Part 2: Navigating the Pitfalls of the Digital Insurance Platform Market

In Part 1, we reviewed the considerations for selecting a digital insurance platform. Read on to learn about ways to recognize the best insurance platform and benefits of selecting the right insurance platform.

Two ways to recognize the best insurance platform

1. How responsive is the InsurTech platform to your requests?

Customers love companies that seem to know what they need — it makes them feel catered for and valued. Not only that, but customer responsiveness (i.e. listening to your customers and acting decisively on feedback) helps an insurance company to develop new products or modify their current offerings based on the changing needs of customers.

The right InsurTech platform should not only play to your strengths, but also be able to deal with your unique requests and at scale.

2. Does the insurance software allow you to commit to the digital revolution?

The most effective partners understand that the constantly evolving nature of digital transformation requires persistent and tenacious improvement. InsurTech platforms, like INSTANDA, are conquering complexity and supporting insurers to innovate beyond the existing value chain into new industries, providing access to new customers and markets.

Benefits of selecting the best insurance platform

Insurers that can’t respond to the modern market will struggle to keep up with the competitive insurance market. But insurers who carefully consider their tech investments stand to benefit by:

• Reducing operational costs.
• Easily upgrading and maintaining existing digital systems.
• Swiftly adapting new and existing insurance products.
• Boosting efficiency and productivity.
• Improving measured innovation efforts.
• Personalizing customer service and experience.
• Streamlining underwriting and pricing accuracy.
• Having a more comprehensive understanding of risk.

Discover an Insurance Platform that’s Trusted by Leading Insurers Worldwide

Whether digitizing an entire business and multiple books, taking a vertical slice of an existing business, or launching a new innovative product, INSTANDA’s no-code insurance platform provides everything needed to design new products.

Get in touch today with our team of friendly professionals to streamline your insurance life cycle today.

Kick-start your journey by requesting a demo of INSTANDA.