Insurers are responding to external disruptions and internal legacy IT and process challenges by evolving from being risk managers to becoming guardians against those risks for their policyholders. A platform-based model allows insurers to directly interface with customers, capture valuable data about policy purchase cycles, price products more accurately, and have a greater control over the sales and service experience, as opposed to merely reducing claims expenses. These benefits create more value for customers, who are less worried about the consequences of facing these risks with better financial knowledge.
This report explores how a platforms-first mindset can help carriers become future-ready and remain competitive in the face of emerging industry threats.
Scope
Industry: insurance, financial services
Geography: global
Contents
In this report, we outline the key benefits of adopting a platform-based operating model for carriers, including:
Modernizing technology in parts, as a platform-led model entails the adoption of a modular architecture
Deriving value from data by capturing relevant data at each touchpoint and combining internal and external data to create personalized and compelling customer and agent/broker experiences
Responding to changing customer needs, launching products faster, carrying out accurate pricing and quoting, and shortening the journey from policy quote to issuance for prospective policyholders
Shifting to a consumption-based model, which reduces the need for upfront capital expenditure and creates funding capacity for other projects
We conclude the report with a framework to guide the adoption of a platform-based operating model for carriers.
Software-driven innovation has helped unlock new frontiers for products, platforms, and processes across multiple domains. However, it has also created multiple challenges for enterprises in the form of:
Developing robust and secure products that…
