Clegg Gifford, a renowned Lloyd's insurance broker in the UK, boasts a rich heritage in the motor trade dating back to its establishment in 1968. With a national clientele and a reputation for excellence, Clegg Gifford has been a client of MagiClick since 2008. Over the years, MagiClick has provided the company with several core platforms, powering their digital offerings.
The Challenge
Recognising the need for digital innovation in the insurance industry, Clegg Gifford partnered with MagiClick to conceive, develop, and launch a ground breaking digital platform called 'Six.' This next-generation platform aimed to revolutionise the Lloyd's market by enabling efficient, direct, and seamless online access to Lloyd's capacity for Commercial Property and Liability risks. The challenge was to build a full-service digital commercial insurance platform that would streamline the Underwriting/Broking process, from initial inquiry to binder, while offering a range of key benefits.
The Solution
MagiClick delivered an innovative new digital self-service for Clegg Gifford which is unique in the market. The 'Six' platform introduced several key features and functionalities that transformed the insurance experience for brokers, SMEs, and capacity providers alike.
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Instant Quotes and Rapid Binding:
By leveraging cutting-edge technology, MagiClick enabled brokers to generate instant quotes, significantly reducing the time required to bind policies. This breakthrough feature streamlined the process, allowing brokers to respond swiftly to client queries and deliver prompt insurance solutions.
- Enhanced Accessibility:
MagiClick's solution ensured that Lloyd's capacity became directly accessible to businesses on the UK high street. Through the 'Six' platform, SMEs gained unprecedented convenience and flexibility, empowering them to obtain Commercial Property and Liability insurance coverage with ease.
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Expanded Market Reach:
The integration of Lloyd's capacity for Commercial Property and Liability risks onto the 'Six' platform opened up new opportunities for SMEs. With broader market access, businesses could secure comprehensive insurance solutions tailored to their unique needs, empowering them to protect their assets effectively.
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Efficiency and Cost Savings:
MagiClick's platform facilitated improved distribution, resulting in reduced Coverholder commission. This increased efficiency translated into better value for direct customers and enhanced economic attractiveness for capacity providers. The streamlined processes enabled cost savings, benefiting both insurers and policyholders.
Results and Benefits
The successful collaboration between MagiClick and Clegg Gifford led to a range of significant outcomes and benefits:
- Brokers could seamlessly handle client queries, request quotes, accept policies, and bind risks in a matter of minutes, thanks to the streamlined digital platform.
- SMEs gained unprecedented access to Lloyd's capacity, enabling them to secure vital Commercial Property and Liability insurance coverage promptly and efficiently.
- The 'Six' platform's improved accessibility allowed Lloyd's capacity to reach businesses on the UK high street, expanding market opportunities and strengthening relationships with clients.
- The enhanced distribution and reduced Coverholder commission led to cost savings, benefiting both direct customers and capacity providers.
MagiClick's innovative solution positioned Clegg Gifford as a leader in digital insurance services, reinforcing their reputation for excellence and innovation within the industry.
You can read more about the project in the Insurance Times.