Empowering friction-less, multi-party data transactions by eliminating legacy system interactions between insurance buyers and stakeholders such as carriers and brokers
One of the biggest challenges that insurance companies strive to eliminate is the considerable number of multi-party, transactional operations involving legacy business systems. Connecting an insured to the right product involves a heavy stream of manual data management, risk-profile assessment or validations, price quotes, among other things.
These activities require multiple low-value handoffs for data happening across different interfaces of business systems. Adding more complexity is the fact that these business systems may involve a mix of legacy and modern digital applications, with each following its own workflows and process models. Untangling the complex mesh of business systems and sub-processes requires a more pragmatic approach in system interfacing and data management.
Insurers need to keep their business systems on a path of continuous evolution fueled by trends in the market and aided by technology innovations but at the same time ensure that every system can seamlessly communicate and transact in real time. Only then would customers experience seamless engagement for every interaction they have across different digital and physical touchpoints.
An integrated broker operating model leveraging both internal and external talent in conjunction with specialized technology accelerators such as the API economy, RPA, AI, workflow visualization, and blockchain will be instrumental in transforming insurance companies to their next realm in operations.
