And solve the following dilemma- one platform that will deliver the benefits of;
- Long term technology like blockchain probably 5 to 10 years out for GI
- Significant parts of the technology like AI- typically taking 3 to 5 years to deploy effectively **
- The innovation vital this year and next to beat full-stack insuretchs, digitally transforming carriers and Amazon.
Many carriers chose options 1 and 2 but they face being left behind this year. They also often ignore the fact it will take longer and costs more to implement AI than they planned. Even more when it comes to blockchain.
Insurers should really embrace option 3) as long as such a customer engagement platform still allows them to deploy the longer term components in options 1) and 2) of a world-class technology stack. And be a base for future ecosystems.
Can you beat these benchmarks?
Vehicle Recall Program
Existing customer having underwritten vehicle warranty programme found its current digitally transformed systems could not cope fast with a Vehicle Recall Program. 300,000 odd vehicles with different faults and an urgent requirement from auto manufacturer to triage customers, garages & body-repair shops, car-hire and manage the process effectively and efficiently.
The platform is so business configurable it was able to deliver the complete programme in literally hours and deploy it after training the following week.
A bit late in the day the customer asked that a complete FNOL to settlement digital transformation be configured and this was completed in a morning. Yes a morning! The customer will have to add time to train handlers and examiners of course but it shows just what agile really can mean.
Finally, with a brand new customer the same platform delivered a Home and Contents GI production platform six weeks from the initial discovery workshop.
This is the standard carriers should aspire to if they are to compete with the very best digitally transformed carriers, heading off the Lemonades of this world and anticipating digital giants like Amazon.
And importantly- without having to bin current core systems.
What are the priorities for implementing platform environments? When implementing platform environments, insurers must prioritize environments to: Reduce operating expense Improve cycle time to drive revenue for new products and functionality Captures the economic opportunity to markedly improve customer care metrics