With ICE platform, Hood Group can improve speed to market, through new schemes and also go live faster
Image: Hood Group begins using ICE InsureTech’s platform. Photo: Courtesy of Gerd Altmann/Pixabay
London-based insurance firm Hood Group has implemented ICE Policy, a back-office policy administration platform, from ICE InsureTech, part of the Acturis Group.
The platform is claimed to be integrated with several front-end platforms, such as websites, apps and customer portals, enabling a seamless customer journey and a wide range of sales channels.
Hood Group specialises in general insurance and works in partnership with start-ups, consumer brands and large insurers offering an end-to-end service that allows insurers to engage with their customers.
With support from ICE, Hood Group believes that it can further help its clients to a mass market quickly at low cost. It also supports the ongoing development of subscription-based products.
Working in partnership with Hood Group development team, ICE InsureTech claims to have delivered the back-end platform in just over five weeks and has used an integration framework within the ICE solution. The entire process was completed in six months.
ICE InsureTech CEO Andrew Passfield said: “Working collectively as a team is the key to a successful implementation that delivers results. Working in collaboration with Hood Group clearly identified Hood’s business priorities.
“This meant decisions were made together to ensure ICE Policy provided Hood with the control and functionality they desired.”
The ICE platform offers benefits including improved speed to market, integration with ICE Rating, flexibility and control, and training workshops. The platform will also support the development of new products that are data-driven, requiring less quote information from customers.
The architecture of the platform allows Hood Group to onboard new partners with less reliance on third parties.
The new platform is designed to support future scaling of Hood Group
The ICE platform was also designed to support future scaling as Hood Group claims that its business is growing.
The insurance firm plans to develop its ICE Policy platform to migrate its books of business over an 18-month programme.
Hood Group chief operating officer James Wallis said: “With ICE Policy, we now have a sophisticated and agile system that gives us the tools to make changes, empowering us to be flexible to market trends.
“This means we are self-sufficient in our product development and we have a platform that supports our business needs and future growth plans.”