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 to form a full function eco-system.
Plug it in
The benefits? These can all be developed, deployed and scaled independently, all connected in real-time with each other and not only able to provide all the data you need, but crucially servicing the 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.
How to do it
Brought to you by former Hiscox CIO and current Founder & CEO of innovative InsurTech enabler INSTANDA, Tim Hardcastle, here’s our 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 state.
Watch this space as we address these issues and share our guides on how to accomplish greater agility and flexibility.