Data Driven Insurance and its Role in 2021
Data driven insurance will be key to the modern insurer in 2021. However, the ability to utilize data to create individualized product offerings requires more than data. It requires a platform that is always on and always available. It also requires powerful and flexible APIs to connect the dots. And finally, it requires that insurers focus on business development and product development not having to consider nor struggle with infrastructure challenges or “technicalities”. IBSuite is exactly that:
- Cloud-native and fully hosted
- Data driven with a flexible and extendable, yet powerful data model
- API first with fully product-and process agnostic APIs
All of those elements serve as the unique foundation for tailored and personalized product offerings.
So coming into the first quarter of 2021, insurers are speaking to us on the following 4 areas:
- Tailored Insurance Products
- Data Driven Insurance and Data Insights
- Being API First is Decisive
- Cloud Deployment and Easy Integration
Tailored Insurance Products
People are likely to consciously move towards protections and increasingly demand customized products that adequately meet their nuanced needs.
This affords the insurance industry an opportunity to play a more integral role in the life of an individual. Insurers are already adopting a future-forward attitude and creating innovative products and solutions.
Millennials (customers in their 20s and 30s) are, by far, the biggest population group. They are demanding in terms of digitalization, customer journeys and different ways of buying insurance like “on demand” and “usage-based”.
Being self-sufficient to manage ongoing change – the choice of platform is the one which you can configure yourself as a part of your daily operations.
Data Driven Insurance and Data Insights
Technology is allowing insurance companies to competitively price their products and make them digitally available to their customers. In 2021, there are two key themes that are likely to become an integral part of the insurer’s playbook. The first is optimally leveraging technology. The second is micro-level customization. While a move towards this is already underway, 2021 is likely to accelerate this transformation.
More data means that policies can be customized to individuals. It also means that insurers can minimize risk and improve the accuracy of their calculations. This data, which can be gathered from IoT (Internet of Things) devices, social media pages, and credit reports, can effectively be used to more accurately calculate the price of insurance policies. And the premium paid for a specific policy reflects the unique risk of the individual.
How IBSuite can Help Transform Your Insurance Business in 2021
Being API First is Decisive
With IBSuite we offer you an extensive suite of APIs to support internal and external integration and digital solution development. Further, we are committed to ensuring that the APIs are all backward compatible. This means that integration testing requirements for upgrades on your end will be greatly minimized.
Cloud Deployment and Easy Integration
Modernization of the core insurance platform is on the wish list for 2021 of many insurers. And the need for cloud computing is imminent. We take pride in delivering a fully hosted cloud-native SaaS platform to our customers.
With our complete, cloud-native, end-to-end proven insurance solution, covering all processes around marketing, sales, policy administration, billing, claims, party and contract management, reporting (including re-insurance foundation) and customer service, we can truly help transform your insurance business. IBSuite offers you the great flexibility to operate your business without considering IT and infrastructure requirements.
Today, digital insurance platforms are helping insurers of all types and sizes modernize their back-end operations and their offerings, which ultimately helps them increase customer satisfaction and revenue.
Please feel free to contact us here for guidance and inspiration on how to start transforming your insurance business today to meet increasing demands from your customers.
Published on January 8th, 2021