BOB BURNS

VP of Prod­uct and So­lu­tion Strat­egy

Digital Insurance - - STRATEGIES - CON­TACT IN­FOR­MA­TION In­surity email: Robert.burns@in­surity.com phone: 866.476.2606

Why do in­sur­ers need to im­ple­ment to a dig­i­tal pol­icy ad­min so­lu­tion? What are the main busi­ness im­per­a­tives?

In­sur­ance pro­cess­ing rep­re­sent a sig­nif­i­cant green field of op­por­tu­nity to mine the op­por­tu­ni­ties driven by the data revo­lu­tion seen in ev­ery­thing from an Ama­zon buying ex­pe­ri­ence, the tar­geted mes­sag­ing of pres­i­den­tial cam­paigns, to the ser­vice ca­pa­bil­i­ties of Alexa.

The busi­ness im­per­a­tives are clear and com­pelling: the op­por­tu­nity to im­prove un­der­writ­ing, cre­ate a more ef­fec­tive engagement with agents and pol­i­cy­hold­ers so as not to lose them s to more dig­i­tal com­peti­tors. To be suc­cess­ful, In­sur­ers need strong lead­er­ship, vi­sion & di­rec­tion, deep UX ex­per­tise along with a wide ar­ray of tech­nol­ogy ca­pa­bil­i­ties: a mod­ern plat­form with su­pe­rior per­for­mance, de­tailed doc­u­mented API sup­ported by mi­cro-ser­vices, and a UI that is de­vice ag­nos­tic.

How do the lat­est busi­ness in­tel­li­gence func­tions give in­sur­ers such a big com­pet­i­tive ad­van­tage? Why are these ca­pa­bil­i­ties de­pen­dent on a mod­ern, in­te­grated suite of dig­i­tal core sys­tems?

In many ways “dig­i­tal” rep­re­sents the op­por­tu­nity to har­ness the myr­iad sources of data flow­ing through your sys­tems to a) feed “an­a­lyt­ics” and b) cor­re­late the data so as to op­ti­mize pro­cesses, tasks and user ex­pe­ri­ences. This in turn leads to a more tar­geted au­di­ence and finely de­fined risk for in­sur­ers.

It im­plies go­ing be­yond sim­ple data calls and mov­ing to the next step-lever­ag­ing the data, and ex­pe­ri­ences to de­velop a more pre­dic­tive model based on the data and an­a­lyt­ics. An in­te­grated suite is es­sen­tial to en­sure that the re­quired func­tion­al­ity and con­tent is present to sup­port mod­ern UX and pro­cess­ing ca­pa­bil­i­ties that can play “traf­fic cop” to in­com­ing and out­go­ing ar­rays of data and an­a­lyt­ics.

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