Business Rules Engine with GUI | Works with any tech stack | Hyperon

Insurance is a highly personalized industry that constantly offers a new selection of products and offers. Life and P&C (property and casualty) are the two branches of insurance. However, not all insurance providers offer the same products or target the same audience.

Each type of insurance policy considers different factors when deciding whether to issue a plan or not. For example, auto insurance companies look at the applicant’s driving history, experience, and skills.

However, this isn’t enough information. Auto insurance companies will also need to examine the value of the vehicle and its safety record to approve an application.

Life insurers consider an applicant’s personal health, age, lifestyle, and family medical history. To get travel insurance, the duration and destination are taken into account.

An increasing number of insurers use automated insurance underwriting to streamline the application process.

Also, insurance providers need to provide personalized services to meet customer expectations. A one-size-fits-all model doesn’t cut it.

For example, an insurer might segment their audience into “budget-conscious” and “agent loyal” groups. Customers who are in the former group are characterized, mainly, by their desire for minimal coverage and determination to find the “best deal.”

Conversely, customers who are in the “agent loyal” segment feel strong loyalty to their agents and value highly personalized services.

Therefore, the insurer would have to come up with different products and services to effectively engage both segments.

Insurance companies grow based on complex products that are simple and understandable for the client. So, insurance providers have to provide customized products to their customers while experimenting with new offers to not be left behind.

All this shows that what lies at the heart of insurance business processes are large datasets and complicated calculations.

Hyperon allows insurance agents to calculate plans and offer customized solutions to customers in real-time. Business users can make instant changes and can market new products in a matter of minutes. It is a tool that allows the operator to quickly search, view, and edit individual rules. And importantly, without having to wait for developers to help.