A 3-Step Guide to Insurance Transformation

The insurance industry is operating in an age of radical disruption. Traditional insurers are no longer safe, with insurtechs challenging incumbents to...

A 3-Step Guide to Insurance Transformation | HiTechNectar
Published By - hitechnectar

Introduction: The challenge of transformation

The insurance industry is operating in an age of radical disruption. Traditional insurers are no longer safe, with insurtechs challenging incumbents to rethink their business and operating models.

The diversification of product offerings and ever-growing price competitiveness mean that customer expectations are changing faster than ever before.

This mass disruption creates increased pressure on IT to deliver intrinsic business value. Never before has so much emphasis been placed on IT’s ability to deliver new offerings and services, new customer touchpoints, and new experiences, while driving greater operational efficiencies and continuing to provide traditional business systems. With all of these growing demands, and delivery capacity remaining seemingly finite, it’s often difficult to know where to start.

It might sometimes seem easy to just roll up your sleeves and get started, project by project. However, many insurers end up creating new wireframes or proofs of concept every time to solve particular issues, which isn’t sustainable for IT departments, as it requires fresh work every project. The real challenge lies in establishing a scalable way to remove this challenge. This requires an entirely new way of thinking and operating.

At MuleSoft, we work with over 1,400 organizations across the world to help transform their business for the better. We work with three of the top eight global insurers, helping install a new IT operating model that allows central IT functions to focus on creating reusable assets that empower lines of business to undertake their own IT projects. Doing so increases IT’s delivery capacity, making your business faster, more agile, and ready for the change.

There are various approaches IT teams seek to deal with the strains placed upon them. Some opt for a rip and replace approach, or radical transformation of existing systems, whereas some continue to seek incremental improvements, project by project. MuleSoft’s methodology is centered on a simple three-step approach that utilizes the power of Application Programming Interfaces (APIs). APIs are an immensely powerful method of integration that enables the seamless flow of data between different applications, data, and devices across your entire enterprise. By using APIs, and starting to build what we call an application network, we’re able to unlock access to critical customer data, create connected customer experiences, and help insurers establish a more data-driven approach helping providers thrive in the age of disruption.

Download the full resource and learn more about:

  • An overview of the challenges insurers are facing in the industry.
  • How a new IT operating model – API-led connectivity – allows IT teams to unlock data from legacy systems and drive reuse across the enterprise.
  • Strategies for using APIs to create a single view of the customer and build connected customer experiences.

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