IAG Satellite has been commended for its monthly policy offering Poncho Insurance, winning the Innovation Execution Award at the 2020 Celent Model Insurer Awards.
Formed to drive profitable growth within an existing portfolio as well as to create a new accelerator model to fast-track scaled-up innovation, IAG Satellite uses data and research to power decision-making and is focussed on putting customer experience at the centre of products.
According to Celent senior analyst Nicolas Michellod, IAG Satellite’s entry clearly demonstrated the development of fundamental changes to products, services, and business models that challenge existing trade-offs and provide real customer value.
“New approaches to technology selection and connection have fed insurance innovation on the Poncho Insurance platform, with agile practices across all aspects of the business,” noted Michellod. “This includes an enhanced and advanced culture which champions idea generation and the continual development of the product and service offering.”
With Poncho Insurance, one policy can cover multiple cars and multiple drivers which can be added and removed on a flexible, month-to-month basis. Features also include alternative transport or car hire options when a policyholder’s car is being repaired or recovered as well as a transparent independent car valuation model.
“We’re honoured to win the Innovation Execution Award by Celent this year with Poncho Insurance, which leverages the Satellite technology platform to bring a new range of customer features to market,” commented IAG Satellite executive manager Phil Wilson-Brown.
“The focus on excellence in customer offerings, coupled with the implementation of technologies with a future-first mentality, is allowing us to develop and deliver innovative insurance services. Celent’s recognition of the customer value, business benefits, and technology adoption of Poncho Insurance is a fantastic recognition of the unique proposition of the new platform.”