News regarding IBA Applications and our customers

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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.

We are hiring

IBA is implementing several new IBSuite Software-as-a-Service solutions, and we need 2 new project managers as well as a number of product specialists. IBA is a Born Global company with high growth rates and even higher aspirations, with customers currently performing their business in 25+ countries. We are headquartered in central Copenhagen, Denmark, with business partners on three continents.

As an IBA project manager you will bring projects safely and successfully to their goals, being responsible for time, finances, quality of deliveries, and not least customer satisfaction.

As an IBA product specialist you are technically rooted in the project, being responsible for a high quality of even complicated functions, processes and data. You work closely together with clients, partners and your colleagues.

 

New white paper on Insurance IT projects

We have all heard of projects with massive overruns and severe benefit shortfalls. And maybe you’ve even tried yourself to be presented with a revised project schedule and an extra bill far too close to what you believed was the project delivery date?

In IBA’s new white paper we argue that there are five significant drivers of our considerably shorter implementation time of an insurance IT project. These five drivers are all summed up in the statement “Complexity is the enemy” because reducing the complexity of the project is the only way to speed up implementation. And the best thing is; the impact of reducing complexity is non-linear. So, a project team of three people can actually achieve the same as thirty people on other insurance IT-platforms.

This is why large projects should be avoided, and why IBSuite makes such a big difference.

Extract of the paper:
Software platforms vs. standard applications

Many enterprise insurance solutions today come as standard packaging with pre-defined processes and products, which then can be adapted to the insurance company through an implementation project. If we draw a parallel to building construction, this would be the equivalent to a construction process where you always started with a default 100-story building, and then demolished what was not needed and redecorated the rest remembering that the load-bearing walls cannot be moved. And often you probably wouldn’t demolish anything to avoid collateral damage, and accept the cost of extra maintenance and utilities for the surplus square-meters.

Get the White paper here

Launch of IBA Market Place

We are pleased to announce the launch of IBA Market Place, your directory of implementation, application and data services by IBA Business Alliance Partners, all integrated with the IBSuite multi-channel sales and policy administration system.

“Not only is this very convenient for our customers in the insurance industry” says Søren Hebsgaard, VP of IBA Products & Partners. “We also believe it is another great evidence of the value of building ecosystems around IBSuite. When operating in today’s rapidly changing insurance market, partnerships with specialist companies are essential, and with this pool of value adding services, existing and future customers will simply get even more out of IBSuite when integrating the services offered at IBA Market Place. And our business partners will continue to add more services.”

Examples of application services are invoice services, automated handling for assessment reports and automated motor claims handling.

Visit the IBA Market Place and get inspired to extend your IBSuite solution.

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Surviving massive competition? Being agile is the answer.

Insurance companies are in a considerably increasing competitive market. Not only threatened by technologically more agile and innovative players, but also by new intruders. To cope with this, today’s insurance companies need to think outside-in.

No doubt, the insurance industry, like others, will in the coming years be tremendously influenced by further IT evolution. On a short view, the IT efforts are likely to concentrate on demands in adapting to a new digital economy.

Price competition has become more intensive due to an increasing commoditization of the traditional insurance products, so there is a high need for IT effective business processes. At the same time new insurance products and channels emerge – demanding that insurance product configurators can create, change and retire products quickly and cost effectively. Unfortunately, not many insurance IT systems are capable of delivering the needed level of support for agile product creation and omnichannel management today.

But this is far from sufficient. On a medium and longer view, the biggest changes are likely to come from a number of derived circumstances.

The buyer is in control
B2B as well as B2C customers change their buying behaviour as more digital opportunities arise. Consumers have already for years used social media, price comparison portals, search engines and other digital media out of the control of insurance companies. In an American study dated three years back McKinsey found that the average american auto insurance shopper received more than 3 quotes and considered 4.5 carrier brands before buying. (“2012 McKinsey Auto Insurance Customer Insights Research”)

Today 90% of B2B customers use digital channels for collecting information before a purchase.

When insurance is no longer the core product
It can certainly be difficult to compete with companies who are not playing by traditional rules and have different value chains. Other players had difficulties in handling Google’s arrival in the Internet- and IT industry. Others sold their technology, but Google gave it away for free, generating their revenue from advertising, not technology.

Likewise, new types of insurance companies are entering the market place, founded on the idea that the insurance policy is not necessarily the core product, but maybe even a ”loss leader” to open for more sales of a completely different product category. With the new generation of insurance systems, delivered as Software-as-a-Service, such insurance business can both be created and managed purely by outsourcing. A truly disruptive scenario for the established insurance industry.

Anders Engdal, CEO

Anders Engdal, CEO

CEO of IBA, Anders Engdal, gives a few examples, “Let’s pretend a retail chain launched a loyalty card combined with a short-term income protection insurance; the coverage amount depends on how many points you have earned on your loyalty card during the last six months before occurrence of unemployment. Most likely this would affect the buying behaviour of the policy holder. So, if the retailer is also the risk carrier the insurance product does not necessarily have to be profitable in itself, as it is likely to accelerate the turnover of the remaining business considerably. In the same way, I doubt it was to get rich from the insurance business that Volkswagen established their own insurance company.”

Insurance Business Applications (IBA) provides and implements products and solutions for the insurance industry. End-customers in 17 countries benefit from the IBSuite insurance platform, which is especially designed for the agile insurance businesses, where sales channels as well as products are in constant development, and where the buying process is very much defined by the customers.