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OPAL IS unveils protection platform for life insurers

In View Summary

OPAL, a Fintech developer, has launched a new protection platform called Pandora Launch for life insurers and banks. The platform is used by HSBC Life, Aviva and Lloyds Banking Group.

The platform supports a range of protection and investment products. and it was created by OPAL Group’s OPAL IS platform as a digital distribution channel. The platform is integrated with UnderwriteMe, IRESS and Webline platforms, and also has UnderwriteMe’s digital rules engine built in.

The solution offers sales and administrative processing with configuration tools to provide clients direct access to repricing, and eligibility rules via ‘super-user’ access without the need for IT support. The management information portal offers user analytics and data with a claims processing system for clients, which is configured to administer a full range of critical illness and combination products.

Pandora Launch integrates with legacy systems

The platform is a direct-to-consumer (D2C) solution which is available for direct web channels for major insurers, banks and their partners. This is also connected with MyAviva digital portal and the top three aggregators in the market, including MoneySuperMarket.

The HSBC LIfe’s Pandora Launch includes:

– A digital customer journey, from initial business capture, to administration including claims notification and settlement

– A purpose-built IFA life protection portal which includes the management and IFA commission payments

– A quick quote process, for IFAs to get rapid client product qualifications, without the need for detailed underwriting questioning, and

– Application process for qualifying customers within the HSBC quotation portal

Eoin Lyons, CEO, OPAL Group, said: “Pandora Launch gives a full cycle digital protection journey connected to the full protection digital distribution and rules ecosystem. Protection platforms need to be smooth, fast and seamless offering an uninterrupted journey while either complementing or replacing legacy systems without disruption. We believe Pandora Launch is the best example yet of a platform that can offer Protection providers the ability to distribute their products at this scale with digital integration and sector-leading speed to market.”

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