Enabling digital distribution in insurance ecosystems

Our platform connects participants in insurance ecosystems like microinsurance, embedded insurance, and digital wallets, with straight-through and real-time client experiences, by providing a shared source of truth and eliminating the duplication of data.

Opportunity and industry challenges

DEVELOPING MARKETS

Emerging middle-class segments

100’s of millions of people in the emerging markets of Asia are entering the addressable market for insurance products, yet insurers are struggling to reach them using their traditional distribution channels and operating models. Insurers require a lower cost platform that natively supports digital distribution to create competitive products. This market is also generating demand for new products such as micro-insurance and parametric based insurance products.

MATURE MARKETS

Better client experience

For mature markets, in a more developed insurance industry, the focus of new revenue is on millennially-minded customers. These segments prefer the direct purchase of insurance policies through digital channels such as mobile apps. Enabling the insurers or distributors with straight-through processing allows integration to mobile apps.

Insurers struggle to address these opportunities and have challenges with the following areas:

Product challenges

Existing products have inflexible structures that are difficult to create innovative and differentiating products. It is costly, time-consuming and not agile.

Legacy systems

Most PAS are based on legacy technology that have hardened through years of maintenance and are difficult to enhance.

Business process challenges

The legacy systems contribute to manual business processes. There are hand-offs internally within insurers and between distributors and insurers. Reinsurers often only get a monthly upload of data.

Incomplete client experience

All of this contributes to an incomplete client experience. For years, insurers have been trying to hide these problems behind layers of technology but Galileo Platforms addresses this at the core.

Insurance Platform on a Blockchain

Our platform drives efficiency through the entire value chain by enabling distributors, insurers, reinsurers, and other relevant parties with permissioned access. The smart contracts on our platform and/or other policy administration systems are joined together and made available through blockchain, APIs, and other current technology.

PRIVATE, DISTRIBUTED, TRUSTED

Our blockchain platform

  • Uses private blockchain technology to integrate different participants within the insurance ecosystem.
  • Is secure and low cost, the permissioned capabilities allow different parties to operate within the network.
  • Manages end to end policy administration functions from new business, claims, servicing and renewal.
  • Insurers can either replace or bolt-on-to their existing policy admin systems

Different parties can be integrated in our platform:

Insurers

Manufacturer of the insurance product. Handling underwriting of the policies, claims processing and payment, renewal and servicing.

Distributors and banking partners

Banks, brokers, and other channel distributors (like eWallets) distributing insurance products to customers.

Technology providers

Providers integrating to the platform to provide payment services, eKYC and claims engines.

Healthcare providers

Hospitals and clinics can submit claims on behalf of customers, providing efficient health claims processing.

Reinsurers

Able to get real-time access to their coverages and claims.

Sample use cases and benefits

Galileo Platforms is a platform technology company serving the insurance sector. Using blockchain technology we connect participants in the insurance ecosystem enabling them to deliver a straight-through, digital client experience.

Bancassurance and Insurance Distributors

  • Banks are often frustrated in their Bancassurance relationships with the lack of straight-through processing and access to data
  • Enables digital distribution of products.
  • Insurers can either replace or bolt-on-to their existing policy admin systems

Digital Distribution

  • Distribution without the need for endless reconciliations
  • Enables real-time integration with digital distributors like e-wallets, etc.
  • Straight-through processing of new business for brokers/distributors giving insurer an edge over the competition
  • Enables direct model in addition to distributors

Micro and parametric insurance

  • Enables through immediacy and less reconciliation a lower cost-base
  • Through eWallet integration able to connect to unbanked clients
  • Creates an opportunity for telematics and other parametric input to adjust policy coverages/claims/etc.

Medical Provider Networks

  • Streamlined processing of pre-authorisations and claims.
  • Cashless claims about direct to the medical provider.
  • Better customer centric experience.

Just some of the benefits of the Galileo Platform:

New channels and customer segments
Cost and error reduction
Faster and cheaper product innovation
Golden source for data analytics
Increased profits
Differentiated client experience

Videos

Our team
Mark Wales

CEO & Co-Founder

Mark has over 30 years’ experience in Information Technology in the financial services industry, substantially in Life Insurance, Wealth Management, Funds Management and Investment Banking. He has held senior executive positions in leading banks, insurance companies and consulting organisations.

Annette King

Chairperson & Co-Founder

Annette has a career spanning 27 years in the financial services sector. She has a successful track record as a CEO, founder, non-executive director, client experience leader and actuary, leading businesses through growth and change in life insurance, wealth management and pensions.

Matthew Crooks

CTO

Matthew has over 20 years’ international experience working in technology, with the last 16 years specialising in the financial services industry in Australia and Asia. An Innovator and creator of the next generation of technology solutions He brings to the team his deep understanding of blockchain technology.

John Yu

Senior Software Engineer

John has 12 years experience working with insurance companies, logistics  and supply chain, startups and innovative software providers. He has experience in numerous languages and technologies having always worked at the leading edge of software development.

Tim Man

Software Engineer

Tim is a Software Engineer with over 5 years’ experience in web and software development. He has worked across industries including communications, network engineering, online search aggregation and digital branding experiences. He brings with him expertise in modern web frameworks.

Sumedha Saxena

Software Engineer

Sumedha has over 10 years of experience with .Net technologies in Web and desktop based application development. She also has experience around performance tuning for applications that deal with large volume of data and designing dynamic solutions that suit different needs of different clients.

Dennis Pang

Solution Delivery Manager

Dennis is a Solution Delivery Manager focused on Insurance with 7 years experience. Dennis has IT consulting project experiences of system including Policy Admin System, Claims Management System and has worked with major listed companies globally. Dennis is a certified PSM.

Patrick Fung

Senior Consultant, Solution Delivery

Patrick is a senior consultant with over 3 years experience in consulting. Patrick has project experience in Health Insurance and Digital Banking, he has worked with top-tier banks and a top French insurer in waterfall and agile projects as a business analyst and PMO. Patrick is a certified PSM.

Robert Kooij

Business Development Director

Robert has more than 25 years’ global experience working in technology, with over 10 years in insurance industry in Asia and Japan. He helps insurance companies bridge gaps between their real-world business problems and the innovative technology solutions offered through Galileo Platforms.

Simon Copley

Independent Non-Executive Director

In the media

Get in touch

We welcome you to contact us for more information about our services.

25/F Arion Commercial Centre
2-12 Queen’s Road West, Sheung Wan,
Hong Kong

info@galileoplatforms.com