As the pace of tech development accelerates, so too do challenges and opportunities for the insurance sector.
The advantages of new technologies are well-documented, but businesses can be reluctant to relinquish established systems. After all, overhauling legacy platforms can be expensive, difficult and time consuming. But does it need to be as complicated as that?
Making technology less complex is all about asking the right questions, much like the ten below:
1. Can a tech platform ensure that ‘legacy’ doesn’t mean ‘left behind’. In other words, will it enable you to integrate existing systems with the latest tech, without the expense of rebuilding everything from the ground up?
2. Will it connect these disparate systems within a single, end-to-end and unified interface; helping you make the most of your historic investments and leveraging existing hardware and software?
3. To put it simply, will it allow you to navigate complex tech stacks and keep pace with the latest new technologies at the same time?
4. Can it give you a one-stop insurance operation platform, bringing applications and partner products together in a single, reliable and easy-to-use tech eco-system (think of an app store)?
5. Will this give you flexible, cost-efficient access to a range of services relevant to your business, as and when you need them, bridging the gap between technology and traditional business processes?
6. Will it make the process of switching between and tapping into products easier, allowing you to get what you need more quickly, and to tailor your customer offerings more efficiently?
7. Will it offer a secure cloud storage environment, helping to protect your data and information from malicious intent?
8. Will it be built specifically for the insurance industry, with capabilities for new solutions down the line that meet your future needs?
9. Can it enable you to keep track of your operations, and view all your data easily in one place?
10. Finally, will all this help you make informed decisions about your business, accelerate speed to market and give you an edge over the competition?