Coplus has launched its new rapid go-to-market product platform, designed to help insurers develop and introduce ancillary products at an even faster pace.
The new platform, made available to Coplus partners, provides complete policy fulfilment, features premium collection, and is flexible enough to work outside the constraints of insurers’ existing and legacy systems.
According to Coplus commercial director Jared Drucker, the platform was initially developed to help launch a home excess protection product for GoCompare customers in January this year. Drucker added that the platform is now available for other insurers to launch their own range of ancillary products.
“We were able to build and launch the GoCompare excess product in two months. It’s white-labelled from marketing to fulfilment and claims handling - and is highly scalable. We are able to market-test products quickly, capture and analyse customer data and design each product to the exact requirements of our partners,” the commercial director explained.
GoCompare is using the platform to give free £250 home excess cover to customers purchasing a qualifying home insurance policy, Drucker explained. Meanwhile, the Coplus team is handling claims on behalf of GoCompare.
“Gone are months-long product development cycles where it took so long to bring a product from the drawing board to the market that insurance providers were always behind the curve,” added Drucker. “Now, and working collaboratively with partners such as GoCompare, we can identify and deliver new product sets in weeks.
“Any insurer, broker or MGA looking to broaden their product set, but doesn’t want the hassle of doing it all themselves, should talk to us about their needs.”
Coplus is set to feature the new platform at the BIBA Conference this week.
Last month, Coplus unveiled its new divisionalised structure. As part of the move, the company named Andrew Bennett and James Blyth as managing director for insurance products and claims, respectively.
