How it Works to White-Label an Insurance Product with Boost
White-labeling insurance products can be a great option for insurtechs looking to expand their lineup: it’s a faster, more cost-effective route to growing revenue with additional insurance lines. It’s also one of our primary offerings here at Boost.
If you’ve ever wondered how that works exactly, then this blog is for you. We’ll walk through the whole process of partnering with Boost to offer white-label insurance products, and what to expect at each step.
Step 1: Choose Your White-Label Insurance Product(s)
The first step to white-labeling with Boost is to choose which of our products you’d like to offer your customers. Boost offers a range of both personal and commercial insurance products to our partners, from popular products like pet health insurance and commercial cyber insurance, to innovative new products like parental leave insurance.
White-labeling with Boost offers several advantages versus reselling a traditional carrier product:
Customizable products. All of Boost’s products are developed in-house by our team of insurance experts. Since we control the product, we can allow our partners much more flexibility in what to offer than is possible with legacy products. Our insurance products were designed to be modular, with many coverages optional.
Faster time to revenue. A streamlined deployment process powered by APIs (more on that later) means you can be in-market with a new product - and generating premium - significantly faster than with traditional carriers.
Built-in capacity. Boost has assembled a panel of reinsurance partners to ensure plentiful insurance capacity for our partners, and all Boost products are offered on ‘A’-rated carrier paper. You’ll never need to worry about limited capacity artificially restraining your growth.
Once you’ve decided on the products you want to offer, the next stage is configuration.
Step 2: Configure Your Program
Boost is set up to offer our partners a foundation to grow on (our favorite analogy is that Boost is the AWS of insurance). That means providing the flexibility to set up and run your white-label insurance program in the way that’s best for your business.
Select your coverages.You know your customers the best - what they care about, and what they don’t. You can choose from Boost’s available coverages to build a package that will best fit what your customers actually want, at a price that works for them.
Choose how to handle billing. Already have the ability to process payments? You can manage billing entirely in-house. Rather not deal with it? Boost can handle it for you. It’s up to you.
Prepare for claims. Your insured customers’ claims can be handled either in-house by Boost, or by one of our fully-licensed TPA partners. Boost’s platform includes an FNOL API that will allow your customers to file a claim online, with no manual steps required. As part of the implementation process, you’ll integrate this API with your digital property. If you plan to also take claims through other channels like phone calls or email, we’ll work with you on how to send the information on to us and open a claim.
There’s no one-size-fits-all for insurance providers, and it’s important for our partners to be able to grow their business in the way that’s right for them. We’re here to provide as much or as little support as you need in managing your program.
Step 3: Build the Front-End Experience and API Integration
We get it: you’ve invested a lot of time and resources in getting to know your customers,, and you care a lot about their experience with your brand. That’s why working with Boost gives you full control over building the insurance experience, while our platform provides the infrastructure that allows you to run the program.
When you white-label with Boost, the entire program is offered under your branding (right down to the policy documents), and your customers never have to leave your existing site or app. Since your business builds the front-end, you never have to worry about compromising your brand. You’re free to create the perfect purchase flow to engage your customers.
The transaction itself is powered by Boost’s policy administration system, which allows for seamless, end-to-end digital management of the entire policy lifecycle. All Boost products are already pre-configured with our PAS, so all you’ll need to do to get started is connect your front-end with the PAS via API.
Boost’s insurance API was designed by developers, for developers, and built to be extensible, modular, and easy to use. We provide personalized API documentation with real-time updates, and permanent access to a dedicated testing environment to help your developers get up to speed quickly. An easier development process means a smoother deployment - which means you’re in-market and collecting revenue sooner.
Step 4: Launch!
Once the integration is finished, your new program is ready to start signing customers. Beyond just the initial purchase, Boost’s PAS also enables you to handle later transactions digitally as well, such as policy modifications and renewals. Your customers will be able to manage the entire lifecycle of their policy from your site or app, seamlessly and lightning-fast.
For any new product, of course, the launch is only the beginning. As you sign more customers and your program scales, Boost’s infrastructure scales along with you. And if you decide to offer additional white-label products? Just update your configuration in the API. Growing your GWP has never been easier.