Group insurance is the type of insurance companies typically buy for their employees. The real challenge lies in the insurance companies’ capacity to administer tailored propositions for each customer. Often, these companies try to accomplish such a feat through outdated technology and old business processes, which lacks complexity when offering something different for everybody.
Sentro is solving the challenge faced by the insurer. The platform has extensive data models and is extremely configurable, which allows the insurer to offer customized propositions, customer by customer, in an automated and manageable way.
Taking a step back, Sentro views the problem through the employee’s perception (insurance recipient), even though their customers are the insurers. In order to provide the best solution for the insurer (provider), one must think all the way back to the employee, through their employer, through the intermediary, through an ancillary service provider, and all the way back to the insurer. Sentro thinks about what tools all those participants need to make the experience seamless and tailored for the employee. “We consider every part of the delivery and service chain and we give the insurer tools to allow their partners to be the most successful, whether it’s the business customer themselves, the selling partners, or the third party offering that they wish to integrate” said Hans Frauenlob, co-founder at Sentro.
Given that premiums are now expected to face downward pressures, there is an enormous opportunity to improve efficiencies and by doing so, being able to offer a richer product experience. This is not only better for the end customer, but also for the insurer because the key to being a long lived supplier of group insurance offerings is to be “stickier”. If the only thing you are offering is the insurance cover, then you are in a situation where you can only leverage pricing and eventually lose your business. However, if you can offer a better service experience or a more nuanced set of products and features than your competitor can, you’re going to “stick” around with your customers longer. Sentro’s vision is to fundamentally change the way group insurance is bought, sold and serviced.
To learn more about Sentro, you can visit their website!
Don’t forget to vote for Sentro for the inaugural FFCON20 Fintech Draft.