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The insurance landscape is changing quicker than ever before. Technology disruptions and intense competition in the sector are making insurers consider new IT vendor management strategies. Integrated solutions that have the flexibility to seamlessly link to third-party solutions are considered the most advantageous in a competitive market. Why some companies may consider multi-vendor systems There are many single vendor advantages for IT infrastructure management, not the least being a single vendor takes full responsibility. and you have a complete solution on one platform, with no compatibility problems. And it comes at a lower price. However, there are many reasons that insurance carriers might consider a multi-vendor system When migrating from a legacy system, businesses prefer to do it one module at a time. This prevents any downtime. However, a great many legacy systems do not use a software architecture that allows integration of disparate systems using differing protocols. An i...

  Technology usage in the insurance industry has come a long way since the initial days of first-generation computers. Back then, computers made data collection and tabulation simpler – a great disruptive technology of the mid-1950s indeed! The technological landscape since then has evolved leaps and bounds, with digitalization in insurance permeating almost every process. From policy pricing, claims management and customer service to underwriting and even risk analysis, technology has disrupted many key functions. Stats show that the power of digitization of insurance for a typical large auto insurer in The United States is a  doubling of profitability over 5 years  (McKinsey report). If that does not clinch the debate about the effect of new technology in disruptive insurance as we know it, nothing else will. Here is more on the technologies that are bringing in a revolution. Disruptive Technology Definition Disruptive technology is any new technology that completely di...

Innovation can come in many forms and is almost always accompanied by breakthrough technologies. Insurance leaders are looking for innovation in digitization and upgrading legacy operations as well as improving the experience of policyholders. But change needs more than this, it needs innovative approaches that require thinking and acting differently from the norm. The Deloitte Center for Financial Services, has put it most succinctly in their 2019 report -  To innovate, insurers must evolve not just transform. So, what is keeping Insurers in the United States from evolving? Insurance carriers have been spending a lot more money and time in upgrading their existing systems and this is important to improve their rating. However, they do not have dedicated teams to work on new operating models that can differentiate their services from others going into the future. And the troubling part is that the future is here. Insurance carriers recognize the lacuna. Most say that 90% of resourc...

  The insurance sector is becoming increasingly responsive to new ways to solve business challenges and open up new opportunities. One approach that’s gaining traction is teaming up with insurtech companies who have a strong digital-first approach and leverage technology to improve productivity, acquire customers and retain them. Insurers, on the other hand, brings to the table in-depth institutional knowledge and know first-hand the challenges operating in this space. Strategic partnerships bring these two entities together to achieve success. Building a strong and enduring insurance tech partnership between these two entities is critical and requires proper planning on the outcomes and methods used to get there. Here are a few key ways traditional insurers can gain the most benefit from their technology partner 1.  Make expectations upfront One of the most common challenges in insurtech-insurer strategic partnerships is that the cultures of both often clash. While insurance ...

Insurance is one of the most document-heavy sectors, processing huge volumes of physical customer forms, claims applications, and more. Insurance carriers know they need to digitize to keep up with the threat of insurtech start-ups but most feel hampered by the stringent regulations of the industry as well as the legacy systems they have built up over the years. The irony is that without modernization, it is a lose-lose situation. When an insurance company implements a well-designed digitization program it can deliver up to 65 percent in cost reduction and a 90 percent reduction in turnaround time on key insurance processes. Harvard Business Review A 65% reduction in cost and a 90% reduction in turnaround time are compelling reasons for digitization. Yet not all insurance companies that have migrated to digital Policy Administration and Servicing(PAS) systems are reaping these benefits. It comes down to the fact that all insurance workflows are not created equal. One of the key cha...