How they describe themselves: Fintech company OutShared offers the in-house developed and built CynoSure digital insurance platform in a SAAS solution to the market. In short, CynoSure is a digital insurance solution from the back-office system-of-record to front-end web and app interfaces. Cynosure has been developed for both new market offerings and the renovation of established operations migrated to the platform. OutShared offers both the ICT solution and business expertise. Implementation, maintenance and support are covered by OutShared. We have a team of experts available that together have over 100 years international experience in insurance, ICT, setting up greenfield insurers and converting portfolios. Proven examples: InShared and HEMA.
InShared: A fully digital new entrant launched a greenfield B2C non-life insurance services with CynoSure in 2009. With its disruptive proposition of sharing what is left of the 80% of premiums reserved for claims it was a clear new generation insurer. The STP and digital services and processes convinced people that it truly was meeting digital expectations.
After 6 years InShared has 5% total NL market share, 10% online market share. And manages 500,000 policies with 35 FTE.
HEMA: An established retail brand converted it’s traditional business to CynoSure’s open platform. As a result, the operational cost ratio decreased by 50%, the loss ratio improved by 10% points in 1 year. The portfolio was converted in 2 months, from zero to live in 6 months.
How they describe their product/innovation: CynoSure is an all-in-one insurance solution for policy management, quotations, claims origination and processing: from back-office database through middle-office processing to front-office web and app interfaces. Built on today’s digital ethos, and offered through strategic BPO and SaaS operations, CynoSure is the smart integrated solution for insurance specialists. CynoSure is a state-of-the-art insurance solution developed in open source technology – the low cost solution for modernising existing insurance portfolios or launching new brands globally.
CynoSure offers a highly callable platform on which to build a leading digital insurance presence. CynoSure is the kernel that orchestrates a number of core components to build a market offering. From system administration (CynoCtrl) and analytics (CynoLytics), through customer services (CynoAssist) and campaign management (CynoSell) to document management (CynoDocs) and claims processing (CynoClaim). CynoSure can be applied for two reasons: 1. The launch of a new greenfield operation 2. The rejuvenation of an established insurance portfolio operation.