Tag: insurance market

Value chain disruption in insurance

Research Desk

The road to insurance as a platform

83% of insurance CEOs say they are “concerned” about the speed of technological change in the marketplace. This need for speed within the insurance market is creating a need for an “insurance as a platform” model in order to integrate systems and partners. An integration platform will be the key to delighting customers, launching new and richer products, partnering with third parties such as insurtech, and ultimately growing revenue.

Read this whitepaper to understand:

  • How packaging your insurance organization as a series of discrete capabilities will achieve revenue growth
  • Why adopting an API-led approach to connectivity will quickly achieve this ‘insurance as a platform’ model
  • How you can get started on an insurance integration platform today

The Power of Speed in Insurance: Enabling Speed To Market Through Responsive Core Systems

Research Desk

The insurance industry was once relatively static. Insurers tended to stick to a well-defined set of geographies and products. In today’s insurance market, this is no longer true. In fact, many insurers are aggressively expanding into new spaces. This has transformed and elevated the role of core systems. Core systems in the digital age must be designed with modern technology approaches so that insurers can more easily expand into many lines of business, even spanning across the P&C and Life/Health chasm that often exists in insurance systems. In addition to providing rich functionality to specific lines for quoting, policy administration, billing, and claims, the digital platforms of today must enable insurers to rapidly launch new products; expand into new market segments; support new states, territories, or countries; and even stand up greenfield ventures, such as a new digital brand.

Many insurers are seeking to enter new markets or exploring new ways to grow. In today’s market, speed is of the essence. Thus, it is not just the extensibility and flexibility of the platform, but also the requirement that insurers can move rapidly from strategy to execution and from concept to live products in the market. The use cases profiled in this paper demonstrate the flexibility of the EIS digital platform and its ability to support these requirements.