Is 2022 The Year of Insurance Platforms?

This global pandemic has forced many of us in the insurance industry to dive into digital transformation via partnering with Insurtechs. As a result, 2022 is going to be an exciting year for insurance platforms.

Insurers now understand that we have to learn new skills, behaviors, technology, processes, and customer interaction methods on the fly. This rapid learning is placing tremendous pressure on staff to manage and apply all these newfound skills to ensure the continued addition of value to the business and customers. 

However, insurance has been a very resilient industry – adapting and overcoming every hurdle it meets; and it will continue to do so in the face of these unprecedented circumstances.

At the core foundation of this shift is the core business platform, which is central to the success of this change, as customers demand highly customizable, easy to access, secure services delivered on the latest connected technologies. Legacy insurance models can't compete with models operating on a flexible and sophisticated insurance platform.

What is an insurance platform? 

An Insurance Platform is an online service that can aggregate data from several sources and provide direct management from the customer or an integrated backend. This platform optimizes an insurance organization's infrastructure costs and helps them use large amounts of collected data efficiently to provide the best possible service for their customers.  

Below are the Top 5 Reasons you'd want to move to a modern and cloud-first Insurance Platform:

1. These platforms are deployed and managed in the Cloud to benefit system access for users remotely from the online device of your choosing.
2. Your clients/customers will have a personalized insurance experience designed for them – driving sales and loyalty.
3. The data collected from customers can be accessed quickly and used to analyze many aspects of your business.
4. Old technology platforms and practices are becoming cumbersome and difficult to customize, creating risk for old-fashioned, slow, complicated experiences and processes.
5. Through robust automation and efficiency provided by a comprehensive platform, your team is free to focus less on administration and more on the essential things to grow your business and keep your customers happy.

Keeping up with new technologies can be confusing, which is why you need a supportive and knowledgeable team to help understand what your digitization and re-platforming options are. 

Please make time to chat about your options with InsuredHQ now and dive into 2022 with us