Helping close the income protection gap for entrepreneurs

• Fully digital efficient Disability Income Protection for self-employed
• Automated underwriting via Swiss Re's propriety underwriting platform, Magnum 
• Product helps to close the income protection gap amongst self-employed

Insify is a digital insurance platform which focuses on providing insurance solutions to small and medium companies in the Netherlands and operates as a Managing General Agent. Towards the end of 2022, Insify forged a partnership with iptiQ to commence offering Life & Health products to entrepreneurs. The collaboration has resulted in online distribution of an innovative Disability Income Protection product designed specifically for self-employed individuals. 

The new product is filling a market need, given that the number of self-employed people are growing each year in the Netherlands, the majority of whom have no disability income insurance. This results in a significant income protection gap. According to Insify, small companies are an underserved market and small businesses, or freelancers don’t have many options to get protected. "Legacy insurers and brokers find it complex to service small businesses than consumers, yet premiums are much lower than with medium-size or large businesses. Hence, the segment of freelancers and small businesses has long been neglected,” Koen Thijssen, CEO and Co-Founder of Insify. The first product of Insify's partnership is a Disability Income Protection product designed to help solve this issue and thus reduce the number of self-employed people with no safety net for disability.

Key highlights

Insify's has ambitions to become Life & Health provider using their own brand and consequently were looking for a white label provider for life insurance. Together with iptiQ, they co-created the product and agreed the market placement on a white-label basis. Insify are responsible for marketing and distribution on their own brand and channels. iptiQ oversee policy administration and claims management at portfolio level and is the licensed carrier for the product.

Clear customer journey and digital underwriting

To promote clarity throughout the non-advised customer journey, iptiQ used insights from behavioural economics research to refine the product description and customer messaging. In addition, iptiQ's Magnum tool for automated underwriting simplified the customer journey. Magnum digitalizes the underwriting process and allows a high automatic acceptance rate of more than 80% for Insify. It enhances the customer sales journey, providing clarity and post-launch improvements are possible.  For example, within 1 month of launch iptiQ added supporting messages to guide customers through the journey, and specifically improve the risk selection and acceptance for customers with mental health history and back pain conditions. As a result, acceptance for mental health conditions and back pain increased by 12% and 53% respectively.

In addition to a fully digital product with online acceptance, Insify has expanded the Disability Income Protection offering to e-commerce and fintech platforms via embedded insurance. Additionally, the coverage is also available via insurance brokers who are interested in offering a fully digital income protection product for small businesses. Together, iptiQ are working on further opportunities for the Insify portfolio.