The insurance industry is approaching a breakpoint where the market changes will accelerate further, and the ability to adapt to the new situation will become the decisive factor for the well-being of many of today’s insurance companies.
Business are moving away from tied agents to independent brokers, MGA’s, internet channels and affinities, and especially for the consumer products we see increasing commoditization and de-bundling – and certainly a wealth of new products, channels and business models will continue to surface over the coming years.
Need faster innovation to stay ahead of competition?
Innovation is about bringing great ideas to life, so you should ask yourself “How well suited is my company for that?”
Unfortunately, many established insurance companies have a gap in their IT-portfolio in order to respond to the changing business environment. For decades the objective of the IT-department has been to optimize and support policy administration and claims handling in high volumes for a relatively static product portfolio most often sold in a direct sales model. This has left many insurance companies with a monolithic, and complex, IT infrastructure with a much too high cost of ownership; to implement a new insurance product takes months or even years, and are associated with a cost that makes it a challenge to achieve an acceptable return-on-investment unless for the very obvious investments.
It is not about decommissioning the existing IT
With IBSuite you can add the needed multi-channel sales capabilities to your existing environment, leveraging the investments already made in your current Policy Administration Systems (PAS). Or, you can very quickly start up new product lines without having to define and execute a large IT-project; implementation is often up to 10 times quicker than what you’ve been accustomed to, and because IBSuite is deployed as Software-as-a-Service all operations are left to IBA. All data can of course be fully integrated in your corporate datasets, either online or using file based data exchange. When the volume becomes higher you then have the choice to move the portfolio to your legacy PAS system.
Key benefits of using IBSuite as your browser-based insurance solution
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 modern IT standards
Attractive pricing model based on share of GWP managed
Compliant with local and EU data privacy and financial regulation
Enterprise level security
Supports multiple currencies and languages
Supports multiple organizations with total segregation between organizational units if and where needed
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