„In my opinion, an insurance company should consider itself to be a tech company and move at the same speed as Google or Facebook technology-wise.”
Silvan Saxer, COO
FRIDAY
How FRIDAY Engages, Innovates, and Grows Efficiently
Business Benefits
- 60 days to production of a digital platform
- Enabled insurer to fill a gap in the market with first-ever innovative products
The Story
With the goal of competing as the most modern insurer in Germany, FRIDAY is the first digital full-service Personal lines car insurer in Germany to offer an innovative type of coverage paid by the kilometer. The success seen by this greenfield upstart insurer (founded in 2016 with the support of Swiss insurer Bâloise Group) is due in no small part to its pioneering spirit, employing digital experts along with insurance academics, economists, and experienced entrepreneurs.
The FRIDAY team, along with Guidewire PartnerConnect member PwC and Guidewire Professional Services, kicked off the deployment of the Guidewire platform project in June 2017. The goal was to have the system fully operational in 60 working days. FRIDAY uses Guidewire to support its business processes and drive its digital insurance model. The insurer has already deployed Guidewire InsuranceSuite and Guidewire Rating Management as its platform for underwriting, policy administration, claims management, billing, and rating.
“We believe in ecosystems and already work with different kinds of partners,” said CEO and Co-founder Dr. Christoph Samwer. “We work with mobility partners to provide connected insurance embedded into cars. That’s why we also target OEMs and companies that focus on ride sharing and car sharing.”
FRIDAY also uses Guidewire Digital applications to deliver personalized, omnichannel digital journeys to its customers. And to further enhance reliable speed-to-market, FRIDAY deployed Guidewire InsuranceSuite and Guidewire Digital on the Amazon Web Services (AWS) cloud. It is also using Guidewire Digital APIs to enhance its customers’ digital experience.
The results are positive: Customers are provided with digital experiences via simple easy-to-use products, FRIDAY can introduce new products quickly due to automation and process support, an integrated technology platform supports an open API architecture, and the cloud implementation offers efficiencies and cost savings.
This modern technology platform enabled FRIDAY to offer the first monthly cancellable car insurance product in Germany within a year of its founding. Overall, the FRIDAY platform goes well beyond classic car insurance.
“At FRIDAY, we aim to shape the future of insurance by offering and developing customer-centric products. Moving forward, our ambition is to become the most popular mobile insurer in Germany,” added Samwer.
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