5 reasons to use white label products for your insurtech solution
When deciding to enter the IoT world and innovate your insurance business with an insurtech solution, your initial thought might be that your company has to develop the entire solution. Otherwise, the solution will probably not meet your specific requirements, right?
Actually, you can get a customized solution without spending a lot of unnecessary development resources. With the right partners throughout the value chain, you can keep focusing on your insurance business while your partners provide their expertise in the remaining areas.
When it comes to settling on the functionalities of your solution, you have to decide which products to include. By partnering with an OEM, you have the option to use white label products.
Let us take a look at 5 main reasons to use white label products for an insurtech solution:
1. Your resources are spent well
White label products are made by one company and sold to other companies who make them appear as their own. The products are market-ready, meaning that you will not have to spend time or capital on development, testing, validation, or certification. With all this work already in place, you can quickly provide your customers with the services enabled by your insurtech solution.
Gain more insight into how white labeling works.
2. The products become your own
Since white label products come without any branding, you make them appear as your own. You can add your logo to the products and design the packaging to make the products fit the visual identity of your company. This way, your customers will associate the solution with your company.
3. You can outpace your competitors
With the rapid expansion of the IoT world and the current developments in the insurance industry, you have to move fast to keep up. As you will avoid spending years and years on product development by using white label products, you can provide your customers with innovative services before your competitors.
4. You avoid common pitfalls
With a DIY approach, you have to be an expert in all parts of the insurtech solution value chain, including the products, the cloud platform, the application, and the services. In all these areas, you will most likely make mistakes that others have already made – and mastered. By partnering with an expert in wireless technologies and IoT products, you can avoid the common pitfalls of product development.
5. You can focus on your core competencies
When building an insurtech solution on your own, you will experience a steep learning curve outside your core competencies, which will affect the time-to-market of your solution negatively. With the right partnerships and by using white label products, you avoid this and launch an end-to-end solution within just a few months.
Looking for a provider of white label IoT devices for your insurtech solution?
Since 2007, Develco Products has developed white label products ideal for insurtech solutions. Today, the product portfolio includes gateways, sensors, alarms, smart plugs, smart relays, and meter interfaces.
The products have been tested and validated in large volumes. This means that you do not have to worry about the development of the products for your insurtech solution. Instead, you can focus on what you do best while innovating your business.
