HUGHUB: "Single Customer View" for Higher Profitability

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Jonathan Davey, CEO, HUGHUBJonathan Davey, CEO
It is a general consensus that organizations in the insurance industry face customer loyalty issues or lack thereof. Despite most citizens in the country having more than one insurance policy, it is not always with the same provider for different purposes—auto, property, and life. The need of the hour is customer retention prioritized over customer acquisition, where companies must focus on upselling more products to their existing clientele. For that purpose, insurance retailers and brokers require more effective digital trading platforms and a holistic ecosystem that presents “a single customer view.” This is what HUGHUB does. In addition to a slick online quote, buy and policy servicing customer portal, the London-based solution provider offers a holistic platform that collects consumer data from disparate legacy IT infrastructures in a central repository. The system then helps insurance providers harmonize the collected data to create a single display, enabling any element of customer data or behavior to be used to better serve and sell to a customer. In doing so, HUGHUB gives a facelift to the services provided by insurance firms. “The hyper-personalized consumer experience that we help create leads to an increase in conversion rates, improvement in loss ratio, and better profitability as well as improved customer understanding,” states Jonathan Davey, CEO at HUGHUB.

The innovative white-labeled HUGHUB platform is brand-agnostic and does not rely on any particular backend application. Further, HUGHUB can develop and deliver the platform in an expedited timeline as they follow the agile methodology and work with clients collaboratively. “Through our consulting practice, we assist clients throughout their digital transformation lifecycle,” mentions Davey.

HUGHUB’s onboarding process often starts with a proof of concept phase that enables the clients to observe the platform in action. The client’s back-office system or rating engines can be integrated into the HUGHUB platform or built-in HUGHUB, demonstrating improvements in the conversion ratio and reduction in operational costs.

The hyper-personalized consumer experience that we help create leads to an increase in conversion rates, improvement in loss ratio, and better profitability

The platform unifies functionalities from the existing systems and applies new InsurTech capabilities. “We enable two-way integration for collecting and transferring consumer data to the backend systems. This process maintains the harmony of all the systems and forms a single source of truth,” says Davey. Apart from facilitating clients in improving their online services, HUGHUB handles the offline policy administration as well. For a major global car manufacturer and retailer, HUGHUB manages online and offline insurance policy administration. They provide a platform that handles the sales and quotation systems, along with the required contact center technology. HUGHUB’s customer portal also facilitates self-service and notifies the client on every policy upgrade. The initial deployment took less than six months, “which for a system like ours is pretty quick.”

Similarly, a UK-based private equity-backed insurance broker that works on behalf of many insurance companies approached HUGHUB to deal with the challenge of multiple quotation environments. HUGHUB collects quotations aggregated from multiple rating sources, avoiding rekeying, and displays all the offerings with accurate prices. This increased the company’s conversion rate by more than 20 percent and reduced contact center headcount by 5 FTE’s.

HUGHUB takes pride in its ability to develop a seamless and innovative platform that automates both the online and offline journey of any insurance-related business—from a tiny broker to a multinational corporation. The company is working with many global insurance firms and brokers from the US, Southeast Asia, and Europe to understand and utilize technology better.

In the near future, HUGHUB has plans to expand territorially based on the interest of global insurance firms, growing customer needs, and the rise in opportunities. “Although the UK market will be our target for the rest of2019, we are able to deploy our flexible cloud-based platform across the world, as it can work in diverse environments, in multiple languages and currencies,” concludes Davey.