“Insurance companies have historically relied on one-on-one relationships between agents and customers to sway customer sentiment ”
PETER PUGH-JONES DIRECTOR OF FINANCIAL SERVICES , CONFLUENT
“ Self-service capabilities and digital portals are making it simpler to compare policies , obtain quotes , purchase insurance and many other functions ; providing a seamless digital experience .”
Insurtech : disruption-free digitalisation Notwithstanding the positive innovations insurtechs bring to the table of digitalisation , many legacy insurers have been reluctant , or at least slowed down , in their attempts to integrate new digital solutions because of incompatible legacy architecture in need of an overhaul – a process that would disrupt daily operations .
A key consideration of many insurers is to leverage insurtech capabilities which impact existing workflows as minimally as possible .
Rene Schoenauer , Director of EMEA Product Marketing at Guidewire Software , runs through ways insurtechs are making it easier for insurers to integrate new solutions without disrupting existing models .
“ Insurtechs foster digital transformation by focusing on a specific problem , or set of problems , and then plugging into a traditional insurer ’ s workflow . Although this does require care when it comes to setting up the API integrations , it has the benefit of allowing insurers to try out new technologies and test and learn more quickly .
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