Insurance innovation: fostering a revolution with Quick Sigorta 16 December 2021

Pınar Güzey is Chief Digital & Marketing Officer at Quick Sigorta. We spoke with her about how the insurer was designed to be digital from day one. 

What makes your company a truly innovative company?

At Quick Sigorta, we have always worked on solution-oriented, innovative, functional and useful projects in the digital field. We built our company on digital technology, and our agencies have always been aware of this fact. Since the day we were founded, we have made known to our agencies that we will carry out many projects in order to boost their digitalization, and that they will be the focus of these projects. Our “We are at home, at your service” project, the first phase of our “Not an Agent, but an Agency” project, which we put into use at the beginning of the Covid-19 pandemic period, revealed our perspective on being innovative and digital. Thanks to our “We are at home, at your service” project, which aims to bring our insured and agencies together online without requiring them to leave their homes, our services continued without any interruption during the pandemic. These projects have been an important step in the digitalization of the insurance industry. In addition, we started to prepare the policies of our Indemnity Insurance and Backup Workplace Insurance products digitally.

In December 2020, we implemented the second phase of our “Not an Agent, but an Agency” project. In this context, the application, which is the product of the second phase of the project, runs behavioral analyses based visits to our website, www.quicksigorta.com, decides whether he/she is in need of an expert, and asks them whether they would like to receive expert support. In this system, the technologies we developed together with Insurtech, an affiliated company of Quick Sigorta, come into play, which matches our insured with the agencies that are in the best position to meet their needs. Then, our insured are given access to the agencies' videos, photographs, locations and all other details recorded within the scope of this project, and they can choose the agency that is the most suitable for them. The process continues as if you have walked into the agency's office, but in a completely digital environment. Thus, our insured is served not by any “call center agent”, whose name they may  not know, whose face they haven’t seen, but by an agency of their own choice, who is an expert in his/her field. This is why we named the project “Not an Agent, but an Agency”  project.

In short, we integrate digital solutions into all the processes of our company, not only for PR purposes, but also for projects that are grounded and produce permanent solutions for both customers and agencies.

What are the main objectives of your ongoing innovation strategy, and the outcomes you have achieved so far from the implementation of this strategy?

We are an innovative company in respect to all our processes, including product development. Each of our departments acts with the mission of being “innovative”. Being innovative is in Quick Sigorta's DNA. We are very pleased with the outcomes of all the projects we have implemented so far. With all these achievements, we became one of the top 10 insurance companies that are currently in operation in Turkey. Thanks to the technical infrastructures we developed within our organization, we were able to process more than 3,000 agency applications that were submitted from all 81 provinces of Turkey within the first 2 months of our establishment. From these applications, we have granted agentship to 1,500 agencies. All of this work was realized through our online systems, with just two employees in our agencies department and without making any agency visits. 

On the other hand, we have received more than 20,000 applications for our Quick Sigorta 100% online indemnity insurance, which is a first in the sector. Consequently, more than 15,000 policies were issued, more than 3 billion TL of coverage was granted, and 70 million TL of net premium was generated. 

Additionally, we have received more than 200 applications for our Building Completion Insurance, as a result of which 70 million TL of coverage was granted. Furthermore, more than 20,000 Quick Finansçım policies were issued within the scope of financial insurance. Yet again, more than 300 applications were made for Bill Protection Insurance, and 2 million TL of coverage was granted in relation thereto. The number of transactions made within the scope of the “Not an Agent, but an Agency” project carried out over QPort increased by 154 percent, whereas the revenue increased by 130 percent, as compared to average values. When it comes to motorcycle insurance, Quick Sigorta has been the sector leader for 3 years, extending its market share to 60 percent. We also gave away online theater tickets to our customers that purchased property insurance. Theater plays were viewed more 30,000 times since the first day of the Tiyatronet Project. In this way, theaters were brought to the doorsteps of our customers in every province of Turkey.

How do you achieve a culture of innovation in your company?

We believe that institutions that adapt to technology and digitalization and act more Agile will definitely make a difference in the near future. Providing digital solutions alone is never enough. Accordingly, it would be wrong for a company to say, “We invested in technology, thus everything is taken care of, we are ready digitally.” Besides, what you do as a company with this technology, how you improve your processes, how you present this technology to your agencies, how you add value to the customer, and how you differentiate the company culture is all very important as well. It is also equally important that all departments in your company embrace and adopt this vision, and that each department is integrated into innovative processes. Here, we, at Quick Sigorta, are recruiting experts who have already adopted this vision. We seek this qualification in job candidates during our job interviews. We think that the insurance industry is a sector that is very open to innovation, and that the future lies in insurtech.

How does your company manage the overall innovation process?

As Quick Sigorta, we are not undergoing digital transformation as per the necessities of time, rather we were born into the digital world. Since the day we were founded, we have designed all our teams, processes, and products in line with the necessities of the digital world. We thought about how we can be more innovative in every process, and each of our teams continued to work with this spirit and motivation. We believe that insurtech will give rise to many strong and new trends, which will continue to shape the insurance industry. It is not enough just to offer newly developed insurtech technologies within the context of a user-friendly approach. Rather, the services related thereto should be provided within the scope of a close relationship established with the insurance customer, including risk prevention and warning and guidance services. This means not putting the customer in a position where they have to think about what to do in case of casualty, but protecting the customer from every aspect, and making the life of the insured easier. In this regard, we work with three insurtechs that we mentor, participate in their boards of directors, and incorporate in our business processes. We are giving all kinds of support to the insurtech ecosystem to grow and we will continue to do so.

To know more about innovation in insurance and read more of these interviews, download your free copy of our Voice of the Insurers paper.

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