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Technological change is disrupting the traditional insurance business worldwide. Insurance companies are in need of technology enablers to meet consumer demand for acquiring products and services beyond available distribution and servicing means.

Teamed with insurance IT and insurance business experts who have worked for many years with MNC insurers operating in Asia, Aligned Business has the innovative solutions vital for existing and new insurers and insurance intermediaries to thrive in the digital insurance revolution in Asia where insurance purchases and services disparities in different countries need addressed.

Aligned Business Pte Ltd was set up In 2012 in Singapore to build Origami, an innovative technology platform that has a-z enablers aimed to overcome current system operational challenges including but not limited to the following:

1. Difficulties to support all insurance products’ sales automation needs within existing technological infrastructure, leaving many insurance products including commercial insurance, health and life products and niche products underwritten and transacted manually;

2. Difficulties to support successful business acquisition requirements for product tailor-making and fast & frequent product-to-market; and

3. Difficulties of deploying centralised solutions in different markets with different needs for product sales distribution and services where cultural and regulatory differences exist.

Origami was built and tested to successfully address these key business challenges with Proof of Concepts (POCs) performed for over 15 different insurance products in both personal and commercial segments in Asia, China, Australia and Europe. The recent POCs are done in Asia and China, which will follow go-live from July.

To illustrate how our technological innovation makes direct and immediate impact on insurance business bottom line, we have listed below key Origami capabilities against the 4P technological enablers identified by Mr Matteo Carbone (Insurtech Thought Leader, Keynote speaker and writer on insurance innovation), as what investors should be looking for when deciding to invest in an insurtech company:

“Productivity: Impact on client acquisition, cross-selling or additional fee collection for services”;

Origami’s source of innovation is originated from finding a core solution to change insurance automation process and erase ineffective and costly sales and service automations in multi product, cultural and language context. The ultimatum is to change reliance of product automation on IT resources by creating dynamic insurance data generation capability so that an agile product configuration platform can be deployed to allow any risk underwriter in any country to configure any desired product for sales and service automation for b2b, b2c sales with minimum IT support.

This innovation delivers productivity beyond cost savings for product automation development and policy administration. It fundamentally opens up cost effective ways of streamlining all insurance sales and servicing automations including for commercial insurance. This means on Origami, a multi-line insurance business can secure faster and more effective business acquisitions with fewer but higher skilled manpower, with technology driving maximum transaction processing and better data insight, leaping forward to embrace the inevitable tech driven insurance operations in any country.

“Proximity: What an insurtech approach can do to enlarge the relationship frequency, by creating numerous touch-points during the customer journey — a proven way to increase the customer’s satisfaction”;

Origami’s multi product management and customer data-tree structural design enable a single customer view for multi-policy management and touch-points creations including seamless policy lifecycle service deliveries/communications and sale of specific products via the customer’s own policy portal.

“Profitability: What can be done to improve the loss ratio or cut costs without an increase in volumes”;

Every enabler in Origami is focused on achieving three critical insurance business missions: increase new business/retention, control loss and reduce operational costs. Origami is designed for achieving net combined operating ratio (NCOR) with the following core features:

• Agile and flexible product configuration to maximize business acquicition without proportionate cost increment
• Dynamic and detailed data creation for each product coverage, underwriting logic and rating structure set up allow detailed claims tracking and portfolio performance monitoring. This allows fast and accurate pricing corrections and or launch of better products based on fast insight gains, which are vital for managing loss ratio and achieve better product demand and supply insight for continued sales success.

“Persistence: Increasing the renewal rate, and, thus, stabilizing the insurance portfolio.”

Renewal process management is set from the moment a new product is configured in Origami, where a product new policy sales as well renewal rules and rating framework are set to ensure minimum manual touch and effective retention. Furthermore, new product offerings upon renewals also are designed for additional sales for increasing risk diversification.

In summary, we believe we have the expertise and effective solutions to contribute to the insurance businesses in Asia towards their effort to effectively transit to digital insurance operating paradigm:

1. Our innovation is not just a concept nor a solution restricted to a specific insurance product or will be obsolete with development of AI, IoT, blockchain. It is a well-tested digital insurance platform that can not only power instant digital insurance transition for an insurance company in Asia, it will also change its business operational dynamics with fewer process handling resources, more productive underwriting & claims and most importantly faster accumulation of comprehensive data insight for winning digital insurance competition.

2. Our innovation touches on every insurance aspect for managing a multi-line and multi country insurance operation moving towards digital insurance operating paradigm that must deliver successful sales, cost efficiency and effective loss management whilst addressing different cultural and regulatory differences.

3. Our people are multi lingual insurance product and technology experts. We have personally experienced the journey for product sales and services automations over a decade. We understand our insurance clients’ needs and business pains points that technology must address for true insurtech success.