CLOSE THE GAP BETWEEN OPPORTUNITY AND SUCCESSCreating revenue with high-volume, low-premium insurance programs.

Phone: (888) 289-7744 Email: sales@oceanwide.com© 2011 Oceanwide. All rights reserved. www.oceanwide.com

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Insurance carriers, brokers and agents are looking for new ways to generate revenue by venturing beyond their traditional, saturated markets.

To seize opportunities and capture new markets, insurers must rethink their distribution models. They must adopt emerging technologies that make the underwriting, processing and management of polices faster, more efficient and less expensive.

High-volume, low-premium programs dangle a tantalizing carrot of opportunity.

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According to Ernst & Young’s report, Windows of Opportunity – 2011 Global Insurance Outlook, “Insurance penetration in mature markets is hindered by high saturation.”

So...

The Ernst & Young report further states that “…insurers must address their legacy systems and processes, which, in many cases, hinder the ability to access customers via the Internet and to establish new distributor relationships.”

What technology offers insurers the ability to expand beyond saturated markets to create new products, and venture into rapidly changing markets? Read on.

Achieving high-growth rates will require insurance companies to create new products and distribution models for mature markets, like the US and UK, as well as in developing markets, such as Brazil, China and India.

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Meet : a SaaS insurance solution that expedites and automates sales, submission processing, underwriting and policy management – providing full quote, bind and issue functionality.

Captures and qualifies applicationsApplies underwriting rulesCalculates premiumsIssues quotes and policy documentationCollects payment for direct sales

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With Bridge, business users can quickly design highly specialized insurance product offerings without any programming. Bridge’s multi-language and multi-currency functionality means it can be used to launch and sell new products anywhere in the world.

Bridge Insurance Distribution Portal

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Profitability would be easy if you knew which new insurance products would be successful before you created them.

You pay a minimal one-time setup fee that allows you to create as many insurance products as you’d like. Then, we receive a small percentage of premiums successfully booked through Bridge. In other words, we only make money if you do.

Monitor customer reactions with powerful analytics, and respond quickly by modifying underwriting rules, rates and terms as needed. Bridge makes it easy to adjust and perfect products even while they are in the market.

Bridge doesn’t predict the future, but it does the next best thing – it protects you from uncertainty. Success-based pricing gives you the freedom to pursue new opportunities, and Bridge analytics makes it easy to see what’s working.

Success-Based Pricing

Visibility and Control

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Bridge is ideally suited to target opportunities where speed to market and low administration costs are mandatory for success.

Accident and HealthExcess and Surplus LinesMarineSmall Business ProgramsSpecialty LiabilityAny product relying on a high-volume, low-premium model

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In the report, Market Insights: Insurance Industry Primer, 2011, Gartner recommends, “acquir(ing) or partner(ing) to provide business process improvement or management capabilities, as these are becoming increasingly important disciplines in insurance.”

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Typical Insurance Product Creation Timeline with

Typical Insurance Product Creation Timeline

4-8 weeksSetup

Infrastructure

0 daysSetup

Infrastructure

2-4 weeksDesign

ApplicationForm

1-2 daysDesign

ApplicationForm

6-12 weeksConfigure

Product andWeb Portal

2-5 daysConfigure

Product andWeb Portal

4-8 weeksTest, Adjust and Launch

2-5 daysTest, Adjust and Launch

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High-volume, low-premium insurance opportunities require a smart application that allows product managers to quickly change underwriting rules, conditions and rates without requiring IT or vendor involvement. Bridge puts you in control of the entire product design and maintenance process, allowing you to quickly adapt to a rapidly changing marketplace.

Business users can fully configure products through an easy web interface and standard word processing and spreadsheet tools.

Built-in analytics and reporting that lets you track every aspect of your program in real time.

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Bridge is uniquely designed to offer the flexibility that high-volume, low-premium products demand:

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Bridge allows you to provide better service to your brokers, agents, resellers and end buyers.

Bridge is supported by Oceanwide’s outstanding customer service team. Bridge includes hosting, maintenance, updates and 24/7 multilingual support.

Bridge provides self-service tools and functionality, available 24x7. This makes it easier for distributors and end buyers to do business with you than with your competitors and lowers their administrative costs. A recent LIMRA survey of insurance distributors indicated that over a quarter of affiliated producers surveyed listed “technology” as the single most critical support service.

Watch theVideo: Features of a Market Leader

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Now that you know what Bridge can do, it’s time to…

Our reputation for effective solutions has made our services a staple of the insurance industry, with tens of thousands of users in 110 countries around the globe. Let us help you seize new opportunities wherever they may be found.

Oceanwide has been a leader in insurance software for over 15 years.

Talk to an Oceanwide representative about Bridge today.

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CLOSE THE GAP BETWEEN OPPORTUNITY AND SUCCESSSeize new opportunities and significantly reduce your policy administration costs.

Talk to an Oceanwide representative today about Bridge.

Phone: (888) 289-7744Email: sales@oceanwide.comwww.oceanwide.com