Commercial Director of Virtu Systems Dmitry Chesnokov spoke about the mortgage insurance aggregator at the insurance innovation forum InnoIns-2019, which took place in Moscow on April 2, 2019.
The mortgage lending market shows strong growth, which leads to an increase in mortgage insurance fees. According to analytical center LLC RUSIPOTEKA the quantity of the issued mortgage loans grew more, than twice for the last 4 years. Mortgage insurance practically not digitized because of its complexity. It is difficult for client to find the favorable offer which is suitable for its bank as there is no opportunity to get a quote from several insurance companies without the address to everyone.
Virtu Systems digitized the mortgage insurance product and developed an aggregator to help clients to select favorable offers. The aggregator allows to make calculation for several insurance companies, to choose and buy the policy in a “single window”. The solution works as a widget and can be embedded on the website of an insurance company, bank or other partner with targeted traffic. It’s an additional distribution channel.
The digitalization of insurance services and creation of ecosystems were one of the main themes at a forum of insurance innovations InnoIns-2019. The future of the mortgage market was presented in the uniform built online process, where the insurance product will be purchased in one click.
The Virtu Systems’ solution has already been launched on the largest financial services portal, which makes it possible to evaluate the effectiveness of the widget.
The Insurance Innovations Forum InnoIns-2019 was organized by the MIG “Strakhovaniye segodnya” and the Analytical agency “BiznesDrom” with the participation and support of the All-Russian Union of Insurers (BCC) and Fintech Lab.