With advancements in technology continually shaping the insurance industry, there has been a move in InsurTech trends towards cloud-based core platforms. This might be because a cloud-based platform is key to creating a customer-focused business model. Cloud-based applications allow users to access information and systems directly from the internet. Many insurers face the problem of underlying product-centric core technology not built for digital connections in an increasingly customer-focused and online-driven world. New cloud-based business platforms support consistent and engaging customer experiences throughout their consumer journey. Likewise, this infrastructure opens new channels and marketplaces by providing affordable, reliable, and scalable support for business applications. In addition to improving customer interactions, cloud-based technology aids in eliminating capital expenditure as well as safeguarding your business from technology obsolescence. We are in an era where failing to adapt to technology often means getting left behind. Here’s a look at three cloud-based core insurance platforms.
Tech11 is a German based company whose founders have also worked in the international insurance industry for twenty years. This company develops core insurance solutions with an emphasis on custom solution development of P&C core insurance solutions, system integration of different P&C standard software vendors, and customizing standard software working for an international life and P&C vendors. Consumers can choose to manage the digital platform in a traditional way on-premises or use their cloud services. This digital cloud-platform allows you to configure your insurance products and use the existing standard process catalogue on a BPMN2.0 basis. Your data is then stored on an individually managed Virtual Private Cloud (VPC). This allows you to use standardized interfaces to extract your data anytime for any reports or to connect your financial systems. In this way, your data is in reach as long as internet access is available.
Socotra is an American company created in 2014 with the intent of building the most modern cloud-based platform for technology-driven insurers. This platform unifies underwriting, policy management, claims, reinsurance, reporting, and more for both property and life businesses. Utilizing the most advanced technology available, Socotra’s system is built around solving complaints made directly from insurance companies in order to keep data as accessible and safe as possible. The company has an all-in-one policy administration system that keeps track of underwriting, claims, billing, and reporting. This dynamic data model allows you the ease of access to data stored in the cloud so that your organization can make changes at any time, but Socotra takes care of the housekeeping and data management details.
Guidewire specializes in serving P&C insurers exclusively with a focus on customer success through software development. This company’s technology platform combines three elements – core operations, data and analytics, and digital engagement – in order to enhance insurers’ ability to engage and empower their customers and employees. Serving a global community of insurers, Guidewire serves over 350 insurers in 30 countries with over 5,000 consulting partners dedicated to business strategy to support customers. This company believes cloud capabilities enable the platform to help customers adapt and succeed long term. Guidewire’s cloud solution is available through an annual subscription fee that is based on usage and aligned to the growth of your business for ultimate flexibility suited to your needs. Their product, the InsuranceSuite Cloud, transfers risky and complex IT responsibilities to Guidewire so that your company can focus on the data and business at hand.
Cloud technology innovations are growing at an unprecedented rate. In the near future, this technology will allow insurers to also implement advances in artificial intelligence, machine learning, and advanced analytics systems like never before. Taking advantage of such InsurTech trends now can only help you boost business growth.