Navigating digital disruption

The economic essentials of digital strategy – interesting reading from McKinsey

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IBA at DIA Barcelona 2016

IBA was invited to present how IBA conducts Digital Insurance Innovation with IBSuite, Insurance as a Platform at DIA Barcelona 2016.

IBSuite: What to gain as an insurance CxO

As an insurance business executive you are of course continuously optimizing internal administrative procedures, seen from a cost perspective. You are also likely to have a regular need to make changes in response to external factors; new legal regulations, market shifts or changes in customer demographics or culture.

We regard the ability to adapt to a new situation a decisive factor for many of today’s insurance companies. Business is moving away from tied agents to independent brokers, MGA’s, internet channels and affinities. Especially for consumer products we see increasing commoditization and de-bundling – and a wealth of new products, channels and business models. Being able to innovate is therefore imperative if you want to stay ahead of the competition.

New requirements for your IT services

Many IT systems for the insurance industry are designed for few products, high volume and little change. Hence, much effort has been put in process improvement on the administrative side (the cost side of the combined ratio), with the unintended effect that system complexity has gone up and business agility down.
IBSuite is designed with change in mind, with a special focus on significantly smaller implementation projects, easy and quick configuration – not development – of new products and channels, access to all data for reporting, and a Software-as-a-Service deployment model that effectively shields you from costly and time consuming upgrade projects, system maintenance and IT infrastructure cost.
Key benefits of using IBSuite
  • Supports all consumer or commercial non-life product lines supported
  • Multi-channel sales (direct, affinities, web, mobile, white labels or sub-agencies)
  • Supports all processes; Marketing, Quote-to-Bind, Claims, Financial
  • Quick implementation and configuration of new products
  • Easy integration to other systems using latest IT standards
  • Attractive pricing model based on share of GWP
  • Compliant with local and EU data privacy and financial regulation
  • Enterprise level security
  • Supports multiple currencies and languages