysts of success.

In the race of efficient online trading, however, the insurance providers are often slowed down by the interdependency between insurance companies, managing general agents and brokers, and their software solutions providers.

For example, if an insurance firm notices a market opportunity that requires quick action, they need to brief their software providers about the changes they want to make in their insurance offering and then deploy the software.

Nevertheless, given the latency and delay in the entire process of making any sudden change in insurance policies, the opportunity is lost even before the insurer finalises the new offering. Instances like these make insurance companies realise the importance of self-sufficient software suites capable of operating in a mixed technology ecosystem without any help from their technology providers. For such insurance providers, the trading marketplace maven that comes to aid is SSP.

Having started its journey as a broker software provider for High Street SMEs operating in the areas of personal and commercial lines, SSP has become more than just an intermediary trading software provider. Whilst this is still very much at the heart of its operations and as important now as it was back then, SSP is now deemed as one of the leading global insurance software providers.

The company delivers strategic solutions for the whole of the industry across the UK, Africa, the Caribbean, and Asia Pacific, with a client base of over 50,000 users in 50 countries.

The core driver behind SSP’s innovative product line is the growing customer expectation in the insurance sector. SSP offers a broad range of software solutions to empower all the key members—from provider to buyer — of an insurance ecosystem.

For insurers and MGAs, SSP has designed a digital insurance platform to bring forth insurance innovation for rapid development and launch of new products into the market on a low-cost, high business-benefit basis. The insurance platform offers everything required for managing clients, their policies, billing and claims whilst also enabling software vendors to build their functionality into standalone software products.

To this extent, SSP offers a data lake solution called SSP Intuition. The database offers a transparent view of ‘quote performance’ data across the entire SSP broker community, regardless of whether
users have an Insurer Hosted Pricing solution.

This data can then be amalgamated into a customised dashboard, allowing users to perform direct analysis. SSP is poised to take the ongoing evolution of customer engagement to the next level and facilitate more adoption of additional insurance solutions globally. As a step towards that goal, SSP is on its way to launch another market-leading software solution for brokers in the UK. SSP Broking will facilitate improved core business processes and powerful digital capabilities catering to requirements of the digital era.

As a fully functional insurance policy administration system, SSP Broking will support businesses operating in both personal and commercial lines across multiple channels. This is combined with a market-leading user experience platform, a dynamic and agile customer communications tool, and self-service capability, empowering brokers to offer superior customer service.

“With our self-sufficient solutions, insurance providers can assume control of their trading software and be more agile in reacting to market changes. We are constantly evolving our offering in our bid to ensure that our technology solutions and propositions are relevant to the market, ideally ahead of our client’s present requirements. We have taken a best-of-breed approach and created an entire digital suite of insurance technology.”
— Adrian Coupland, Customer and Marketing Managing Director, SSP

Our self-sufficient solutions have positioned us as a Top 5 Insurtech Solutions Provider by Insurance CIO Outlook Magazine. 

This article appeared first at insurtech-europe.insuranceoutlook.com.

About the Author

SSP Limited

As the leading global supplier of technology systems and software for the insurance industry, our role is to help insurers and brokers operate more efficient businesses. So whether you’re a global insurer or an MGA, a high street broker or a start-up with a smart new idea, we can be trusted to support you on your journey, whatever the destination.

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