Technology is bringing a broad range of benefits to the insurance industry right now, with significant investment being made in digital transformation projects.
But while the pressure is on to deliver the best service possible, it’s important to know which areas technology will benefit your business the most.
Weigh up the benefits
Angus Kench, vice president of casualty and crisis claims for Liberty’s Asia-Pacific operations, told Insurance Business:
“People are often excited about the application or the tech piece but lose focus on the goal – what is the problem you are trying to fix, or the opportunity you are trying to create?”
“Once you have properly defined this, you can start designing the application,” continues Kench. “It is not about tech for tech’s sake.”
Kench makes a simple, but important, point. Businesses have limited budgets, resources and time, and investments need to be prioritised in order of the potential value they could bring. Technology is promising a broad range of opportunities to organisations within the insurance industry, but which projects are worthy of topping your to-do list?
Moving forward with legacy technology
“(Technology) really needs to enhance the customer experience and deliver improvements across cost, complexity and/or communication,’
“Any tool which can free people up to spend more time on the critical things in their workplace, be that more customer facing time, more analysis, or removing inefficiencies will be embraced.”
“The challenges are legacy systems and how to overcome these and the infancy of some of the insurtech startups and offerings.”
One of the biggest challenges for many businesses in the insurance space is innovating from a legacy system. We often hear the term ‘legacy’ said with negative connotations but over the years we’ve helped many organisations get the best out of their existing systems and use it to their advantage.
Taming legacy systems can be a challenge but by stabilising your core technology, you can significantly improve its performance and develop a platform for the future. If embraced and built upon, legacy systems can be part of what differentiates a business from its competitors.
How we can help
We’ve been working with insurers to implement the right technology for their business strategy. Although the end goal may be similar from one organisation to the next, we understand that the route to the solution is always unique.
Jumar’s decades of experience in enterprise-scale legacy transformation, combined with a standardised roadmap-based approach, enables you to:
- modernise existing applications
- harvest and expose specific business functionality to consume elsewhere
- simplify tightly-coupled systems to promote reuse
- expose business rules as services
- build new web interfaces
…or any combination of the above.
To discuss how we can help you with your digital transformation projects, contact Jumar today.