Co-op Insurance goes live on Strata in first phase of business transformation plans
Tuesday 15 December, 2020
Markerstudy has deployed CDL Strata for Co-op Insurance car and home lines, moving to the Amazon Web Services (AWS) cloud-hosted retail platform as it gears up for business transformation.
The departure from Co-op’s legacy system follows the acquisition of The Co-op’s insurance underwriting business by Markerstudy and will see existing car and home insurance policies migrate across to CDL in the coming weeks. New business is already being transacted on Strata.
Markerstudy Group Underwriting Director, Gary Humphreys, said: “Co-op Insurance had already recognised the need to modernise its platforms in order to deliver seamless, multi-channel customer experiences, even prior to our engagement with them. Strata is a strategic platform for business growth and we were able to use the run-up to regulatory approval to further develop our digital strategy and ensure readiness to go live from day one.
“The move will enable Co-op to leverage its data to simplify, personalise and add value to the customer experience, and marks the first stage in our plans to create a more engaged and dynamic relationship with consumers.”
Markerstudy has a longstanding relationship with CDL and recognised the potential of the migration to deliver significant operational efficiencies as well as transforming the customer experience.
“We expect to see significant savings as we eliminate the costs of managing and maintaining legacy software systems, while benefiting from the ability to scale easily in the cloud,” Humphreys added.
Co-op has gone live with the self-service portal from day one, enabling new customers to make mid-term adjustments, upload documents and retrieve policy schedules through the portal, without the need for contact centre intervention.
The platform is integrated with the price comparison sites, and Markerstudy is using CDL’s Kingfisher solution for high performance business intelligence and visualisation, combined with Real Time Pricing to enable it to respond dynamically to changes in the marketplace. It also connects to MHR, Markerstudy’s Hosted Rating engine, giving full control over its build, distribution and administration of insurance products.
CDL CEO, Nigel Phillips, said: “We are delighted to be working with Markerstudy on its transformation strategy for Co-op Insurance. The past year has really highlighted the primary importance of digital capabilities to successful business operations, and we are confident that this move will open up new opportunities to create compelling customer experiences at the same time as delivering greater operational efficiency.
“We look forward to collaborating with Markerstudy and Co-op Insurance to build on this initial deployment and leverage data insights to drive business growth.”
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