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A assurtech belgian attack the quebec market of medical underwriting in line

by

Alain Thériault

26 April, 2018 07:00

Martine Van, and Philippe Hellendorff

GMP is a Concept that has crossed the ocean to establish themselves in Québec an independent solution to medical underwriting digital. GMP arises as an alternative to the systems of reinsurers. The company intends to satisfy the insurers of here, after having won an important contract in France.

At the time of launch in the digital world, the French insurer Afi Esca has chosen to integrate the engine of medical underwriting Juliet GMP Concept to its transactional site online. Juliet takes over the platform of the insurer when the broker initiates the medical part of the insurance proposal. The underwriting of medical risks is crucial for the insurer of a specialized niche in the insurance borrower individual. Afi Esca distributes its products through 3,000 dealers scattered mainly in France and Belgium.

In an interview to the Journal of insurance, the founders of GMP Concept, Martine Van and Philippe Hellendorff have explained that Juliet provides a rules engine that allows you to select the appropriate surveys and to price the risks medical. The engine pricing as the risk of non-health-related, among other sports, the profession and the risk of stay.

Space subscription

The niche of insurance to issue simplified seems particularly promising to the two leaders of the GMP Concept. They are also relying on the fascination with the speed of execution with the brokerage network.

The solution allows the advisor to turn a space subscription to his client, who will be able to answer the questionnaires confidentially. It will provide a customized pricing of the insurer. He will then be able to sign electronically to complete the transaction. In 80% of cases, the transmission can be done in 9 minutes, give support to Ms. Van and Mr. Hellendorff. “The module allows, among other dealers to know if the case can be issued normally or with an additional premium, or if additional medical information is needed,” they say.

GMP relies on the flexibility of its solution to break into the quebec market. “The prospects for development are many. Our solution is completely configurable and scalable according to the needs of each company or partner, say the partners. It is based on an architecture that is modern and open on the basis of Web services, ” says Ms. Van.

Mark white

In addition, the belgian company positions Juliet as an independent solution. The customer can make the product white, and affix its logo, adding the two partners.

“We have a niche product lightweight, which may be built in 20 to 40 days. It is a turnkey solution, but that can be totally customized based on the policy of the company. Our system is customer oriented. Our goal is not to put the dealer side, but to put a tool at its disposal to close the sale “, said Mr. Hellendorff.

Competition from reinsurers

GMP Concept is said to have approached several insurers, including some reflecting on his offer after attending a demonstration. However, some have chosen to use the system in the underwriting of medical risks to a reinsurer, which closes the door to the module of the two entrepreneurs.

GMP says search the insurers quebecers and canadians who have a similar system. “With our product, our customer is not held to the reinsurer. When the reinsurer, it provides such a system, the company sends its data. This creates a home, ” says Mr. Hellendorff.

However, Ms. Van and Mr. Hellendorff have pointed out that their solution may also be suitable to reinsurers that do not have such a solution and do not wish to invest to develop one. “We will approach insurers and reinsurers in direct, as we have done in Europe,” said Mr. Hellendorff. We will propose a partnership with a québec-based companies that have already a solution for managing contracts in which it lacks the module, Juliet acceptance online medical. “

Among his other tracks, GMP Concept will attempt to capitalize on his meetings with assurtechs quebec recently encountered. It will also seek to enter into a partnership with firms in allied health.

GMP Concept would however need to adjust Juliet to the reality of the industry in canada and quebec, have reported the two associates. For example, they will need to translate questionnaires in English, and integrate in the decision-making of the medical history of the insured, which are available in the data bank of the Group MIB. The company continues to prospect in the markets of Belgium, France and Luxembourg.

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