KYM GULLY

Engi­neer­ing and Tech­nol­ogy Lead

Digital Insurance - - STRATEGIES - CON­TACT IN­FOR­MA­TION Ac­cen­ture Life And An­nu­ity Soft­ware email: kym.gully@ac­cen­ture.com

Why does in­te­grat­ing an in­surer’s un­der­writ­ing, claims and pol­icy ad­min sys­tems lead to greater ef­fi­cien­cies and bet­ter cus­tomer ser­vice?

In­te­grated new busi­ness and un­der­writ­ing, along with pol­icy ad­min­is­tra­tion sys­tems, can de­liver prof­itable so­lu­tions at at­trac­tive prices that meet the needs of con­sumers and bro­kers. To­day’s con­sumer-driven mar­kets rely on new and var­ied prod­ucts per­son­al­ized to more dis­crete pop­u­la­tions of con­sumers. New prod­ucts rep­re­sent a com­pet­i­tive ad­van­tage for in­sur­ers who get them to mar­ket quickly, and make them easy for con­sumers to buy and bro­kers to ad­min­is­ter. Con­sumers, ac­cus­tomed to con­ve­nient on­line shop­ping from web­sites like Ama­zon, have high ex­pec­ta­tions. In­sur­ers must pro­vide new prod­ucts and the on­line ex­pe­ri­ence that makes it easy and con­ve­nient to buy and man­age poli­cies.

Does in­te­grat­ing an in­surer’s pol­icy ad­min and un­der­writ­ing sys­tems lead to bet­ter data and greater ef­fi­cien­cies? Given that each sys­tem re­lies on sep­a­rate data sources, does man­ag­ing that data be­come more dif­fi­cult, or does the com­bined data set re­sult in faster and more ac­cu­rate de­ter­mi­na­tions?

Data, and ac­cess to it from any source, is the lifeblood of a suc­cess­ful in­sur­ance busi­ness. In­stead of a team of an­a­lysts pour­ing over spread­sheets, an in­te­grated end-to-end sys­tem that’s based on stan­dard­ized in­te­gra­tions and APIs will not only de­liver data, but also in­sights from mul­ti­ple sources. Thanks to tech­no­log­i­cal ad­vances in AI, an­a­lysts now gain in­sights from un­struc­tured data sets such as so­cial me­dia, de­vices and wear­ables. And the speed with which this vol­ume of data is an­a­lyzed is key to help­ing an­a­lysts de­liver bet­ter in­formed de­ci­sions much faster.

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