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Penni.io: Improving Online Sales for Insurers

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Esben Toftdahl Nielsen, Co-founder and COO, Penni.ioEsben Toftdahl Nielsen, Co-founder and CCO
In the world of finance, partnerships play a significant role in orchestrating two very specific things pertaining to insurance: raising awareness and enabling its distribution. EsbenToftdahl Nielsen, an insurtech professional with vast experience in the field, substantiates this proposition with a simple yet relatable analogy. He says, “No one wakes up and thinks, ‘I should buy insurance today’. It always tags along with a product people really want, like a car or a house.” And it is at this juncture, where an individual purchases a vehicle or property, that the conversation of buying insurance becomes inevitable. Here, the car salesperson or real estate agent acts as a partner/distributor of their respective insurance companies. But today, in an environment where everything is sold and bought online, profitably selling insurance is proving to be an increasingly cumbersome task. “Many companies have increased their customer engagement activities through newly digitalised workflows – an aspect insurance agencies often struggled with,” explains Nielsen. In order to help insurance providers affected by these gaps created in distribution, Nielsen co-founded Penni.io to develop a comprehensive platform that effectuates a seamless online selling experience for insurers throughout the globe.

Established only four years ago, Penni.io has grown to be one of the most proficient insurtech solution providers in Europe today. The company’s platform, Penni Connect, supports insurers by giving them the ability to build embeddable insurance widgets in their smartphone applications and websites. With robust APIs, the platform is built to ensure smooth integration with various core systems presently utilised by insurance companies. “Penni Connect, can be incorporated into existing workflows with minimal effort and a client is saved the trouble of making too many changes on their end,” expresses Nielsen.

The Penni Connect, platform offers a series of unique advantages that bolsters an insurer’s distribution and selling competencies. Penni.io offers highly customisable widgets for multifaceted, utilitarian functionalities that help customers navigate through credit protection insurances or miscellaneous insurance purchases. And, these widgets can be incorporated into a partner’s website or digital sales channels for an authentic plug-and-play experience. As a customer accesses their bank’s online portals, through a widget they find and calculate the price of insurance they wish to buy. This not only improves their online experience but also streamlines financial decision making.

No one wakes up and thinks, ‘I should buy insurance today’. It always tags along with a product people really want, like a car or a house


The company’s white-label digital customer journeys, designed specifically for online sales, increase the speed of frontend and widget development, thereby highlighting Penni Connect, action readiness. “The platform has pre-built frontends and widgets that can interact with the API, offering analytics and tracking capabilities, a rating engine, and report systems as well,” adds Nielsen. These features directly tie into Penni.io’s checkout framework that is shared across an insurers’s entire value chain of partners and products. The company offers a template for a streamlined checkout flow to simplify the process and guide customers towards purchasing a policy. “With Penni Connect, it becomes very easy to start selling insurance through partners,” boasts a confident Nielsen. Penni.io’s conversion optimisation services further emphasise the company’s intuitiveness and attention to detail. It tracks the data and analyses a customer’s activities online without hampering their privacy. The company then leverages data science and bespoke analytics to optimise the platform and improve conversion rates.

With such strong capabilities instilled onto the platform, Penni Connect, proves to be an exceptional aid to insurance companies in today’s rapidly digitialising marketplace. Penni.io is currently working with leading finance companies such as APRIL and BoughtByMany and seeks to strengthen the online selling competencies of other firms throughout the continent. Moving forward, with global partnerships in the works, the company intends to bring Penni Connect, to international markets and support insurers everywhere.

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Top 10 Insurtech Startups in Europe - 2020
Penni.io

Company
Penni.io

Headquarters
Copenhagen, Denmark

Management
Esben Toftdahl Nielsen, Co-founder and CCO

Description
The company’s platform, Penni Connect, supports insurers by giving them the ability to build embeddable insurance widgets in their various applications and websites as well as improved checkout frontend. With strong API capabilities, the platform is built on a framework model that ensures smooth integration with various core systems presently utilised by insurance companies. Penni Connect can be incorporated into existing workflows with minimal downtime and a client is saved the trouble of making too many changes on their end. The platform offers a series of unique advantages that bolsters an insurer’s and their respective distribution partners’ selling capabilities