How InsurTechs are Reshaping the Insurance Landscape – Part 1

Insurtech and digital innovations are transforming consumer habits and needs. As an industry that has traditionally changed slowly, insurance professionals must adopt technology to stay ahead of the competition. Early insurtech adopters have already enhanced their capabilities with the prospect of long-term gains.

Due to emerging digital opportunities, now is the time for insurance professionals to recognize how insurtech is reshaping insurance.

Digital transformation means developing products with users in mind

Insurers and MGAs are searching for ways to become more efficient while bringing new products to the market. By embracing insurtech, it is possible to find revolutionary ways to meet the complex challenges the insurance sector faces.

To meet these challenges, digital transformation trends involve developing digital enterprise portals that are built with users in mind. Designed using predictive analytics, they rapidly report on the financial performance of products and insurance plans. When the insurance industry and technology combine forces, both the insurance sector and policyholders benefit.

The insurtech enables innovation

Insurtech enables providers to be responsive, allowing innovative teams to tap into existing product modules and customize them to their own product launch requirements.

Clients are demanding more functionality, and insurtech offers greater flexibility. What is more, cloud-native insurtech enables you to integrate with existing systems while avoiding update issues found with legacy systems.

The power of cloud-native insurance solutions

Cloud-native software enables providers to build and demonstrate working examples of new insurance products in a matter of weeks or months, not years. By offering the opportunity to innovate at scale, no-code platforms simplify and transform the way you deliver products to customers.

A cloud-native insurance platform:

• Allows analysts and adjusters to customize workflows, messaging, branding and UX/UI.
• Offers full underwriting capabilities with embedded rules.
• Extends to digital claims management and settlement.
• Enables supply chain and broker orchestration.

• Is API enabled and integrates with legacy and core systems.

Through cloud-native platforms, insurers can rest assured that they will be able to meet to the needs of their users – internal and external alike. Now is the time for insurers and MGAs to be responsive to the changing insurance landscape.

To learn more, read our latest article “How Does ‘No Code’ Affect the Insurance Industry?” that explores the opportunities that no-code software offers insurers.

If you are ready to explore how you can revolutionize your insurance products, contact us today!