David Butler of Charles Taylor InsureTech considers the need to accommodate legacy systems when embracing new technology taking the business forward.

The implementation of technology in the insurance industry has proven to be challenging due to the large scale of the business and the various regulatory restrictions involved. Many companies have also had negative experiences with technology overhauls in the past, which have resulted in budgets overrunning, as well as taking up valuable time and resources. 

The issue is especially prevalent in the London market, which is a complex ecosystem consisting of interlinked relationships and companies which has evolved over many years of practice and development.

Charles Taylor InsureTech, with its years of experience in the London market, understands that technology needs to fit in with existing processes rather than be inflexibly forced upon a system and business which has a myriad of priorities. 

We believe that for the industry to continue to build its technology, it needs a compelling offering that shifts the risk-reward line and shows that the benefits of technology implementation outweigh the risks and costs involved.

To bridge this gap, Charles Taylor InsureTech launched InHub, a technology platform that works to meet the needs of the London market, in tandem with our deep expertise and industry experience. InHub is designed to improve processes and increase efficiency, ultimately leading to greater profitability for the industry. Along with our experience and expertise, InHub offers a solution that works to meet the needs of the London market and bridge the gap between technology and traditional business processes.

One stop platform

InHub effectively offers a suite of capabilities that can be integrated to meet the specific needs of the user. The platform includes an InsureTech marketplace, similar to an App Store, where users can select and subscribe to different products, such as claims management or payment enrichment. The idea behind this is to make the creation of new products less of a big investment, allowing users to spend only what they need and gradually scale up as they desire.

InHub also allows clients to plug in their own policy administration systems (PAS), so they can continue to use their existing products and business while also taking advantage of the benefits that InHub provides. This creates a more flexible and scalable solution, allowing clients to add or remove features as they see fit.

The InHub platform offers a unique solution that provides flexibility and scalability in the creation and use of technology in the insurance industry. With its suite of capabilities, marketplace, and ability to integrate with legacy systems, InHub is designed to meet the needs of its clients and provide a seamless experience in using technology in the insurance industry.

Tech built for insurance

As a highly competitive industry, companies in the London Market are always looking to implement new technology systems to improve their operations and stay ahead of the competition. However, many are hesitant to make a change due to the need to keep access to their data and comply with regulations like GDPR.

The process of implementing a new system can also be daunting, as it often involves a big bang implementation and the risk of data migration issues. To address these concerns, a new solution has emerged - legacy migration. This approach allows companies to keep their existing systems and move them into a secure cloud environment, which is accessible through the InHub digital ecosystem.

With legacy migration, companies have the choice to run their systems side by side, integrate them with InHub, or put them into runoff. This way, they can maintain access to their data and comply with regulations while also taking advantage of new technology. The technology, combined with the insurance expertise and specialist knowledge of Charles Taylor can optimise a company's insurance offering, not just in terms of technology, but in the overall business. This is the last piece of the puzzle, helping companies to get the most out of their insurance offerings.

Legacy migration and InHub's digital ecosystem can combine to offer companies in the London Market and beyond a way to stay ahead of the curve while maintaining access to their data and complying with regulations. The solution provides a flexible and scalable approach to technology implementation, making it easier for companies to embrace new technology without risking their existing systems.