THE ROAD TO INSURANCE AS A PLATFORM
This whitepaper explores the ‘need for speed’ within the insurance market and how an increased speed of change across all industries is demanding a new approach to delighting customers and growing revenue. Furthermore, this new approach involves the adoption of a digitally matured operating model, referred to as “insurance as a platform” – a digital evolution of the traditional insurance ‘platform’ model pioneered by the likes of Lloyd’s of London.
By treating and packaging the organization as a discrete set of capabilities and processes, this approach enables internal and external parties to access and reuse components appropriately. This new model has the potential to grow revenue via more effective collaboration and the integration of innovative partners and improve operational efficiency through reuse and productivity increases of up to 300%. Moreover, we will describe from a technology perspective how to start adopting this new model using an API-led approach to connectivity and the importance that new IT operating model plays in implementing it.
- Market expectations in insurance are changing in line with other industries; insurance companies need to improve their customer and operational experiences through digital transformation
- Distribution layers are increasing as insurance diverges from traditional B2C and single-tier B2B2C to multiple channels
- New products are driving insurers to build partnerships – e.g. with InsurTech – that can bring richer and broader offerings to market at a faster speed than IT can deliver.
- Realize “insurance as a platform” by treating the organization as a set of discrete capabilities which can be accessed and reused by multiple parties at scale
- Proactively consider new routes to market, through both traditional and non-traditional channels, by this new approach that will ‘plug and play’ into different capabilities and partners to strengthen offerings and grow revenue
- Build on a single technology platform, rather than a series of discrete units, for a consistent experience and increased resilience across internal and external audiences
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