Member Spotlight — Insurance in a One-Click World: A play book for building deeper customer relationships
Powering the Next Wave of Embedded Insurance Innovation
In an era where convenience and personalisation are baseline expectations, Open is leading the charge in transforming the insurance landscape. As a trailblazer in embedded insurance technology, Open is empowering brands to offer seamless, one-click insurance experiences that delight customers and drive business growth. With operations spanning Australia, New Zealand, and the UK, Open is rapidly becoming the go-to partner for companies looking to enhance their value proposition through innovative insurance solutions.
Concept and Founding
Founded in 2016 by Jason Wilby and Jonathan Buck, Open was born from a vision to harness the power of data and partnerships to deliver the best insurance experiences for the world. The founders recognised a gap in the market: while other industries were rapidly digitalising and offering integrated services, insurance remained stuck in legacy systems and processes.
"We saw an opportunity to transform insurance by making it as easy and intuitive as booking a ride or ordering food online," says Jason Wilby, Co-founder of Open. "Our goal was to create a platform that could seamlessly integrate insurance into any digital customer journey, making protection as accessible and personalised as possible."
The Mission and Services Offered
Open's mission is clear: to enable brands to offer relevant, personalised insurance products at the right moment in their customers' lives. The company's end-to-end platform supports a diverse range of insurance products, including car, home & contents, travel, and more, all of which can be effortlessly embedded into a partner's existing digital channels.
What sets Open apart is its unique blend of cutting-edge technology, data-driven insights, and insurance expertise. The company's suite of data products can predict purchasing intent, pricing competitiveness, and retention likelihood, allowing partners to offer hyper-personalised insurance solutions. This data-centric approach, combined with Open's agile technology stack, enables rapid deployment of new features and products, often in a matter of weeks rather than months.
"Our platform is designed to be flexible and scalable," explains Jonathan Buck, Co-founder of Open. "We work with multiple underwriters to administer the best policies for customers, and our technology allows us to quickly adapt to changing market needs and consumer preferences."
Open's impressive partner roster includes industry giants like Bupa, ahm (Medibank), Telstra, Starling Bank, and Polestar, demonstrating the platform's versatility across various sectors, from healthcare to telecommunications and automotive.
Overcoming Industry Challenges
The insurance industry faces numerous challenges, from legacy systems and complex regulations to changing consumer expectations. Open tackles these head-on with its innovative approach.
One of the most significant hurdles in embedded insurance is seamless integration with partners' existing systems while meeting customers' high expectations for a seamless experience. Open's solution? A robust set of APIs and SDKs that make integration a breeze, allowing partners to offer insurance products within their own branded environments without disrupting the customer experience. This approach ensures that insurance offerings feel like a natural extension of the partner's services, maintaining brand consistency and meeting or exceeding customer expectations for a smooth, integrated experience.
Another challenge is the traditionally slow pace of innovation in insurance. Open counters this with its agile development process and cloud-native architecture, enabling rapid iterations and feature releases. This agility allows partners to stay ahead of market trends and continuously improve their insurance offerings.
Regulatory compliance, often a stumbling block for innovation in financial services, is baked into Open's DNA. The platform is designed to adapt to different regulatory environments, ensuring partners can confidently offer insurance products across various jurisdictions.
Enabling One-Click Insurance:
Open's vision for the future of insurance is embodied in its "One-Click World" concept. This approach reimagines insurance as a seamless, integrated part of everyday transactions and services.
Imagine a world where buying a new car automatically triggers an offer for personalised auto insurance, or booking a vacation instantly presents tailored travel coverage options. Open's technology makes this a reality, allowing partners to offer contextually relevant insurance products at the exact moment customers need them.
The One-Click World isn't just about convenience; it's about using data intelligently to offer the right product, at the right time, through the right channel. Open's advanced analytics engine processes vast amounts of data in real-time, ensuring that insurance offers are not just timely but also highly personalised and competitively priced.
Future Plans
As Open continues to grow and innovate, the company is focused on expanding its global footprint and deepening its partnerships across various industries. The team is constantly exploring new ways to leverage emerging technologies like AI and machine learning to further enhance the insurance experience.
"We're just scratching the surface of what's possible with embedded insurance," says Jason Wilby. "Our goal is to make insurance so seamlessly integrated into people's lives that it becomes an invisible layer of protection, always there when needed but never intrusive."
For companies seeking to enhance their customer experience and unlock new revenue streams, Open's platform offers a transformative solution that creates resonant insurance experiences.
To learn more about how Open can transform your approach to insurance, visit beopen.com or reach out to their team of experts. Join the revolution in embedded insurance and discover the power of the One-Click World with Open.
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