London – 4th December 2019: MCE Insurance, the Defaqto 5-Star rated Motorcycle Insurer has today announced an exciting collaboration with Inzura, the UK-headquartered Insurtech firm, which will revolutionise the way MCE welcomes all of its new customers.
As a result of this pioneering digital initiative that automates the customer onboarding process, MCE project significant time and efficiency savings and an improved buying journey for customers. The new MCE App provided by Inzura will give customers a fast, convenient and secure way of submitting policy activation documents – such as proof of no claims bonus, CBT Certificates and driving licences.
Using Inzura’s Digital Insurance Platform and white label e-KYC (know your customer) Smartphone App, MCE will automate the process of collecting and verifying all policy documentation, utilising both AI based fraud detection and photo analysis technology.
Early results already show excellent customer acceptance with 83% of users downloading the app of which 60% have uploaded all documents, allowing MCE to fast track policy approval within 4 days for over 50% of new customers. The app allows MCE to process higher customer numbers faster and at lower cost, whilst detecting potential policy fraud at the point of sale, delivering operational and underwriting cost savings.
Launching the new service, MCE and its winter riding customers will benefit immediately from the new digital process, as well as getting MCE ahead of the curve in the build-up to the peak summer period, when UK motorcycle riders get out onto the roads to enjoy the (hopefully) glorious weather.
MCE’s Commercial Director, Simon French comments: “We know a good thing when we see it, and we are confident that our partnership with Inzura will grant us market-leading opportunities to better assist our customers at every stage of their insurance lifecycle. We look forward to showcasing the product, and revolutionising how insurers validate, as well as communicate”
Inzura Co-Founder and COO Ian McWilliams commented “Working with such a high profile and innovative insurer as MCE is a fantastic opportunity for Inzura to showcase what we can do. Our AI based technology will help MCE with improved customer engagement, operational efficiency and rapid fraud detection. Our belief is that all insurers will eventually implement customer focused digital services and its tremendous to be working with MCE who are leading the way”.
At Inzura we collect and process huge amounts of data for each our insurance clients each month. We manage GPS location data for telematics, app usage data, policy document photos, vehicle and property data as well as video files from dashcams. We generate insight from this data to help with tactical issues like cost savings and fraud detection but also do aggregate analysis for longer term strategic product planning and pricing. We are constantly looking for ways to enhance the data-driven intelligence and insight we deliver to our insurer and broker customers.
Young drivers are typically being targeted by insurers with higher insurance premiums due to little experience on the road. But let's face it, there are plenty of experienced drivers who have adapted bad habits and are not necessarily good drivers, thus posing a risk to others on the road, as well as themselves. Thanks to telematics and AI driven insurance platforms being designed by insurtechs such as Inzura, more and more insurers are starting to gather individual driving data, highlighting the likely hood of being at risk of causing an accident. Those that stay low risk, are being rewarded by having insurance premiums reduced relevant to their risk ratio. Many drivers are often not even aware that their driving behaviour is risky or reckless.
Inzura.ai has raised a further £1m in a pre-A funding round. This follows a seed investment round in early 2018 and rapid growth in the UK and South East Asian markets.