Launching insurance across multiple markets is no easy feat. Each local insurance market comes with its own set of complexities – from varying regulations and tax structures to unique pricing models and commission schemes.

So, how can insurers, banks, car manufacturers and other businesses overcome these local challenges when launching insurance in a new country?

That’s exactly what we explored in our recent webinar ‘Tech-driven insurance: tackling local challenges and scaling growth’, with Qover Insurance Product Development Manager Charlène Gilbert, Solution Engineer Matthieu Jacquier and Platform Product Manager Romuald Deshayes.

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‍Watch the replay → 

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Together they discussed 5 ways technology can make launching insurance programs across borders a whole lot easier.

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1. Set up country-specific pricing & commission models

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From flat fees to complex, risk-based calculations, pricing models are far from one-size-fits-all. Thankfully, tech allows you to tailor these models to match the preferences of each market.

Whether you need to adjust premiums or adjust country-specific tax structures – think France’s terrorist tax – a configurable platform lets you set up flexible pricing without extensive custom development, keeping things simple and scalable.

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2. Automate aspects of compliance & reporting

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Compliance is a huge challenge when scaling insurance. Each country has its own set of regulatory requirements, tax codes and reporting standards.

Technology can take the headache out of compliance by automating tax calculations, generating the required documents and replacing manual adjustments with automated compliance checks.

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What companies should know about insurance regulation → 

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3. Easily configure local insurance products

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With the right tech, you don’t have to start from scratch when entering new markets. 

A flexible platform allows insurance products to be configured based on the specific needs of each country.

Whether it’s adjusting coverages, pricing, taxes or commission models, you can tweak the parameters to fit each market without any custom development. This flexibility means you can roll out products faster and with more precision.

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4. Facilitate cross-border claims & payments

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Managing claims and payments across multiple countries can be a logistical nightmare, especially when third party administrators, like claim handlers or assistance providers, are involved.

But with tech, this process becomes a lot smoother. Backend setups can be configured to accommodate multiple risk carriers or providers for the same insurance product, ensuring a smooth customer experience.

Automated eligibility checks and payment flows, as well as AI-driven claims journeys, can also make it easy to handle cross-border claims and payments efficiently, freeing up your team from administrative burden.

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Lessons from AI-driven claims & customer care → 

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5. Scale insurance more quickly with a flexible, modular platform

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Scalability is key when expanding insurance into a new market. With modular tech platforms, insurers can reuse core modules (like user flows and product configuration) across countries, adapting them as needed for local requirements. 

This not only speeds up the launch process but also ensures a consistent experience across regions. No need for constant development or slow deployments – just a flexible, scalable solution that grows with your business.

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Conclusion: go-to-market faster with local insurance technology

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Technology makes it possible to manage the complexity of local insurance regulations, pricing and compliance, without slowing down your operations.

By embracing configurable platforms and automation, insurers and businesses can expand more smoothly across borders, driving growth while tackling local insurance challenges head-on.

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Want to see our technology in action? Get in touch with our tech team.

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