Cloud Insurance: From Local Insurtech to Global Leader
Cloud Insurance‘s international expansion is at its active phase despite the COVID-19. In less than a year, insurtech successfully entered the UK, Finnish, and South African markets. With an existing user base in 20 countries on five continents, the company recently introduced its international partner program and set the goal to become a leading global provider within its prioritized insurance verticals. Cloud Insurance enables insurers to automate policies, claims, distribution, reports, and finances and deliver user-friendly customer experiences.
Founded in Oslo in 2016, the company initially focused on health/wellbeing and travel insurance only. Since then, its out-of-the-box solutions also cover pet, dental, and income/payment protection verticals. This vertical-specific approach allowed the company to set up continuous product innovation, grow its client base globally (with the majority of users in the USA, Nordics and Europe), and reach more than 100% yearly revenue growth.
Axel Sjøstedt, Co-founder of Cloud Insurance, commented: “We’re partly opportunistic and partly strategic when it comes to new verticals and markets. In general, we do tend to like the ones where we can see growth, where the volumes are high, and where the benefits of digital distribution are obvious.”
Expansion to the UK
The company had initially planned to move into the UK in March 2020, but due to the strict lockdown, the team stalled the launch to better position itself. When in August the situation improved, Cloud Insurance went ahead and established its office in London.
Tim Nguyen, CCO of Cloud Insurance, said, “It’s been more challenging than expected, but at the same time, I’d say that we’ve gained experience and used the time efficiently. We stuck to the plan and, over the past 11 months, engaged with several well-established players in the market, built a solid pipeline, increased our awareness and interest within the market.”
Mariia Shvets, Digital Marketing Manager at Cloud Insurance, commented, “Having the challenge of the pandemic actually helped us become stronger as an organization. We realized that due to the Covid-19, our original go-to-market strategy needed some adjustment. Though it took some time to plan the transition from on-site events and meetings, we came up with a new plan and ended up happy with the opportunities arising from it.”
Cloud Insurance in Finland
At the beginning of 2021, insurtech entered the Finnish market by signing contracts with two new customers. The projects covered end-to-end solutions for life, disability, and STIP (short-term income protection) insurance products. And as a result, Cloud Insurance delivered scalable insurance software and introduced new integrations with local payment, authentication, and electronic signature providers. In addition, the team executed an advanced pricing matrix and underwriting functionality. These new customers came as a referral from the existing Cloud Insurance’s customers.
Entering South Africa
Later in June, Cloud Insurance signed its first customer in South Africa through a recent partnership with Kinga Insurance. The companies first engaged with each other in 2018. At the time, Kinga was looking to become the leading insurance provider in South Africa and was seeking technology to support this goal. This is where Cloud Insurance came in. Once its Partner Program was in place, and a lot of prospects cropped up in Africa, the cooperation began and quickly brought its first results. Currently Kinga Insurance is running all the sales operations for Cloud
Insurance in the African region.
“On the way to our global expansion, we dedicate an essential role to distribution through partners. To succeed in a market that is as large and different as the African, one is entirely dependent on connecting with players who have local knowledge. We get it with Kinga Insurance”, says Sjøstedt.
Cloud Insurance’s Partner Program
Last year Cloud Insurance launched its Partner Program aiming to boost its market penetration. Its three core pillars include:
1. Sales and referral program. Cloud Insurance seeks partners that will extend the company’s presence in local markets through their existing network and promotion through their channels.
2. Integration and implementation program. It revolves around onboarding the client and helping to implement the Cloud Insurance software.
3. Support and operations program. It comes into play for existing customers, where Cloud Insurance continues to support them and help them meet the local customer needs.
With the Partner Program well underway, Cloud Insurance is currently in the process of identifying a new market to move into, with its ambition to establish itself in one or two new countries by the end of 2021.