As an insurance infrastructure-as-a-service partner, Boost provides more than just white-label insurance products: we also provide the technical infrastructure necessary to digitally offer those products on your website.
The most important part of any insurance tech stack is the policy administration system (PAS), which is the system of record for every transaction related to an insurance policy. As part of Boost’s API platform, we deliver a state of the art policy admin system (PAS) to support our products at every stage of their policies’ lifecycle.
What makes Boost’s policy admin system so special? Here’s seven factors that set us apart.
One of the most complex parts of building a PAS is accounting for the differences between state insurance regulations. Insurance products must be approved by each individual state that you want to sell in, and each state has its own laws, regulations and requirements regarding the sale of insurance. Depending on the state, you may need to account for changes in areas like:
These parameters are built into Boost’s policy admin system. When a transaction takes place, our PAS will automatically apply the necessary rules for the customer’s specific state. This ensures that every transaction is compliant with relevant state regulations.
State regulations change, however, and today’s "fully-compliant" is tomorrow’s "out-of-date." To make sure Boost's policy administration system keeps up, we have a team of in-house insurance law experts who carefully follow insurance regulatory developments in all fifty states, and provide guidance to the Boost technical team to ensure our PAS stays current. With Boost, you never have to worry about staying on top of state regulatory changes - we do it for you.
A seamless transaction experience is important for converting customers, but a seamless claims experience is important for keeping them. When your customers suffer a covered loss, a fast, easy claims process helps deepen their relationship and engagement with your brand.
With Boost’s PAS, the potentially complex claims management process is made simple. Rather than having to manually contact carriers and manage the process yourself, our first notice of loss (FNOL) API acts as a unified point of entry to all the services you need.
Our FNOL API is connected to all appropriate claims administrators. When a customer submits a claim for their policy, we automatically route that claim to the right administrator, along with all available supporting documentation. The administrator gets everything they need to start working on the claim, in real-time. This helps reduce the overall time needed to process a claim, which then means faster resolution for your customers.
User experience is a vital component of any digital service, but we’re equally concerned with developer experience. Our insurance API was built from the ground up to leverage modern RESTful patterns, and to be easy for developers to build to and implement.
The API is also designed for consistency, so that once developers understand a given resource, they understand how to use it across our platform. From issuing a policy to executing a renewal, midterm endorsement, or cancellation, once your engineers understand how to do it once, they can do it anywhere.
An essential piece of a developer-friendly API is good documentation, and so we make sure that our documentation is exceptional. Boost’s API documentation is intuitively organized, personalized to your business, and updated in real-time - so you’ll never need to worry about working with outdated docs. You’ll also get permanent access to a dedicated testing environment, so you can build out integrations and test new platform features with no surprises when you go live.
All this makes it easier than ever to get your developers up to speed, which means you can get to market or make updates to your integration that much faster.
One reason why building a PAS is a complex and expensive process is that the system must be separately configured for each insurance product it supports, and each additional product adds to the cost and timeline. This can be a roadblock for insurtechs looking to expand their offerings with new lines of business.
At Boost, our partners can choose from seven white-label insurance products (with more to come). Our PAS is fully configured to support each product at their launch, so our partner can easily add new LOBs by simply updating their existing API connections to include additional Boost products. Rather than needing to work with multiple insurance providers to get the breadth of products that you want to sell, and having to integrate multiple other systems and products into a PAS, you can integrate one time with Boost and still benefit from multiple lines. Growing your business by expanding your LOBs has never been simpler.
It may feel like the entire world has gone all-digital, but a surprising amount of insurance isn’t quite there yet. Many traditional carriers provide partners with the ability to rate and quote customers digitally…but then switch to manual processes to complete the transaction. Critical insurance functions like issuing policies, creating endorsements, filing claims, or processing renewals regularly require you to contact the carrier, then wait for a response.
Boost’s policy admin system supports an entirely digital workflow end–to-end, allowing you to offer your customers a truly seamless digital insurance experience. From underwriting to policy modification to renewal, any function necessary for an insurance transaction can be performed through the PAS, with an instant automated response. There’s no need for either you or your customers to ever pick up the phone.
The Boost PAS is built on an enterprise-grade platform, leveraging modern industry tools like Kubernetes and Terraform. With 99.99%+ uptime, multi-region support, and the ability to handle multiple releases per day, you can count on the Boost insurance platform to be available when you need it.
We understand that stability is vital, and that’s why we’re also careful to ensure that the Boost platform is versioned so that it stays backwards-compatible. If you build an integration based on a current feature set, and we make changes in a future release, your integration won’t break. You’ll be able to keep using it the way you always have - which translates to lower development costs over time, since you aren’t forced to redo your work every time we make a big update.
Modern customers expect their digital experiences to be speedy, and Boost delivers. The response time of our API is up to 10x faster than other insurance carriers. That means when we get a request through the API, we can process data and get a response back to the user with unmatched speed. No waiting around for a loading bar to tick through - the customer gets what they need immediately, and gets on with their transaction.
Working with Boost helps you launch new or expanded insurance offerings at a fraction of the time and cost required to DIY, and a significant part of that savings is driven by our PAS. We built it from the ground up to deliver a fast, reliable, developer-friendly platform, so you can get what you need, when you need it, and get back to growing your business.