Empowering Insurers and Brokers | Product Launch by SignzyInc
Insurance in India is at an inflection point. Despite advances in digital onboarding and distribution, core inefficiencies in policy issuance continue to cost insurers and brokers dearly. One such challenge—wrong policy premiums caused by incorrect MMV (Make-Model-Variant) mappings—has long been a pain point.
At the India Insurtech Summit, Signzy addressed this head-on with the launch of its MMV Dashboard—a market-first solution designed to eliminate mapping errors, reduce revenue leakage, and empower insurers and brokers with real-time, reliable data.
- The Problem: Revenue Leakage in Vehicle Insurance
Through years of collaboration with insurers and brokers, Signzy uncovered a critical issue:
- 15–20% of vehicle policy issuances had wrong premiums.
- This mis-mapping translated into over ₹4,000 crore in annual losses for the industry.
- Errors arose due to outdated MMV masters, inconsistent insurer databases, and delays in capturing new OEM launches.
The result? Incorrect policy premiums, operational inefficiencies, and disputes at the time of claims.
This is not just a technical glitch—it is a systemic problem impacting trust, compliance, and profitability.
- The Solution: Signzy MMV Dashboard
The newly launched MMV Dashboard consolidates Signzy’s three years of work in piecemeal solutions into a single, unified platform.
Key capabilities include:
- 1. Accurate Mapping & Premium Calculation
- Over 98% accuracy in MMV mapping, eliminating errors in IDV (Insured Declared Value) and premium calculation.
- Real-time sync with new vehicle launches from OEMs.
- Automated updates ensuring insurers and brokers always work with the latest data.
- 2. Centralized Master Management
- A single view of all masters—standardized, up-to-date, and benchmarked.
- Ability for clients to track mapping accuracy, identify gaps, and switch to Signzy’s standard master if needed.
- No need for insurers or brokers to manually maintain large datasets.
- 3. Broker Empowerment through Multi-Insurer Mapping
- Simplified integration of multiple insurers into a broker’s system.
- A “mega master” approach that aligns data across ICICI, HDFC, and others.
- Category-wise insurance quotes and real-time onboarding of new insurers.
- Why This Matters for the Industry
The launch of the MMV Dashboard is more than a product release—it signals a shift in how insurance infrastructure is being reimagined in India.
- For insurers: It means plugging revenue leakage, strengthening compliance, and reducing claim disputes.
- For brokers: It reduces integration complexity, accelerates go-to-market timelines, and ensures a consistent experience across insurers.
- For customers: It ensures fair premiums, transparent policies, and a smoother claim process.
By solving a long-standing systemic challenge, Signzy has positioned itself as a trusted partner in building the future of Insurtech in India.
- Conclusion
The insurance industry has often been criticized for being slow to adapt. Yet, innovations like the Signzy MMV Dashboard show that the future is here—and it is about accuracy, transparency, and collaboration.
As insurers and brokers embrace this solution, the benefits will cascade across the ecosystem—reducing losses, improving trust, and empowering customers with fairness.
The next phase of Insurtech in India is not just about digitization—it’s about intelligent, resilient infrastructure that scales with the market’s needs.
Speakers
Digvijay Thakur
Software Development Engineer
Signzy
Shivam Narula
Product Manager
Signzy
