Toku x InsureMo: The Intersection of CPaaS and Insurtech

March 22, 2022

3 mins read

Beatriz Ruiperez

What do you get when traditional insurance collides with the world of disruptive digitization technology?

Yup – you guessed it – Insurtech!

Just like how Fintech has taken the world banking and finance by storm in recent years, Insurtech is starting to catch on now by deftly integrating artificial intelligence, machine learning, big data, and cloud communications into every part of the insurance process.

The ultimate goal? To make insurance easy for both insurers and customers.

With this end in mind, a new breed of players known as Integration Platform as a Service (IPaaS) is helping insurers, Insurtechs, and brokers/agents of all sizes to integrate software applications to be deployed in different environments. One such IPaaS is InsureMo, an insurance middleware platform provided by eBaoTech that facilitates use cases for any product and channel in the connected insurance ecosystem.

If you are selling or servicing Insurance through any customer journey, InsureMO can help you achieve your goals, as it has done for 300+ use cases globally across Insurers, brokers, e-commerce, automobile companies, telcos and other channels.

Toku partners with eBaoTech

As the insurance industry moves beyond web, portals, and email, more players are realising the new capabilities that modern cloud communications can add to the insurance value chain.

Messaging, collaboration, texting, chatbots, voice calls, video, and even augmented/virtual reality can now be integrated into the insurance process. These new communication channels often have the benefit of providing a frictionless customer experience, whilst greatly reducing costs.

As the leading cloud communications provider in APAC, Toku is proud to partner with eBaoTech as our cloud business communication solutions have significant synergies with InsureMo’s offerings. Effectively, InsureMo’s platform acts as a one-stop shop for industry players, providing ready access to a plethora of enterprise-level solutions that allows them to operate on an OpEx business model which reduces a lot of upfront costs.

In particular, EBaoTech customers can test-drive Toku’s SMS APIs on the InsureMo platform, allowing them to easily get first hand experience using our programmable SMS solutions. Toku SMS APIs allow enterprises to send SMS to over 200 countries with high delivery success rates, save costs with competitive SMS rates, and build a superior customer experience using SMS for verification and authentication, appointment reminders, marketing communications, and more.

As part of the partnership, interested EBaoTech customers can submit a service request to speak with a Toku integration specialist who will follow through with the full API implementation workflow. Through this collaboration, we hope to make insurance operations even easier for customers looking for insurtech solutions on InsureMo.

Adding communication channels boosts CX in insurance

There’s been a surge in communication APIs deployment amongst enterprises in recent years thanks to the massive digitalisation initiative and the drive towards improving customer experience in multiple industries. There are new use cases for deploying communication APIs to embed communication channels in insurance being discovered every day.

This is because there are numerous moving parts of the insurance machine that can be made more efficient and streamlined with programmable communications APIs, with the claims process being just the tip of the iceberg.

Here are some of the most common use cases of CPaaS in insurance that we think are transforming the industry’s operations.

Smoother claim management and grievance redressal – SMS is a great way to leverage a customer’s preferred communication method (research shows that SMS open rates are as high as 98%, compared to just 20% of all emails). With SMS APIs, insurers can send clients automatic notifications upon confirmation of their claims submission, claim status updates, appointment reminders, and policy issue management.

Premium renewals and payments – Collecting payments is one of the most fundamental operations in any business. In insurance, where the business needs to collect premiums on a regular basis to keep the policies active, SMS APIs can automatically remind customers of upcoming payments or missed payments via SMS notifications.

Making user authentication easier – When it comes to confirming a customer’s identity or resetting their account’s password, SMS still remains one of the most fool-proof methods of delivering one-time passwords for user authentication. It helps that processes like this can be done on the mobile phone, which is important for traditional industries like insurance that are embracing mobile-first customer experiences.