“The urgent always gets in the way of the important” – 3 reasons this wisdom is dead for insurance technology
The urgent in business is done soonest. Why? Because it’s urgent. In the world of insurance IT, timescales have always been dictated by regulatory, reputational or commercial urgency. With monotonous regularity, urgency nudges the slow melting pot of important improvements for long term success off the IT burners.
Every company has limited IT resources and more projects than their resource can ever deliver in a limited timescale. One famous insurer used to say that IT projects below the top 20 were in the ‘Pit of Despair’: important but never likely to see the light of day because their slots were always stolen.
A bit like streaming replacing CDs, however, we at 360Globalnet have been helping to drive a paradigm shift over last five years. That shift removes time and cost obstacles to achieving the 'important'. Effectively having your Insurtech cake and eating it.
Here are the three factors driving that shift:
The global pandemic of COVID-19 has shifted the needle of digital usage across all markets by a margin so significant that companies can no longer pretend digital acceleration is a ‘tomorrow’ task. We are in a consumer driven economy and when consumers change their habits, companies who react quickly thrive at the expense of those who bury their heads in the sand of ‘always done it this way’.
The rise of no-code technologies has disrupted the speed and cost of digital acceleration and service deployment. With no-code, the time investment occurs in building platforms where business practitioners can effectively build their own processes without ever going near a line of code. Some of the world’s leading insurance brands are switching rapdily to no-code implementations because global vision gives them a clearer sense of what’s coming.
Disrupt or get disrupted. Any company with their primary source of revenue and customer satisfaction sat on a legacy system runs a significant risk that an anklebiter with more agile tech will come along and eat their breakfast, lunch and dinner. No-one wants to throw away a solid system that has cost 10s of £millions over years but self-disruption can still take place with successful integration and wrap-arounds that deliver speed and change without betting the ranch.
360Globalnet is a specialist in integration – filling the holes through which opportunity otherwise leaks in claims systems. We CAN build end-to-end digital claims but we are also experts at supplementing what companies have and making it better, cheaper and faster.
Article by Adrian Webb.
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