VP of Product and Solution Strategy
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.