Our CEO, Tim Hardcastle, has submitted an abstract for a chapter to be featured in a new InsurTech book “Architecting for disruption”.
All the abstracts are now open to the public to be voted on — the ones with the highest number of votes will be asked to write their chapters for the final book to be available in shops nationwide.
Please vote for our chapter by the 28th February, 2017. Your support will be much appreciated!
Here’s an excerpt from the chapter submitted:
How to architect for disruption
You’ve heard it a thousand times: innovative new technologies are coming to change the face of the insurance industry, forever. The industry knows it too, which is why it invested a billion dollars last year into InsurTech start-ups. Guess what? It’s innovate or die.
So where is all this promised disruption? It turns out there’s a big difference between saying something and making it happen. The truth is, if you want to take advantage of new niche tech developments, you need to architect your technology capability for disruption.
This means moving away from the monolithic mother-ship approach where change takes years and routinely runs over budget, to a Cloud-based ecosystem in which a multitude of best-in-class smaller services integrate together to form a full function eco-system.
The benefits? These can all be developed, deployed, and scaled independently, all real-time connected with each other and not only able to provide all the data you need, but crucially servicing capability needed to respond in a dynamic and bespoke digital environment completely aligned to your customers’ needs. Want a chat-bot? Plug it in. Want a telematics data feed? Plug it in.
In this chapter, we will provide a how-to-guide for how business leaders frustrated by ‘no can-do’s’ can create environments of ultimate technology agility and flexibility.
We will look specifically at:
- Typical components of an InsurTech ecosystem, and want to look for when procuring them.
- Recommendations on how to run a light-touch procurement process that doesn’t rule out innovation from the get-go.
- How to create a collaborative, outcome-orientated environment between InsurTechs to facilitate working together.
- Creating design principles for the resulting tech architecture, building for success both today and in the future.
- How to transition your capabilities from as-is to the future target stat.