The previous blog post in this series established the importance of a pre-integrated digital suite, but how do insurers know which one to choose? The following brief checklist can help. Insurers should seek:
- A strong, flexible base system – with SOA-based architecture and designed for easy integration
- Innovative digital features (feature-rich) – these include self-service analytics, wearable technology and IoT integration, and an innovative customer and agent portal
- An expandable and scalable digital suite – many of the current trends, such as the Internet of Things and wearables, are set to explode for insurers, so scalability is important
- Non-proprietary technology – proprietary technology is more difficult to support
- Reliable vendor with quality services, focus on compliance and a long-term market vision – because the insurance software system knows its systems the best, it can most effectively integrate and manage them, while playing an active role in spurring both progress and innovation. It is key to identify a vendor that is investing in research and development to stay current with the market.
Cloud capabilities have become an important part of digital suites for many insurers. Providers considering digital transformations sometimes worry about sky-high initial investments, or problematic implementations having a negative impact on their critical policy administration, claims or billing functions. A cloud approach, especially a deployment that includes full infrastructure for operations, can free insurance personnel to concentrate on their digitalization agenda and implementation, while keeping costs manageable.
Sapiens’ NEW white paper, A Pre-Integrated Suite is Key for Establishing a Digital Business, is filled with useful information about best of breed and pre-integrated approaches to building a digital insurance suite.