Northpointe Bank realizes 84% growth in insurance policy sales using Insuritas BUNDLE, the world’s first Fully Embedded Digital Insurance Agency.
Insuritas today announced that Northpointe Bank grew insurance policy sales 84% year over year. The bank owns its insurance agency, Northpointe Insurance, which is powered by BUNDLE, Insuritas’ virtual, embedded insurance agency platform. Northpointe Bank benefits from expanded wallet share, increased retention, and recurring non-interest income, while Insuritas operates the agency turnkey, all in the name of Northpointe Insurance.
“We are thrilled with Northpointe Bank’s Agency growth”, noted Donna Jermer, EVP and CMO for Insuritas. “Northpointe customers respond to personalized offers of assistance with insurance driven by Lily, the Insuritas Virtual Insurance Agent powered by predictive analytics as part of a comprehensive marketing automation platform, with a focus on relevant offers extended to a customer when data and analytics identifies a customer’s ‘instant of interest’ in insurance.”
BUNDLE delivers a suite of embedded solutions that enable retail apps, financial institutions, payment and retail platforms to “bundle” insurance products within their existing customer ecosystem or marketplace — all through their very own private labeled, full-service insurance agency. These embedded agencies allow the agency owners to expand customer wallet share, increase customer retention, and build large scale recurring revenue.
BUNDLE handles the agency platform and APIs, leveraging virtual and live agents with comprehensive marketing automation all wrapped inside the Northpointe Bank and Northpointe Insurance Agency brand.
A unique Agency-as-a-Service Model
Insuritas designs, builds, launches, and operates insurance agencies that their partners own (currently servicing over 250 partners). Insuritas is the only company that embeds insurance agencies inside companies where the partner owns the agency, the policies, the renewals, the income statement, and balance sheet. The model allows Insuritas partners to own their own insurance agency, which generates annuitized commission income so the partners can maximize lifetime value with payments steadily rolling in over a recurring period. These agencies are operated entirely inside the client’s brand, and Insuritas handles the embedded APIs and the agency platform turnkey, supported by virtual and live agents and comprehensive marketing automation.
And BUNDLE doesn’t only support one vertical of insurance — personal lines, life, and commercial insurance are offered, in addition to pet and other ancillary products.
Meeting the real definition of Disruptive in reducing the Protection Gap
Jermer also noted, “As digital commerce evolves, Insuritas has built BUNDLE so that more complicated insurance products can now be transacted as easily as travel insurance. It’s emerging as the ultimate way to distribute insurance offers efficiently, effectively collapsing insurance customer acquisition costs, addressing supply and demand issues and acts as a catalyst for a new insurance model that will make customers’ live easier, while addressing the insurance protection gap.”
Bundle features a virtual insurance agent powered by Artificial Intelligence and predictive analytics that is engineered to include a full service ‘online to offline’ insurance shopping experience with licensed professional agents, along with rapidly emerging bind online capabilities. To learn more about Bundle, visit BUNDLEsolution.com.
Insuritas’ mission is to connect people to the insurance products they need through a seamless, transparent shopping experience in which carriers compete to provide them with the right coverage at the right price. The Insuritas ecosystem, deployed across a network of partners serving over 22 million customers nationally, empowers partners to leverage proprietary data-mining techniques and integrations with a broad array of insurance carriers to make highly personalized, digitally optimized insurance offers to their customers, all within their brand. These strategies help further their engagement with their customers, while driving a critical source of recurring non-interest income for their company. For more information, visit www.insuritas.com.