Trellis teams up with fintechs to launch new end-to-end API
The San Francisco-based insurtech, Trellis has announced the launch of its latest solution - an integrated API platform that enables customers to compare and purchase car insurance.
Called, Savvy, the new tool is the industry’s first end-to-end API solution to enable consumers to instantly compare and buy car insurance within a partner’s app or website. The recently updated Savvy also enables users to compare their existing policy to prospective alternatives in a transparent, side-by-side manner using just their insurance login, and now adds the unprecedented ability to purchase a better plan, and even cancel the old one on the same streamlined platform.
Trellis insurtech rollout is happening State-wide
Currently, the new Savvy system is available Midwest and South through an initial partnership with Branch, a full-stack insurance company that uses data and technology to make insurance easier to buy and less expensive. Trellis also plans to increase this collaboration to provide US-wide services and launch similar partnerships with other leading insurance providers.
The rollout is happening at speed, mainly because the demand for such a service is so high in the marketplace. Data shows that over the past year, Trellis has doubled its partnerships and currently counts four of the five top digital-only banks as partners. The insurtech has also seen significant user growth – with the number of new monthly users tripling in the Q£ and Q$ of 2021. Currently, over six million users have investigated Savvy, while more than 650,000 user insurance accounts have been securely connected to Trellis.
Competitive industry changes in the nsurtech market
Demand for better services within the industry has been increasing for some time. Indeed, competition has increased among fintech apps and neobanks – such as Square Cash, PayPal, and Affirm – as they vie for the lead position as their customers’ financial “superapp” of choice.
Furthermore, fintech companies such as Albert and Truebill have taken an upfront approach to integrated insurance as part of their product and services offerings. Data shows the industry is experiencing steady growth as An estimated 80% of adults in the US drive a car, which generates new opportunities for engagement. In addition, the $250bn market for car insurance spends over $40 billion on sales and marketing – primarily through lucrative sales commissions that Savvy’s turnkey platform helps partners access and generate.
Integrated insurance benefits include:
- A more streamlined Insurance Shopping Experience: According to research, customers have traditionally given up on saving money on car insurance because of the level of effort and the risk of making a mistake. Now, with just the password to their existing insurance, consumers can use Savvy to instantly access final insurance quotes (not just rate estimates) that are guaranteed to match or beat every line of coverage already held. Integrated checkout makes switching as simple as entering a credit card number. If help is needed, customers get free access to a specially-trained team of nationally-licensed insurance advisors – conveniently available over SMS, phone, and email.
- Encourages B2C entities to improve their KYC: The new solution enables consumer fintech applications to deepen the financial data and insight they have about their users, improving the spectrum of their services. Partner companies can embed Savvy to deliver a bespoke insurance comparison and optimisation experience, which delights end consumers and generates significant new revenue for growth.
- Introduces new criteria for collecting insurance data: Security for data collection and retention is also improved through the platform. According to reports, Trellis password protects insurance data to provide a much-needed layer of security for highly sensitive personal information. This is currently not a common practice within insurance. By allowing policyholders to securely access and share information, Trellis not only protects insurers from data breaches but also enables the integration of insurance into the broader world of personal finance.
A new insurtech future
Speaking about the latest platform launch, Daniel Demetri, Trellis founder and CEO, explained, “Buying insurance is a complicated process that currently lacks transparency – consumers are tasked with loads of paperwork, fine print, and policy options they may not fully understand or know how to compare. As a result, many are stuck with policies that are too expensive, and not tailored to their unique needs.”
He continued; “We developed Savvy to help consumers better evaluate their options and to ensure they maximize the value and satisfaction they receive. With the updated Savvy platform, we have defined a new gold standard for a streamlined, embedded, end-to-end consumer journey.”
Trellis is currently partnered with Branch - and will be seeking further partnerships as the project continues to expand its market reach. Steve Reffitt, Head of Agency at Branch, explained, “We’re on a mission to make insurance quicker, easier, and more convenient. Demystifying the choices a consumer has to make around their coverage is a key component of doing that well.”
He added: “With Savvy, Trellis helps close the gap with its incredible technology, giving consumers the power to easily compare apples to apples and ultimately find the best price for their policy.”