Build a New Insurance Core System or Modernize the Old One?
A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments.
Build a New Insurance Core System or Modernize the Old One?
After COVID-19, most companies shifted to work-from-home environments, facilitating digital technologies’ growth. Some employees continue working from home. Because of the hybrid working environments, insurers faced a challenge: to adapt core systems to the new conditions where customers demand fast online services and agents want to access information from anywhere. Read more .
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INSURTECH REPORTS
Download the LATAM Insurtech Journey report created with the ambition to propel the sector into the world to come and accompany all insurtech entrepreneurs in the region??. Today, talk of insurtech is much less glamorous than a few semesters ago. However, the insurtech insurtech ecosystem is resilient (470 insurtechs), growing (+9%), pivoting and many of us continue to believe that the ecosystem in collaboration with the traditional sector (brokers, insurers, platforms, reinsurers) has a lot of value.
INSURTECH ROUNDS
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Bowtie closes US$34.9m series B
Bowtie also aims to accelerate product innovation and vertical integration with healthcare providers to create differentiations that fundamentally change the customer experience. Read more .
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Delos claims to leverage wildfire science and satellite imagery to offer home insurance coverage in areas with limited options. Read more .
Kin Insurance raises $33m in funding round.
It was one of a handful of Chicago startups to raise a triple-digit funding round in the past year. Read more .
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A shift to a more selective investor base with insurance
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Insurtech Digest Issue #161 is out! 10 Maps Showcasing Asia’s Startups Landscape, Insurance Growth Report 2023: Mid-year update and more
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Alberto
As Steve Jobs once said, "Innovation distinguishes between a leader and a follower." ?? At ManyMangoes, we embrace modernization, knowing it's the key to unlocking unparalleled customer experiences and streamlining processes. It's not just about keeping up but leading the way in the digital transformation journey. ? #InnovationLeadership #DigitalTransformation #CustomerFirst
Thought Leader @ Wiser! | Self-Published Author, Emerging Technologies
1 年it's a question as old as the hills Alberto. I always favoured the third option....go find someone who's already built a system and use theirs
Insurance Industry Transformation Specialist | Bridging Sales Expertise and Strategic Consulting
1 年The meaningful life of the “mainframe” has passed but the roots of the tree go so deep it is difficult to continue to “wrap and renew” To accomplish what you suggest requires leadership in insurance to recognize the investments of the past have reached END of Life compounded by the correlation of Moore’s Law against human cost to operate, improve and transform. Tech debt removal at scale is required to make the move and the risk averse insurance C-suite does not like this type of investment. It does not pay back against a low margin high transaction business - that also looses $ through servixeimg the customer (otherwise known as claims) It is a self feeding animal until the CORE is transformed. And right now “buy” is still winning over “build”
Takes ambition and courage lead by vision, transformation strategy, strategy, resourcing and buy-in across the business. esure Group following that path. Another trend seems to be to adopt new platforms for specific brands and products to speed up innovation. Once proven and scalable might eventually replace legacy systems. 3rd way to put micoroservices architected systems as bandaid around legacy whi hbadds complication. 4th persist with complexity and costly upgrades which freeze innovation for 12-18 months. Whose got the ambition to become pro-adaptive? Great question you raised Alberto Garuccio Rory Yates Andre Symes Gavin Peters Ron Arnold Patrick Kelahan
Solution Architect & Senior Expert Insurance at SAP - In early Retirement
1 年?? Whether it is even worth the effort to modernize an existing policy management system, depends on the answers to a variety of questions - if it can be modernized technically at all. Can it also manage insurance policies that are based on insurance products other than the previous ones? With new attributes or parameters? With additional or more detailed structures or levels? With an alternative product engine? Can it be operated externally via APIs? Does it enable not only highly automated new business, but also immediate renewals and real-time changes? Can it handle additional settlement and payment methods? These are just a few examples of questions that need to be asked and answered - to determine whether modernization is an option. Challenging. ??