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Candela Labs: InsurTech Solutions which Join the Dots from Digital to Enterprise
The rapid evolution of InsurTech capabilities, coupled with the modern customer who is increasingly living a digital life, is creating significant pressure on traditional life insurance firms to adapt to a rapidly transforming market. Almost every insurance provider today is looking to leverage technology to transform themselves —right from creating new innovative products, to re-engineering and rewiring their sales, agency, underwriting, claims and customer service functions.
Candela Labs, a collaborative InsurTech firm, works with the sole purpose of helping insurers take this technology-enabled leap successfully. The firm provides a platform that helps insurers digitise their front-end and use smart technology to automate their business processes.
The front-end digital experience is enabled by an omni-channel engine, which ensures a seamless 24/7 experience for the end customer and the agent. The engine spans smart self-curating portals, an AI-enabled virtual assistant, social media linkages, digital apps and the call centre—all linked through the underlying platform. For Candela Labs, this is just the start of the Digital New Business, Claims, Customer Service and Sales/Agent Support processes.
Today, Candela Labs works with leading insurers–both traditional firms and new age technology-led providers —across Asia and Africa. Mr. Maini believes that it is their model that differentiates them. “We co-create IP with our clients, and that helps us develop products that are not only relevant but have been tested in the real world. In many cases we are the extended digital lab of the insurance provider, and again that gives us invaluable access and insights. Finally, our team has strong insurance lineage, and this domain knowledge is our strength. We don’t just deliver smart technology, we measure business benefits.”
A recent case study shows how Candela Labs’ extensive InsurTech knowledge and expertise developed a groundbreaking solution for a leading insurance firm in Singapore. The insurer needed to reduce their new product launch and go-to-market time cycle significantly. The “Product Packager” developed by Candela Labs helped the client reduce launch times by over 80 percent, whilst equipping distributors with the ability to personalize corporate products.
Today, Candela Labs is testing cutting edge solutions—including multiple Blockchain enabled Proof of Concept initiatives. It is also expanding its footprint to UK and Europe, while adding both technology and implementation partners to its ecosystem. Exciting times for the firm.