The term ‘legacy systems’ often conjures up images of bulky on-premise systems and devices that haven’t been in circulation since the early 2000s. That might not be what your current platform resembles - but does that mean your software is truly up-to-date?

A legacy system needs to be defined by the capabilities it provides your organization, not necessarily…

NA Financial is probably a name you’ve heard recently. It’s the sixth-largest commercial insurance company in the USA and is also an established cyber insurance provider. It made the news on the 21st of March, 2021 when an official statement claimed that they had been a victim of a “sophisticated cybersecurity attack”.

Ransomware called Phoenix CryptoLocker…

Picture this. You finally decide on an insurance software and are excited to transform your company’s processes with it. You’ve got your budget approved and set a clear project timeline. The twin benefits of digitization and automation are right around the corner! But, before you realize it, scope creep has set all those careful plans to naught. Now your ‘go-live’…

The era of robotic process automation (RPA) coupled with deep learning is here and boy, is it creating waves across industries! From back-office functions to customer solutions, it has effectively turned processes around on their heads. Leading banks, hedge funds and asset managers have successfully leveraged RPA tools not only to streamline standard processes but…

It is not difficult to find a correlation between software architecture agility and operational benefits. In a competitive landscape where disruptive technology is constantly pushing the barriers, time-to-market can be the big differentiator.

Insurers who lack a robust tech stack with the right software architecture, integration layer architecture and platform…

The purchase price is not the only deciding factor when your organization is evaluating new tech solutions. Ever since 1987 when Gartner came out with their revolutionary TCO analysis, CIOs in the United States of America, have been looking at the bigger picture to decide on new investments. In IT financial management terms, the Total Cost of Ownership does not stop…

If Rip Van Winkle were to wake up today from his 20 year sleep, he would consider this a magical world. While technology has made our lives easier, faster, better and more fun, the thieves of Rip Van WInkle’s world have moved online today. And Authorization and Authentication are part of the security detail that is aiding in putting up a strong fight. One report by…

Client expectations are growing and they want to realize everyday value. For instance, insurers in the U.S. who provide a discount on life insurance premiums by incentivizing regular gym workouts are personalizing their services. To do this though, they need to integrate open APIs that communicate with external programs. Open APIs can make life easier for agents too…

Is your tech stack holding you back

2020 was a crazy year! The business world had to quickly adapt to unheard of challenges; and technology helped many to survive the crisis. Whatever will be the new normal in 2021, organizations know that they must optimize their tech stacks to continue to meet the challenges.

The insurance sector has historically been…

Insurance is one of the most document-heavy sectors, processing huge volumes of physical customer forms, claims applications, and more. Insurance carriers know they need to digitize to keep up with the threat of insurtech start-ups but most feel hampered by the stringent regulations of the industry as well as the legacy systems they have built up over the years. The irony is that without modernization, it is a lose-lose situation.

When an insurance company implements a well-designed…

The insurance sector has been sitting on a largely unused treasure trove of big data because it lies scattered across disparate systems. Lately, data management tools using artificial intelligence in insurance have been gaining accelerated adoption to build business intelligence. Specifically, artificial intelligence in insurance has gained popularity in claims processing and efficient underwriting, as well as risk evaluation and fraud detection.

During the pandemic, companies realized…

The insurance sector has been sitting on a largely unused treasure trove of big data because it lies scattered across disparate systems. Lately, data management tools using artificial intelligence in insurance have been gaining accelerated adoption to build business intelligence. Specifically, artificial intelligence in insurance has gained popularity in claims processing and efficient underwriting, as well as risk evaluation and fraud detection.

During the pandemic, companies realized…

The insurance landscape is changing quicker than ever before. Technology disruptions and intense competition in the sector are making insurers consider new IT vendor management strategies. Integrated solutions that have the flexibility to seamlessly link to third-party solutions are considered the most advantageous in a competitive market.

Why some companies…

Technology usage in the insurance industry has come a long way since the initial days of first-generation computers. Back then, computers made data collection and tabulation simpler – a great disruptive technology of the mid-1950s indeed!

The technological landscape since then has evolved leaps and bounds, with digitalization in insurance permeating almost…

Innovation can come in many forms and is almost always accompanied by breakthrough technologies. Insurance leaders are looking for innovation in digitization and upgrading legacy operations as well as improving the experience of policyholders. But change needs more than this, it needs innovative approaches that require thinking and acting differently from the…

The insurance sector is becoming increasingly responsive to new ways to solve business challenges and open up new opportunities. One approach that’s gaining traction is teaming up with insurtech companies who have a strong digital-first approach and leverage technology to improve productivity, acquire customers and retain them. Insurers, on the other hand, brings to the table in-depth institutional knowledge and know first-hand the challenges operating in this space. Strategic partnerships…