The Entrepreneur’s Voice
Since its inception in 2011, NexAssure has grown from a two-person enterprise to an international one with multiple operations spreading across Europe and Asia. It has emerged to become the leading managing general agency for extended warranty in Asia.
Being an ardent believer in the cross-pollination of ideas, NexAssure’s greatest strength springs from the combined expertise and knowledge of its diverse team which has evolved into a stronger one.
The group has served the Asia-Pacific market ever since, providing reinsurance capacity, consulting, underwriting, policy and claims administration for niche products across the insurance spectrum.
With Harj and Dermot leading the team from strength to strength, the group has cemented its firm place in the market. And Harj’s here to tell you briefly about his real-life experience and thoughts on some of the important lessons and motivating content on building the business.
What were the main changes or challenges that happened last year that you had to overcome?
We revised our mid-to-long term growth plans upwards seeing gaps emerge in the marketplace. To help us achieve our new aggressive plans, we hired well-experienced team members into our underwriting, actuarial and business development teams. Our main underwriter has over 37 years’ experience writing in excess of 46 countries.
We restructured our entire Group and set up an additional Managing General Agency company in London, to facilitate our growth into the European and Middle Eastern markets. In addition to ramping up our business flow and working across multiple territories, our challenges include getting ready for the potential the impact of Brexit.
‘HITs’ n ‘MISSes’ in your business for 2017
(What business tactics etc worked and what didn’t?)
During 2017, we became laser-focused on closing a few game-changing clients within a few select territories across Asia Pac. We were able to spend more quality time, providing more in-depth solutions for prospective clients to ensure successful execution.
We have been successful with this approach rather than focusing on the entire Asia Pac region with a large number of prospects. With this disciplined approach, our closing ratio dramatically improved.
What technology is changing your business?
(What’s made the biggest impact on your business?)
Our claims web portal, iNex, has allowed us to provide claims handling services from our Kuala Lumpur hub office to countries such as China, Singapore, Hong Kong and Indonesia.
iNex is designed to be a multilingual claims notification system for our clients whilst providing workflow processes and tools, that allow our claims technicians to process claims on behalf of insurance companies.
iNex together with our experienced multilingual claims team allow us to provide a one-stop solution for customers requiring product design, pricing, reinsurance and claims handling across multiple territories. Our ability to handle claims allows for improved risk pricing. iNex has helped our insurer clients to overcome barriers to entry in new territories, who are not able to offer administration solutions required by their clients.
What new technology would you like to see become mainstream and easily accessible in 2018?
(If not technology, it could be a business innovation etc)
For our vehicle warranty product offering, we would like to see OEM’s allow for warranty companies use data pulled from connected cars using OBD II.
An OBD II (On-Board Diagnostic) is a system that allows external electronics to interface with a car’s computer system.
Cars have become increasingly computerised with some of the major components of the car relying on software to operate. An OBD II dongle plugs directly into the OBD II port and connects wirelessly to a network (connected car).
We would be able to use the data pulled from the car’s OBD II connection to analyse driving habits, identify problem components before major failure, promote safety, deploy more effective fraud management and provide for a more efficient claims process.
Ultimately, we would be able to price the warranty using telematics i.e. based on driving habits, such as speed, how quickly the driver brakes, the number of miles driven, and when/where a person drives.
In addition to upfront pricing, access to the connected vehicle allows us to progress on our machine learning claims processes, where we anticipate in early stages up to 20% of claims could be approved within seconds
by Yasanhalari Kharkongor