MGA : TPA
“ In commercial lines – particularly larger risks , and corporate and specialty – the underwriting journey generally lacks support from the legacy platforms in place today , as the dependence on data and insight has grown over time . The ability to effectively ingest and triage the data required for underwriting is , again , too slow and costly – and much is done outside of ( or around ) legacy solutions , often limiting the insight that can be drawn , or detracting underwriters from where their time can be best spent .”
Daniel Cole , Senior Managing Director for Financial Services at digital transformation consultancy Publicis Sapient , tells InsurTech Magazine : “ Legacy platforms are inherently slow and costly to change , so it ’ s becoming increasingly difficult to build data and digitalenabled propositions . The nature of legacy platform development has historically meant customer , product and risk data is siloed and , whilst efforts have been made to patch over the challenges to improve processing and insight , this has quite often led to increasingly fragile and ill-understood solutions , exacerbating both the speed and cost of change .
“ In personal lines , digital-first propositions require data and decisioning to be at the core , enabled by continuously optimised digital journeys in addition to flexible underlying products and services . Much of this is difficult to achieve through legacy technology – or , indeed , the platforms from the past 10 or 15 years that are becoming the new legacy .
How can cloud platforms help insurers ? Cloud-native platforms bring a number of key benefits that make them decisively attractive to insurance organisations : they are often cost-effective , allow for quicker deployment and scalability , offer advantages over risk management and data access , and they also make it simpler for insurers to launch new products and services , or customise existing products and services , to specific customer segments . All of this , in one form or another , will manifest in a better experience for the insured .
“ THE NATURE OF LEGACY PLATFORM DEVELOPMENT HAS HISTORICALLY MEANT CUSTOMER , PRODUCT AND RISK DATA IS SILOED ”
DANIEL COLE SENIOR MANAGING DIRECTOR FOR FINANCIAL SERVICES , PUBLICIS SAPIENT insurtechdigital . com 69