Docomotion team
In this edition of our series on the Israeli Insurtech delegation heading to ITC Vegas in October 2024, we’re excited to showcase the forward-thinking companies transforming the insurance industry. This time, we turn our spotlight to Docomotion, exploring their journey, challenges, and groundbreaking technologies through detailed interviews.
Company Overview
Founded in 2015, Docomotion is a cutting-edge document generation application on Salesforce. Our mission is to provide intuitive and efficient tools for designing and generating complex documents, allowing organizations to automate document-related processes and significantly enhance their business efficiency. In July 2024, Docomotion was acquired by Novidea, a strategic decision that allowed us to tailor our solutions specifically for the insurance industry.
Product and Innovation
What is your main product or service?
Docomotion offers a robust, feature-rich solution that simplifies managing and generating complex documents. Our solution is specifically tailored for businesses operating in document-intensive environments, particularly the insurance industry. By leveraging Docomotion, companies can streamline their document processes and improve overall efficiency.
How does your product differentiate itself from existing solutions in the market?
Docomotion stands out by focusing specifically on the insurance industry, with features supporting the unique requirements of the London Market. Our solution helps businesses align with Lloyd’s Blueprint Two strategy (MRC & CDR) and digitize the management and generation of essential business documents, incorporating standard London-market wordings and clauses. Together with Novidea, we provide the best-of-breed solution for any insurance-related entity.
Can you share any unique features or innovations your product offers?
Docomotion offers several unique features aimed at the insurance industry:
- Wording and Clauses: Effortlessly embed both standard and bespoke clauses anywhere within your documents, maintaining perfect text formatting and styling, including clauses managed in Salesforce RTA fields.
- Dynamic Word: Automates the data refresh process for insurance policy documents, ensuring they always contain accurate and up-to-date information directly from Salesforce records, reducing manual effort and minimizing errors.
- Intuitive MS Word template builder
- Live editor for last-minute document changes
- Ability to embed fillable fields and e-signatures into documents
These features collectively address the complex needs of document management in the insurance sector, providing a comprehensive solution for our clients.
Market and Problem-Solving
Who are your target customers, and how do you reach them?
Our target customers are insurance companies, brokers, MGAs, and coverholders who depend heavily on complex documents and need to adapt to Lloyd’s Blueprint Two strategy. We reach them through industry events, partnerships, and targeted marketing campaigns.
What specific problem are you addressing in the insurance industry?
Docomotion addresses several key challenges in the insurance industry. Here are two important challenges:
- Eliminating the burden of managing hundreds of templates: Our solution empowers users to build smart, logic-driven templates. Customers can create versatile, multi-purpose templates by incorporating conditional logic and dynamic elements directly into the template design. This approach significantly reduces the total number of templates required, simplifying template management and usage.
- Overcoming the complexity of clause management and customization: Insurance documents often require numerous clauses that need to be tailored for each client. Manually managing and customizing these clauses is time-consuming and error-prone. Docomotion solves this by allowing users to create dynamic, customized clauses within our templates. These clauses can automatically incorporate client data and display information based on specific business logic. This ensures that every document is precisely tailored to meet unique needs without the tedious manual work traditionally required.
By addressing these challenges, Docomotion significantly improves efficiency and accuracy in document management for insurance professionals.
Business Challenges and Solutions
What are the main challenges you have faced so far? And how have you overcome these challenges?
Our main challenge was shifting from a generic platform for document generation to a vertical-specific solution, crystallizing our product-market fit in the Insurtech industry. We overcame this by focusing on the unique needs of the insurance sector and leveraging our partnership with Novidea.
Current Status and Future Plans
What is the current status of your business?
The acquisition by Novidea has opened new opportunities for Docomotion’s expansion into other regions, providing deeper insights into the insurance market. With access to broader resources and assets, we anticipate enhanced capabilities and incremental growth. Docomotion looks forward to our collaborative journey with Novidea.
As we continue to grow, we remain committed to innovating and improving our solutions to meet the evolving needs of the insurance industry.
Goals for the ITC Conference
What are your primary objectives for attending the ITC conference?
We are eager to network with industry colleagues and, together with Novidea, present our combined solutions to a broader audience. As we’ve just started our US penetration phase, we’re looking forward to meeting prospects as well as new partners.
Industry Insights and Trends
As we navigate the evolving landscape of the insurance industry, we’re keeping a close eye on key trends:
- The Blueprint Two initiative is set to revolutionize the market by enhancing the interaction between brokers, insurers, and their clients. This initiative will advance the market, enhance transparency, and boost efficiency.
- Digitization and Cloud Services – As security measures improve, an increasing number of companies are likely to transition to cloud platforms.
These trends align closely with Docomotion’s mission and capabilities, positioning us to meet the future needs of the insurance industry.
Unique Selling Proposition
What is one thing you want potential customers or partners to remember about your company?
Our USP is “Complex Documents Made Easy.” We are committed to Making Your Life Easier by providing an intuitive solution for creating templates and effortlessly generating complex documents. Our smart, logic-driven templates, dynamic clause management, and seamless integration with existing systems reflect this commitment. With Docomotion, insurance professionals can focus on their core business while we handle document management and generation intricacies.
