Australia, known for its early adopter culture and vibrant insurance industry, is witnessing a remarkable transformation with the introduction of battleface’s API-driven modular insurance platform. This development isn’t just about insurance; it’s a testament to the principles that define insurtech – innovation, customisation, and customer-centricity, all with the valuable support of Insurtech Gateway Australia.
Innovation through Modularity
One of the key principles of insurtech is innovation through technology. battleface exemplifies this by unbundling travel insurance into individual benefits, allowing partners to create their own products using their API. This innovative approach empowers partners to design insurance solutions tailored to the needs of their customers. It’s a departure from traditional one-size-fits-all insurance policies and instead embraces the flexibility demanded by today’s travellers.
In an era where travel is diverse and dynamic, traditional one-size-fits-all insurance policies often fall short of meeting the unique needs of modern travellers. battleface’s innovative approach to unbundling travel insurance into individual benefits and providing partners with the tools to craft customised plans directly tackles this issue. By allowing customers to precisely access the coverage they require for their specific travel scenarios, battleface is reshaping the insurance landscape, ensuring that individuals and businesses alike can travel with confidence, knowing they can have insurance that they can customise to their needs. In doing so, they are pioneering a customer-centric solution to a long-standing problem in the insurance industry.
Customisation for a Diverse Market
Another cornerstone of insurtech is customisation. battleface’s platform offers partners the ability to customise plans with variable excess levels and bespoke benefit limits. This degree of customisation is crucial in a market as diverse as Australia, where travellers have a wide range of needs and preferences, for instance a couple in their 70’s going on a cruise have very different needs to a 20-year-old going snowboarding in the Japanese ski fields and tailoring to the customer needs essential. It ensures that insurance products are finely tuned to match individual travel requirements.
Empowering Partners for Better Customer Experiences
Insurtech isn’t just about technology; it’s about enhancing the overall customer experience. battleface’s platform empowers partners to offer their customers seamless integration of travel insurance into their purchase journey. This means travellers can access the protection they need without the hassle of navigating a separate insurance purchase process. It’s a win-win scenario, where both partners and customers benefit from a smoother, more efficient experience.
Digital Transformation and Global Reach
In the age of digital transformation, insurtech solutions are breaking down geographical barriers. battleface’s global presence, spanning over 185 countries, showcases the borderless nature of insurtech, particularly in the travel insurance space. This reach allows Australian travellers to access insurance solutions tailored to their specific destination and travel style, all through a digital platform.
Collaboration is key pillar of insurtech, and battleface’s partnerships with Wise & Silent and Mustard Underwriting highlight this. Wise & Silent, an insurtech platform, built its own insurance products on top of battleface’s API, demonstrating how insurtech fosters creative partnerships that drive innovation. Mustard Underwriting’s expertise in providing insurance products for the sharing economy aligns perfectly with the adaptive nature of insurtech.
Tailoring Insurance to Real-World Scenarios
Insurtech isn’t just about theoretical possibilities; it’s about addressing real-world challenges. battleface’s collaboration with AWAI Travel, offering pre-trip cancellation insurance as a standard feature, reflects this. It shows the agility of insurtech in responding to the evolving needs of travellers, with the strategic assistance of Insurtech Gateway Australia.
Enhancing the Customer Journey
Ultimately, insurtech aims to enhance the insurance experience. battleface’s commitment to round-the-clock emergency support, responsive customer service, and a seamless digital journey embodies this principle. It ensures that customers not only get the coverage they need and receive support when they need it most.
battleface’s entrance into the Australian market is not just a development in travel insurance; it’s a shining example of insurtech principles in action.
Insurtech Gateway Australia helped battleface in their global replication plans to enter the Australia market and are looking for other opportunities to assist global insurtechs companies to do the same.