Jeff Brown, PresidentInsurtech has emerged as the primary enabler for innovation in the insurance industry, allowing insurance providers to accelerate growth and deliver greater value to their customers. Additionally, Insuretech solutions aid in mitigating fraudulent activities; creates more efficient and transparent claims handling; improves customer experience; and accelerates innovation throughout the distribution channel. While adopting Insurtech solutions can be a boon for Insurers, it is not without its’ unique challenges. Startup and smaller Insurers may struggle with the cost and integration of multiple technologies and services required to launch and scale their businesses. Mid-market insurers struggle to keep up with their larger Tier 1 and Tier 2 competitors, because they often lack the resources required to integrate, implement and maintain sophisticated technologies. Even larger insurance players are challenged with issues related to agility and speed to market.
In light of these challenges, Kaboodle creates a compelling alternative for insurance providers through an ingenious approach that differs from typical software or platform vendors. Kaboodle is an ever-growing collaborative of innovative Insurtech and established products and services companies. They remove the friction that occurs during selection, integration, contracting and support by providing a single license for a bundle of products and service, implemented and supported by a single project team. This allows Kaboodle to right-size a solution that caters to the varying needs of insurers, irrespective of their size. “You are not buying a single solution, rather a group of solutions, with only the required functionality that you need,” states Jeff Brown, President, Kaboodle.
The Kaboodle collaborative, which includes sister companies Insuresoft, Covenir and RedHawk, and nearly twenty other solution providers, enables insurers of any size to access solutions cost-effectively in a manner that stays in line with their growth in the market. In addition to established insurers of all sizes, various startups, managing general agents (MGAs), and third-party administrators (TPAs) have benefitted from the flexibility of the collaborative community of solutions provided.
Kaboodle is an ever-growing collaborative of innovative Insurtech’s and established product and services companies, that bundles pre-integrated solutions under a single contract
In addition to enterprise policy administration, billing and claims functionality, Kaboodle has comprehensive insurance industry solutions for data analytics, innovative payment capabilities, artificial intelligence, and chatbots. These capabilities are pre-integrated in their platform, allowing insurers to pilot newer technologies at lower risk and cost, and quickly deploy new products as they venture into new markets. Their family of solutions also includes technology-enabled BPO (business process outsourcing) services that can augment or enhance their client’s existing back-office and customer-facing operations, as well as a variety of third-party data services that can complement the technology and workflow.
Kaboodle’s value proposition extends beyond insurance providers. Partners in the collaborative benefit from Kaboodle’s sales and marketing services, and are provided with new and expanded sales channels for their products and services through Kaboodle’s “bundling” activities, as well as opportunities to build relationships with existing Kaboodle customers. Because the company also incubates new products, services and brands to enhance their collaborative solutions, partners often have an opportunity to explore joint ventures and innovate within the community.