Insuranceciooutlook
Home » Life Insurance » Vendors » se2

SE2: Helping Insurance Carriers Digitize and Scale their Business

Follow SE2 on :

Vinod Kachroo, CIO, SE2Vinod Kachroo, CIO
“The insurance industry has historically lagged behind in embracing innovation and change, relying on legacy platforms that lack agility and hinder growth,” begins Vinod Kachroo, CIO of SE2. A large segment of insurance carriers have been dealing with the core aspects of their businesses such as product delivery and underwriting along with managing day-to-day operations traditionally, missing out on a multitude of capabilities enabled by digitization. However, the changing expectations of end users and distributors, who now seek an engaging and improved experience, have compelled insurance firms to recognize the need for a transformation and technological shift. SE2—a technology platform and third-party administration company— has been leading the charge in helping insurance companies through this process with the industry’s first end-to-end digital platform and APIs for both life and annuity.

“We demonstrate the amalgamation of an insurtech company’s mindset, agility, and value alongside having the stability of a traditional enterprise that has been growing at a rapid pace,” adds Kachroo. SE2 is well-positioned to lead the transformation wave in the insurance space, with the ability to help insurance carriers develop, launch, market, and scale their products. The firm also allows insurers to better serve their partners in a more consistent and defined manner through its digital platform.

At the core of SE2’s platform is the versatility to support both the closed block and open block insurance policies. The company allows clients to administer their closed block business with better service models, attractive costmodels, and change their operational model from CapEx to OpEx.

While in CapEx, organizations have to bear the infrastructure and human resource costs, in OpEx, they pay as per transactions, saving a significant amount of money. Another major capability that makes SE2 a preferred technology partner for insurance carriers is its digital business solution—a recent addition to its portfolio—that enables clients to create efficiencies in their traditional operational models by leveraging digital and modern engagement platforms. Insurance firms can also employ this solution to enable their direct-to-consumer channel.

The company’s specialization in helping insurance firms launch their direct-to-consumer offerings can be exemplified through its association with a large Tier-1 insurance company that was searching for a way to launch a profitable and efficient direct-to-consumer channel, and also internally monitor the time and cost constraints. To assist the client through this process, SE2 deployed its Digital Direct Life solution for them and developed APIs to reduce the timeline and cost of product launch. “Our team launched their first direct-to-consumer product with an engagement platform and a payment gateway integration in four months,” says Kachroo. This is a unique experience where a firm can accept an application from a customer, underwrite it, go through case acceptance, receive payment through a payment gateway, and get a policy issued and printed in just 5-10 minutes.

SE2 has scripted many such success stories for a vast client base since its inception via a phase-gate agile process. In each of its associations with the customers, the firm signs aservice level agreement (SLA) and thereafter deploys the platform in a step-by-step manner, executing multiple features in various developmental cycles. The SE2 team then carries out user acceptance testing alongwith the client before the final and last phase of the deployment.

With such a streamlined implementation approach andthe right set of offerings to transform the insurance industry, SE2 is now focusing on expanding its business to improve their ability to provide a next-generation customer experience to their carrier clients, the end-customers they serve. The company is also partnering with a myriad of insurtech start-ups and industry experts to change the present state of the market. Another step in this direction is its investments in hiring and training insurance domain experts who are able to leverage big data, new-age technologies such as artificial intelligence, machine learning, and blockchain that are drastically changing the way almost every industry operates.