Unlocking value and ROI through e-business

Over the past three years, Laferla Insurance has been investing heavily in its e-business platform so as to establish itself as a market leader in the online provisioning of insurance products.

The declining effectiveness of mass advertising and the proliferation of distribution channels and digital technologies have given customers more control over their time and purchasing habits. These trends are simultaneously fragmenting both audiences and the channels needed to reach them. As a result Laferla Insurance has chosen to deepen and widen its focus in the digital field.

The company has recently become the first insurance provider in Malta to offer the facility for consumers to purchase all core personal insurance products online. The revolutionary website also allows customers to renew any personal or commercial insurance policy, as well as to keep track of all of their active policies and transaction history.

This web service, developed by local leading IT development firms ICON and Crimsonwing, has also obtained an online security certificate, thus ensuring the security and safety of customers.

The solution features a number of constituent elements including: a centralised customer and service database with multiple layers of business intelligence and automated processing of tasks; a middleware layer connecting to third-party software to obtain the latest data on services, premiums, terms and rates; and a front-end website with a unique approach to product purchasing. This makes the present site extremely easy-to-use and highly intuitive.

As a result of this customer-oriented design, the website allows individuals to easily purchase any insurance policy at their own convenience, in less than five minutes. It is for this reason that it has been nominated as a finalist for the Malta Communications Authority 2014 eBiz Awards under the category Best eCommerce Website (B2C), which will be awarded in December 2014.

The next paradigm shift for Laferla Insurance is the social media. While social technologies have swept through popular culture, businesses have only just begun to understand how to create value from these new tools. Laferla Insurance will soon unveil its approach in this area which shall be driven by innovation and advances in social technology. Laferla will endow social interactions with speed and scale. It will also ensure that all its product and price development will be heavily inspired by consumer insight, itself obtained from social channels.

Laferla Insurance Agency Limited is licensed to act as an insurance agent for Middlesea Insurance plc and both companies are authorised to transact insurance business by the Malta Financial Services Authority under the Insurance Business Act, 1998.

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