Traditional insurers are no longer safe with insurtechs challenging incumbents to rethink their business and operating models. This mass disruption creates increased pressure on IT to deliver intrinsic business value, including new services, customer touchpoints, and experiences. Successful insurance transformation requires rethinking the traditional IT operating model to allow IT to focus on creating reusable assets that empower lines of business. Doing so increases IT’s delivery capacity, making businesses more agile.
Read this whitepaper to learn:
- An overview of the challenges insurers are facing in the industry.
- How a new IT operating model – API-led connectivity – allows IT teams to unlock data from legacy systems and drive reuse across the enterprise.
- Strategies for using APIs to create a single view of the customer and build connected customer experiences.
1: Assess and Address Industry Challenges
The insurance industry is facing multifaceted challenges:
- Development of customers’ expectations: Today’s policyholders require personal, digital-first experiences in each channel.
- Increasing competition from Insurthes: Age, Technical-driven startups are interrupted by each part of the price chain from insurance and distribution to claims.
- Inheritance system Bottlenecks: The traditional core system is permanent and expensive to limit the rate of innovation.
- Data silos and basics: Discovered systems give rise to incomplete customer ideas, service interruptions and opportunities across cells.
- Regulatory pressure: Constant compliance requirements emphasized it and legal resources.
Action tips: Perform a digital maturity audit to identify intervals in your current IT operating model and customer engagement.
2: Rethink IT with API-Led Connectivity
A new IT operating model is required-which focuses on API-led connection. This approach allows it to unlock the data from the Legacy system and create a rebuilding block that intensifies the initiative for changes in the company.
- key benefits of API-led architecture:
Quick integration: APIs enables spontaneous connection between uneven systems and applications. - Data that are risy suggestions: Hardized APIs reduce fruitless work and increase distribution capacity.
- Scale Innovation: Business Team can self -service API reusable to create new products and digital services.
- Safety and management: Centralized control ensures continuous API management, monitoring and compliance.
Action tips: API establishes a center (C4E) to promote governance in best practice and departments.
3: Build a 360° Connected Customer Experience
Once you have laid the foundation, the focus is on Orkstrate’s individual experiences using the API to connect the system and data to touch points.
Strategies to run customer -focused changes:
- Create a single customer scene: Collected policy, requirements and conversation data through the API to understand customer needs and preferences.
- Enable Omni channel involvement: Give frequent experience online, mobile, agents and third-party platforms.
- Authorization of insurance and claims: Use API and AI to streamline procedures, reduce manual work and improve the decision.
- Start new digital products quickly: Empower business devices with integrated non-code/low-cod tools through API.
Action tips: Use mapping of customers for customers to identify friction points and prioritize integration of large touch points
Why Now?
Failure to change is not just a technology risk – this is a business survival risk. A modern, API operated model embraced insurance company:
- Speed up the market from time to time for new offers
- Improve customers’ satisfaction and storage
- Reduce operating costs
- Be in front of the regulator curve
- Future evidence of their digital ecosystems
Read Full WhitePaper to search:
- A detailed overview for modernization with API-led connection
- Case study from the real insurance
- A roadmap to adjust it and business on shared change goals
- KPI and Matrix to track transformation returns
