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Is 2018 The Year of Insurance Platforms?

Geni McCallum
29-Mar-2018 16:14:41

With some of the most forward-thinking and innovative companies diving into the Insurtech world, clearly 2018 is going to be an exciting year for insurance platforms.

IBM has recently announced their launch of an “industry first” Insurance Platform that will “. . . dramatically improve traditional business models using deep industry expertise and advanced technologies such as AI, cloud and blockchain.” Alongside this is Tesla, who have made the bold move of offering lifetime auto insurance built into the cost of their cars. These large investments by major brands are sure to be just the tip of the iceberg, with more and more companies recognising the importance of flexible and tech-savvy insurance models.

Traditionally driven insurance industry practices are now racing to modernise practices to align with the contemporary client’s expectations. It has become imperative for successful insurers to listen and understand the customer’s ever-changing needs and then implement them as quickly as possible. The foundation (platform) is integral to the success of this shift as customers demand highly customizable, easy to access, secure services, that are provided on the latest connected technologies. As the old insurance models simply can’t keep up, these expectations need to be realised on a very flexible and sophisticated insurance platform, in order to stay relevant within the industry. 

What is an insurance platform? It’s essentially an online insurance service that can aggregate data from several sources and provide either direct management from the customer or via the client’s backend. They ideally minimise insurers’ infrastructure costs and help them use large amounts of collected data efficiently, so that they can provide the best possible service for their customers.  

The Top 5 Reasons you’d want to move to an Insurance Platform:

  1. Many platforms are able to be managed in the Cloud, so you’re able to utilise it from almost anywhere.
  2. Your clients/customers will be able to have the most personalised insurance experience possible – which will drive sales and ensure loyalty.
  3. The data you collect from customers will be able to be accessed easily and used to analyse and potentially modify many aspects of your business.
  4. Old tech practices are becoming more and more difficult to customise, which can put you at risk for seeming old-fashioned, slow and complicated – the three least attractive attributes for any modern business.
  5. You can customise exactly what your company needs and leave out the rest, when the right team with ample experience creates your software, you have time to worry about the really important things.

Keeping up with all the new technologies can be confusing and that’s why you need a supportive and knowledgeable team to help you understand what the options are. Only you know what’s best for your customers and we’re here to give you the information you need to make the best choices for you and your company.

Make time to chat about your options with InsuredHQ now and dive into the future with us.

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