Why Outsource with Boost to Build Your New Insurance Program?
The search for the ideal insurance program development outsourcing partner is not always a simple one. You might have a concept for a product that addresses an unmet need in the modern world, but it can be a challenge to choose the right option for bringing your vision to life.
We may be a bit biased, but we think you should choose Boost.
What is Boost?
Boost is an insurance infrastructure-as-a-service provider that makes it easy for businesses to offer innovative insurance solutions through a website or app. We’re licensed to develop and sell P&C insurance products in all 50 states and have packaged the necessary compliance, operational, capital, and technological components of an insurance program into a single API-based solution.
Boost’s full-stack platform provides a more scalable, cost-effective way to build your tech-enabled insurance program. Here’s six reasons why you should choose us.
1. All-in-One Partner
Traditional insurance program outsourcing partners usually only provide one piece of the puzzle, such as form creation, reinsurance brokerage, or technology. It’s then on you to source partners for every other step of the process, project manage those partners, integrate the deliverables, and pay separate fees to each partner (sometimes ongoing).
With Boost, however, you get everything you need in one place. Boost handles every aspect of development, including forms, rating, underwriting guidelines, tech integration, reinsurance, and filing. In fact, we are the only outsourcing partner that combines compliance, risk capital, and technology infrastructure under one roof. The end result is a more streamlined and cost-effective process to getting your new program ready to enter the market.
2. Streamlined Development Process
With 9+ products built in the last five years, and extensive experience leading insurance teams across the industry, Boost’s experts have seen everything. We have a proven development process that allows us to get new products to market on a faster timeline than project-managing complex multi-partner contracts (or spending millions of dollars and multiple years building your own MGA).
Our development process happens in three phases:
Phase 1: Research and Proposal: This is where we discuss the new program opportunity with you, outline a scope for the initial product, and create a product sketch. We'll then review with all key stakeholders, make revisions, and iterate towards the best version of the product. Once you and Boost both approve the proposal, we can begin development.
Phase 2: Product Development: Once the proposal has been approved, we'll build out a product development timeline. Then building begins! We’ll dive straight into developing forms and rates, creating underwriting guidelines, determining program operations, and designing claims workflow. As the last step in this phase, we submit the product to our reinsurance and fronting carrier partners to secure capacity.
Phase 3: Technology and Product Filing: Once our reinsurance and carrier partners approve, filing and tech work can begin. We start by setting a filing timeline so that you can be in the loop and know exactly what will happen in the process. Then we’ll configure the policy administration system, provide implementation support, and file the product in all applicable states. This is when you can begin building the API integration into your website or app.
When the filings are approved by the states and the API integration is completed, you can launch your brand-new program.
3. 'A'-Rated Fronting Carrier Paper
Boost is appointed by the most reliable and trusted fronting carriers in the U.S. This allows us to create custom insurance products from scratch, and have those same policies backed by top-rated global insurance organizations. By working with Boost, you get peace of mind that your new product is sold on ‘A’-rated paper.
4. Dedicated Reinsurance Capacity
Capacity is vital for any insurance program, and regular access to additional capacity is a requirement to scale. This can also be one of the more difficult parts of building a new product, since you need to convince established carriers to take a chance on backing a new risk (or new way of covering an existing risk).
At Boost, we’ve already assembled a panel of reinsurance and carrier partners that we can work with to secure capacity for new products. Having a diverse network of partners, with varying interests and risk appetites, allows us to find the right backers for innovative new products, and lowers our own risk by avoiding overreliance on a single partner. Boost can get you the capacity you need to launch - and scale - your new program.
5. Full-Service Claims Administration
Handling claims efficiently and effectively is crucial for any insurance program. Filing a claim is one of the few times your customers will interact with their insurance policy, so it's important that they have a good experience. Boost simplifies the claims management process by offering full-service claims administration.
Rather than have to source and manage an agency yourself (or invest in hiring a team), your product with Boost comes with claims administration included.
Our platform’s FNOL API allows your customers to file their claims online through your website, with no offline steps required. Once filed, the API sends your customers’ claims to Boost, where they can be handled either in-house or by one of our TPA partners. Your customers get a seamless claims experience, while you get less overhead to manage.
6. API-Driven Policy Administration System:
Driven by powerful, easy-to-implement APIs, Boost's policy administration system (PAS) is the key to the end-to-end digital experience that everyone wants but few can deliver. Our PAS enables fully automated workflows throughout the insurance policy lifecycle, with benefits such as:
Automated compliance for every state: Our PAS is constantly being updated to stay compliant in all 50 states, so that you never have to worry about your product keeping up with regulatory changes.
Developer-friendly API for easy integration: Our insurance API was built from the ground up to leverage modern RESTful patterns, and to be easy for developers to build to and implement.
Built-in configuration: As part of the new product development process, we’ll configure the Boost PAS to support your product. No need for complex custom PAS development - when your product is ready to launch, all you need to do is connect to the Boost API.
All-digital workflows for seamless transactions: From rates to quotes to binding, document delivery, policy modification, and more, our PAS supports the entire policy lifecycle, allowing you to offer your customers a truly seamless digital insurance experience both during the purchase transaction and after it.
Robust, reliable platform: The Boost PAS is built on an enterprise-grade platform, leveraging modern industry tools like Kubernetes and Terraform. With 99.99%+ uptime, multi-region support, and the ability to handle multiple releases per day, you can count on the Boost insurance platform to be available when you need it.
Fast data processing, smoother purchases: Modern customers expect their digital experiences to be speedy, and Boost delivers. The response time of our API is up to 10x faster than other insurance carriers.
Our technology infrastructure empowers you to deliver superior customer experiences while optimizing operational efficiency.
Choosing a partner for outsourcing a new insurance program build is an important decision, but with Boost you can rest easy. By choosing Boost as your strategic and collaborative partner, you can unlock streamlined development processes, tap into 'A'-rated fronting carriers, secure dedicated reinsurance capacity, streamline claims administration, leverage advanced API-driven PAS, and watch as your business grows.
If you want to learn more about partnering with Boost to build a custom insurance product, contact us.