InsurTech Part 4: Rethinking the Digital Landscape
Mark Breading, partner at Strategy Meets Action, and Charlie Hanna, director of Hyland Software’s Domestic Insurance Solutions Group, continue their discussion about InsurTech and digital transformation, homing in on platforms and partnerships and how those elements determine success.
Analyst Interview: Rethinking the Digital Insurance Landscape
The third phase of this process, the most complete or all-in investment from the carrier side. It’s not an easy fix, is it? Because it’s not a single technology really that comes in and does the job and it’s more about the platforms, the partnerships, that are in place that deliver that total solution. Is that an appropriate view?
It is an appropriate view and when you think about the way that the whole technology landscape has been evolving, we used to live in a time where there were these big monolithic systems – the policy systems or the claim systems or underwriting – whatever it might be. Even ECM honestly, big ECM systems that managed all of the repository of the content and the workflows. And now, we’re moving towards a world that allows you to integrate more quickly, to pull good services from various places and so, it’s important to have these layers that enable that. That are API-enabled that leverage micro services type architectures because that’s the world we’re moving towards. It is wanting to quickly assemble solutions from different vendors from different areas, different apps, to put products and services in front of customers.