4 Questions Execs Need to Ask About Core Systems Strategy

4 Questions Core Systems Strategy

InsurTech is accelerating and changing how insurance innovates and how core systems are defined. Every exec needs to review their strategy to ensure it will be competitive in the digital insurance industry that is forming now. That process starts by ask a few simple but critical questions.

Here Are 4 Questions to Start:

Real Time Customer Engagement
When can we engage customers in real time across their entire journey?

Why this is important: Mobile devices, big data and the internet of things enable insurance products that are contextually aware of and can interact with the insured and their environment and act on their behalf.

3rd Party Add On Services
When can we add interactive 3rd party services at will, that help customers predict, prevent, mitigate and recover from risks?

Why this is important: 3rd parties are developing and bringing to market add on services that help insureds better meet life and business goals, and proactively help them predict, prevent, mitigate, and recover from loss. These increase the value insurers can offer insureds and offer new revenue streams. This will be how insurance offerings are differentiated in the future.

AI Enabled / Automated Processes
When will we have AI enabled processes that reduce cost and time, and improve customer satisfaction, in marketing, underwriting, policy management, and claims?

Why this is important: Artificial Intelligence, Machine Learning, and Cognitive Computing are able to reduce the cost and improve the accuracy of high volume data rich processes. Analysts also estimate that as many as 25% of insurance jobs will be taken over by AI / Automated processes. This means early adopters will have a clear operational and profit advantage over those who wait.

InsurTech Partnering & Pilots
What InsurTech companies have we met with and when will we have working pilots in critical areas?

Why this is important: No insurer can innovate as fast as the over 300 InsurTech companies that are working to bring solutions to market in these areas. With today’s SaaS, technology and methodologies entire digital insurance products can be developed in less than 90 days. Adding new 3rd party services and solutions to these can be done in the space of a few minutes to a few days. Staying competitive will require competing at this pace.

Meet the Alchemists Fusing Core System & InsurTech Strategies

These are pivotal issues and questions for insurance companies that want to ensure they are investing in the right innovation and core systems strategies. If you would like to meet the innovators working on the leading edge of these challenges and  opportunities, join them Mar 29 – 30 in San Francisco for SVIA’s InsurTech Silicon Valley Summit 2017. The theme is “Core Systems & InsurTech Fusion. No other 2017 event is addressing this. For more information check out  “bit.ly/InsurtechFusion

Mike Connor4 Questions Execs Need to Ask About Core Systems Strategy

Leave a Reply