Technology is transforming the property and casualty insurance industry, helping innovative organizations improve service offerings and maximize profits. The resulting insurance paradigm shift is changing the way that insurers, brokers and agents do business. Learn more about how insurance technologies support 2021 trends, including:
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Insurance APIs, microservices, cloud-based software, artificial intelligence, blockchain, and more are changing the property and casualty insurance industry. Insurers who can get to market quickly with niche, greenfield products will gain a competitive edge over the insurers that cannot.
The average consumer today is well-educated, mobile, with high expectations for service and responsiveness. Insurers who meet these expectations, providing helpful information and products to users regardless of channel or location will be positioned for success.
Advances in both hardware and software have changed the landscape on how insurance carriers sell their products and how quickly they can get them to market.
For example, using Solartis Policy Administration Microservices, insurers can sell their product on any device (i.e. smartphones, desktop computers, tablets, smartwatches, etc) and get them to market in record time (i.e. under 90 days).
In this ITC panel discussion Mike Toran, CIO of Starr Companies discusses how organizational agility requires a total shift in culture and mindset.
Conversely, speed-to-market is a fundamental metric for determining how agile your organization truly is. Recognizing an opportunity to diversify your portfolio is only the first step; capitalizing on it is another step altogether.
Unfortunately, monolithic software architecture translates into outdated operational capabilities. This means getting a greenfield product to market could be a costly undertaking that takes years to roll out. Under these premises, insurers have a difficult time diversifying their portfolio of insurance products, which leaves them subject to the aforementioned margin pressures in property and casualty.
Being quick to act on new opportunities, and offering a wide variety of products for different demographics in varying geographic locations, is one great way to spread your risk and maximize market capitalization.
Don’t limit your offerings to the tried-and-true auto, worker’s comp, and commercial liability coverages. Find new opportunities and seize them by overhauling the way you sell and manage your insurance products and use this opportunity to train your employees to think differently.
The last property and casualty insurance industry trend we’ll address here is rising consumer expectations. The proliferation of mobile devices and personalized services from organizations in other industries powered by technology have impacted the way consumers view insurance.
For example, it’s not uncommon for a buyer to go online, conduct a five-minute search, and have the exact desired product arrive at their doorstep in less than 24 hours. Insurance processes must advance to accommodate these changes in consumer expectations.
By incorporating SMS alerts, chatbots, mobile responsive UI, and highly personalized coverages to target demographics, insurers can keep pace with leaders in other industries and maximize profits.
Carriers, managing general agencies, and program administrators are no longer constrained by their monolithic technology platforms. They can now replace costly components, extend, orchestrate, and collaborate with third-party providers to create unique API-centric technology platforms and customer ecosystems.
Solartis Insure is a very different kind of policy administration system. We offer all the rate, quote, and policy administration microservices needed to build a completely custom, scalable, and API-centric insurance and service contract platform.
If you are interested in learning more about microservices, and how to jump-start your company’s digital transformation, contact Solartis today.