The following article was written in association with Open GI.
“I’m not a technology person,” said Open GI’s Nick Giddings (pictured). It’s a perhaps unusual position for someone leading the software provider’s relationships with brokers and MGAs, but it’s a perspective that cuts through to user benefits. “What I am is a qualified insurance broker by trade. That means I know what’s important to our customers, what might help them in the future - and that tech should never be used for its own sake, but for theirs.”
Choosing a software provider can be seen as a mandatory or grudge purchase, something all brokers and MGAs need in order to trade. And with evolving tech, from cloud storage to AI, and minute-by-minute data analysis, the market is more complex than ever.
It is Giddings’ mission to make using a Policy Administration System (PAS) provider a positive experience that added value to his customers’ businesses - and ultimately improves their bottom line.
“Our PAS solutions are mission critical to our brokers and MGAs and customers. They provide total client and policy management - whether it is compliance solutions to help with regulatory requirements, financing and client money solutions, or connecting insurers, products and enrichment providers. It does everything,” Giddings explained.
This last point on connectivity is a key differentiator for Mobius - and for Open GI in general. “There’s all sorts of integrations and we pride ourselves on the fact that we have the most comprehensive community of insurers and services in the market,” said Giddings.
That includes lines of business like motor, commercial vehicle and gadget, and enrichment providers like premium finance and data enrichment. Other providers or partners can be linked via API, allowing clients to customise the software and create a seamless customer journey that drives their business objectives.
“We’re interested in helping people do business better, not tying them down to us - or tying them up in difficult admin and integration,” he said. “Our tech is all about making business better and easier.”
That tech includes Mobius, Open GI’s cloud-based PAS, sitting in the software provider’s stable alongside Core.
“We know customers love Core,” added Giddings. “But more are coming on to Mobius, because it’s so incredibly responsive. Updates happen more than once a day, which gives people really precise insight into their products and data, and helps them use it to drive their strategy.”
One of its key strengths is being hosted in the cloud using Microsoft Azure. This means brokers can rest assured that security is top notch and benefit from more regular updates and improvements. Typically these happen every day for cloud-based platforms, without any downtime, compared to every three months for more traditional offerings.
Scalability is another key benefit of a cloud-based PAS. “With other systems you can effectively outgrow the platform you’re on and find that you need to upgrade the hardware,” Giddings explained. “That is absolutely not the case with Mobius. It’s designed to grow with your business.”
Changing to a new PAS is one of the biggest projects a broker can undertake.
Implementing the Mobius platform begins with workshops designed to understand the client’s requirements. “We conduct workshops tailored to the customer’s size and needs, and really get under the skin of their business culture and goals. A dedicated team then manages the implementation with a tailored project plan,” said Giddings. The process includes setting up the system in Azure, conducting training, and providing robust support during a warranty period to ensure a smooth transition.
Once live, Open GI customers work with a customer success manager whose role is to make sure they get the most out of the platform’s capabilities.
“It’s often linked to automation and making sure our customers are doing things in the most efficient way to reduce costs or sell more policies,” Giddings explained. “If you can automate the bread and butter of your business, your experts are freed up to do the bells and whistles - which is exactly where you grow.”
An example of the efficiencies Mobius can drive is helping brokers trial which communication method leads to better renewal rates. “Where we see a broker with a lower renewal rate than some of our other customers, we work with them to see how changes in how and when they engage with their customer can improve retention,” Giddings detailed.
“For one client, we found that actually texting their policyholder on the day that the policy was due improved their renewal retention by as much as 5%.
“Small but powerful insights like that can make a material difference to our customers’ businesses, and it’s something we really pride ourselves on.”
Looking forward, Open GI is committed to integrating more advanced technologies into Mobius. One such innovation is a virtual assistant, an advanced generative AI software solution that facilitates communication between users and the Open GI platform. “We’re integrating chat AI with our PAS solutions to help brokers manage interactions more efficiently and do things like summarise policy notes for quick reference, enhancing agent productivity,” Giddings revealed.
In a 2023 Open GI sample study, brokers highlighted that 91% of renewal invites resulted in service centre calls, taking up over 5,000 hours monthly. Diverting these calls to the virtual assistant could save £22,500 per month.
Open GI’s journey from its inception in 1979 to its current position as a leader in the insurance technology space is marked by a relentless focus on innovation and customer success. With Mobius, Open GI not only addresses the current challenges of the insurance industry but also anticipates future demands - ensuring they remain a trusted partner for years to come.
