ITC DIA Europe

Wide Group: A Wave of Innovation for Insurance Agents and Brokers

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Oct 13, 2020

Wide Group is an Italian insurtech broker aggregator. The startup re-designed intermediation processes to make them streamlined, fully integrated and optimized.
The core of the innovation is the focus on the interactions among agents/brokers, insurance companies and clients. Thanks to Wide Group’s expertise as an independent insurance broker and to heavy investments on ​Robotic Process Automation (RPA)​, a new operational model that aims at efficiency and customer satisfaction has been created.

Insurance brokerage firms are often small and don’t have the resources to heavily invest on innovation: the risk is not only to become less attractive to customers that are becoming more and more digitalized, but also to have operational costs that are no longer sustainable.
Wide Group has put together experience and tradition with innovation through the integration of offline with online. The result is an online platform that allows the intermediary to handle end-to-end the brokering processes, keeping a tailor-made attention to customers and exploiting the digitalization of activities with the least added value.

The solution has been created by a broker for other brokers, with a knowledge that only an expert can have. It is in use and tested daily by 1​2,000 customers plus over 200 active operators (mainly brokers and agents), transacting 65,000 titles on 41,000 insurance contracts placed with more than 150 insurance carriers.

Key benefits:
The difference that brokers immediately notice is how fast daily operations can become, how risk placement can be optimized and how clients can have digital and face-to-face experiences fully integrated.

“Policy” has won an award for innovation in organizational processes by the Province of Bolzano for two years in a row (2018 and 2019).

How it works
Wide Group has created an in-house a software platform with different applications and feature programs based on the RPA (Robotic Process Automation) of the three LINES product cycle.

The development framework is Ruby on Rails, a functional language for macro data management and free to use. The infrastructure built is 100% cloud based, the software development methodology is Agile within the open source culture, operators work on Linux distribution.

Why we selected Wide Group for DIA Prime Time
Wide Group taps into “empathy empowered” as both worlds, digital technologies and human skills are crucial in its broker aggregator model. At DIA Prime Time Gerardo Di Francesco, Managing Partner of Wide Group will present the software platform, “Policy”. The company’s broker aggregator model and in its combination of digital and human. Wide Group will also introduce Policy’s solutions for the digitalization of EU legislation:  IDD (Insurance Distribution Directive) and insurance questionnaires, its systems for data capitalization and for the management of interactions with all the stakeholders in the policy life cycle.

Who is Wide Group?
Wide Group is founded in 2016 by Gerardo Di Francesco, Gianluca Melani and Matteo Barbini, 3 insurance brokers with international experience. The startup kicked off with a turnover of 2.3M commissions generated from existing traditional brokerage firms. Today Wide Group has reached a global turnover of over 11M commissions with a normalized (net of current investments) EBITDA of 25%, 100% full equity – 0 debts.
Data, client service and human resources in this order, are at the heart of all Wide Group’s development strategies. A solid and functional infrastructure is now established with more than 150 insurance carriers.

 “Our broker aggregator model aims at empowering the broker so that he can choose and offer the best products on the international market and make his clients live a seamless and personalised customer experience. IT and RPA create the tools that Wide Group puts at the service of the broker to express his real added value in nowadays insurance distribution scenario.”  Gerardo Di Francesco, Managing Partner

From left to right: Gerardo Di Francesco Managing Partner, Gianluca Melani Managing Director, Matteo Barbini  Managing Partner 

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