CynoSure can be applied for two reasons:

The launch of a new greenfield operation The rejuvenation of an established insurance portfolio operation

The Smart
Insurance Platform

CynoSure is an all-in-one insurance solution for policy management, quotations, claims origination and processing: from back-office database through middle-office processing to front-office web and app interfaces. Built on today’s digital ethos, and offered through strategic BPO and SaaS operations, CynoSure is the smart integrated solution for insurance specialists. CynoSure is a state-of-the-art insurance solution developed in open source technology - the low cost solution for modernising existing insurance portfolios or launching new brands globally.

CynoSure can be applied for two reasons:

  1. The launch of a new greenfield operation
  2. The rejuvenation of an established insurance portfolio operation

Greenfield Flexibility

CynoSure offers a greenfield insurance service that has been designed to support the self-service digital age. But it could also include call or broker facilities. It is a right-sized alternative to the cumbersome all-or-nothing enterprise software solutions on the market.

Whether a new entrant looking to get up and running quickly, or an established player looking to expand internationally or launch a new brand, CynoSure combines the highest client satisfaction with the lowest cost level on the market.

Proven Example: InShared

A fully digital new entrant launched a greenfield B2C non-life insurance services with CynoSure in 2009. With its disruptive proposition of sharing what is left of the 80% of premiums reserved for claims it was a clear new generation insurer. The STP and digital services and processes convinced people that it truly was meeting digital expectations.

After 6 years:

  • 5% total NL market share
  • 10% online market share
  • 500,000 policies
  • 250,000 clients
  • 35 FTE

Reasons to be Cheerful

  • 35% of business is done on mobile devices
  • Maximum self-service, clients DIY
  • 90% of client questions answered online
  • 50% of claims notified and settled online
  • Growing the business without additional employees

After 6 years InShared has 10% of the online market and 250.000 clients

Portfolio
Transformation

CynoSure is ideally suited to an established insurer needing to modernise an unresponsive and inflexible legacy architecture. Transform existing suites of traditional portfolios into a consolidated and consistent digital service offering.

Proven Example: HEMA

An established retail brand converts traditional business to CynoSure’s open platform. Accelerated Development Proven results:

  • Converted portfolio in 2 months
  • From zero to live in 6 months
  • New product launch in 3 weeks
  • New product defined in 5 days
  • New campaign live in 3 days

Reasons to be Cheerful

  • Operational cost ratio decreased by 50%
  • Loss ratio improved by 10% points in 1 year

Award Winning Digital Claims Handling

CynoSure’s claims handling portal automates claim processing to the maximum degree including assigning claims to coverage assessment through rules-based logic. A strong ethos of self-service is promoted for all aspects of the claim (assessors, repairs, document upload, etc.).

InShared has won the EFMA Accenture Award 2014 in the category Digital Distribution. InShared is the first insurer in the world handling and settling the majority of claims fully digital from start to finish. The international awards from EFMA and Accenture are granted to the most innovative concepts within the financial sector.

Source: EFMA Accenture October 2014