- Innovative new policy management system
- Introduction of product means less quote information required from customer
Hood Group is delighted to announce it has fully implemented ICE Policy, in partnership with ICE InsureTech, part of the Acturis Group.
This back-office policy administration platform integrates with numerous front-end platforms, including websites, apps and customer portals, enabling a seamless customer journey and a variety of sales channels.
Specialising in general insurance, Hood Group works in partnership with start-ups, consumer brands and large insurers offering an end-to-end service that allows insurers to engage with their customers. ICE supports this work, so The Hood Group can help its clients to mass market quickly at low cost. It also supports the ongoing development of subscription-based products.
Working with insurance software producers ICE InsureTech, the online journey was delivered in just over five weeks by the Hood Group development team, using the integration framework within the ICE solution (API). The whole process was completed in just six months.
The ICE platform provides significant benefits, including:
- Improved speed to market: new schemes can go live faster
- Integration with ICE Rating: rating changes are easy
- Flexibility and control: business users have the tools to configure the software
- Training workshops: Hood Group is self-sufficient in product development
- Supporting the development of products that are data driven and require less quote information from customers.
The architecture of this platform means Hood Group will also be able to onboard new partners with less reliance on a third party. There is also more flexibility around the customer journey.
From an internal perspective, rationalising existing residential platforms and migrating existing business to ICE will be more efficient, saving money. The ICE system has also been designed to support future scaling as Hood Group business grows.
Hood Group plans to develop its ICE Policy platform to migrate its books of business over an 18-month programme.
James Wallis, Chief Operating Officer at Hood Group, said: “With ICE Policy, we now have a sophisticated and agile system that gives us the tools to make changes, empowering us to be flexible to market trends. This means we are self-sufficient in our product development and we have a platform that supports our business needs and future growth plans.”
Andrew Passfield, CEO at ICE InsureTech, commented: “Working collectively as a team is the key to a successful implementation that delivers results. Working in collaboration with Hood Group clearly identified Hood’s business priorities. This meant decisions were made together to ensure ICE Policy provided Hood with the control and functionality they desired.”
ICE Policy has been jointly awarded the XCelent Technology 2021 Award for leading Advanced Technology in Celent’s latest Policy Systems Vendors: EMEA P&C Insurance 2021 report.
2020 was a year of change for the industry and we had a fantastic year as a company. As 2021 kicks off, we are looking forward to another strong year of growth and new customers implementations going live.
ICE InsureTech has been selected as one of the leading 100 companies in the InsurTech100 for 2020, announced by FinTech Global.