On March 15, 2023, Innoveo, a leading provider of no-code technology for insurance enterprises, announced the release of its accelerator for the small commercial insurance space. The accelerator aims to empower insurers to quickly launch and offer personalized insurance to the booming small and medium enterprises (SME) market.
To improve penetration in this flourishing market, the accelerator offers customizable insurance products that allow small businesses to adjust their coverage to their specific needs. The user-friendly digital interface simplifies the insurance purchasing process. At the same time, automated underwriting and real-time data analysis enable enterprises to analyze their risks and make informed decisions about their coverage.
By using this accelerator, innovative insurers can swiftly develop in this burgeoning yet underserved market, increase customer loyalty, and drive informed cross- and up-sell opportunities. Innoveo's Small Commercial Insurance Solution also provides many benefits to small business owners, including streamlined processes, cost savings and improved customer experience.
Small business insurance provides vital financial protection against a wide range of risks, giving business owners peace of mind. A BOP combines commercial liability insurance, commercial property insurance, business interruption insurance, commercial auto insurance, professional liability insurance and worker's compensation insurance.
The Small Business insurance accelerator adds to the leading Innoveo Skye platform, which includes ready-made accelerators and products that can be adjusted and configured to insurer needs. In addition, Innoveo's integrated development environment automates a substantial percentage of the application development process, resulting in 5-10x productivity improvements with up to 75% fewer technical resources.
About Innoveo
Founded in 2007, Innoveo is a leading provider of no-code technology for the insurance industry. The company is headquartered in Zurich, Switzerland, and has offices in New York, Hong Kong, Budapest, and Valencia. Its mission is to empower insurers to rapidly develop and deploy innovative products and services to meet the evolving needs of their customers. Innoveo's no-code platform, Innoveo Skye, allows insurers to quickly build and customize insurance products without extensive coding or technical resources. This enables insurers to quickly bring new products to market and respond to changing market demands. Its solutions have been widely adopted by some of the world's leading insurers, including AIG, Zurich, and Generali. The company has also won numerous awards for its innovative technology and commitment to customer success.