Building an Innovation-Driven Insurer (On a Powerful Foundation)

Building an Innovation-Driven Insurer (On a Powerful Foundation)

We are living through a golden age of new insurance technologies offered by innovative companies that design solutions promising to turn your insurance business around. These technologies are tackling all of the processes – from new distribution channels and unique user experiences to data-driven automation of claims handling. 

In recent years, we have witnessed record investment into a different kind of insurance related innovation and insurtech. And this number, as well as the desire of the companies to adopt all of this innovation, continues to rise!

However, it often happens that insurers may not be able to take full advantage of these innovations because they are held back by their existing core legacy systems. For this growing volume of exciting innovation to deliver true value, it needs to be properly embedded and integrated across the insurance value chain, which might be a tall order for many insurers.

As it stands, most legacy PAS and claims systems do not provide the necessary flexibility to adapt to the constantly changing market needs and ideas, regulation and legislation changes, sometimes struggling to support even the existing business requirements …

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Innovation is the goal

But what does it mean when we say insurers are looking to advance their levels of innovation?
In practice, this means they are looking for ways to change their value chain which includes creating new products, automating underwriting and risk management, extending distribution to new channels, lowering the cost of claim handling, and improving the customer experience for everything from self-service sales to services.

Sometimes, even the whole business model could be transformed to address new future business needs!

It's not just about innovation in and of itself; it’s about employing innovation to provide quantifiable economic benefits.

AdInsure - embedding innovation across insurance processes

There is simply no way to achieve this by building on legacy insurance core systems. We developed our AdInsure insurance platform to deliver on several key promises that help insurers move towards innovation:

  • Completeness: Our platform powers all of the key insurance processes across all distribution and partner channels and across all commercial and retail business lines, including life, non-life and health.
  • Openness: AdInsure is a fully open system that can be integrated with any kind of data source and complementary technological solutions, such as those offered by insurtechs. By relying on open APIs that cover all system modules and entities, insurers can also easily expose their products, processes, data and services to external partners within their extended ecosystems and even build their own ecosystem on top of it.
  • Flexibility: Core processes can be easily configured, modified and adjusted to reflect new market realities. AdInsure Studio is a powerful and intuitive product design tool for insurance companies that covers all of the processes and data with a low-code/no-code approach.
  • The whole value chain: AdInsure provides support for insurance processes that cover everything from easy-to-use product design tools, sales, claims, and even reinsurance. All these processes can be integrated with innovative solutions that can even steer AdInsure modules functionalities.

    In the end, the promise of delivering more value-innovation through technology can only be realized when you are building on a solid and modern foundation, such as AdInsure.

Data-driven innovation with AdInsure as an example of Innovation

Insurance companies are no strangers to data. After all, their business is built on data necessary for risk assessment, making data their lifeblood.

However, in recent years data has started flooding in from other sources, including car telematics, IoT, public and private databases, and data brokers. And these growing volumes of data spurred the need for new technology to use this data.

Let’s look at an example how our AdInsure insurance platform facilitates the creation of a new data-driven product – usage-based car insurance.

AdInsure platform - insurance innovation

AdInsure Studio allows business users to define premium calculation rules for a new usage-based insurance product and then use the same tool to define underwriting constraints and rules and forms that help underwriters see additional information on how data influences the particular policy underwriting.

We have even prepared a UBI Content pack that makes it easy to transform a standard motor CASCO product into a usage and behaviour-based product.

 Integrate data into your new product

This is where AdInsure’s open architecture comes in. Data can be collected from manufacturer’s on-board systems or captured by third-party telematics devices or mobile applications and then integrated into policy creation cycle with ease. Actual data is then used to adjust the premium calculation and help with the underwriter’s decision.

Also, when a claim is made, augmented data from different sources can be collected and presented to the claims adjuster within AdInsure so they can understand the context of the claim event. And this process can use more than just car telematics data - traffic and weather information, mobile phone call history, and usage information can all be used to better understand what led to the claims event.
 
Thanks to our rich partner network technologies sometimes we even are able to initiate the claims handling process a few seconds after the event happened. While this might sound like a pipedream, it is a new reality!

Solid foundation for a bright future

AdInsure delivers complete and flexible support for all complex retail and commercial insurance carriers, including P&C and health. It fully supports all processes from first sales contact to claim and delivers standard and clean data that can be easily integrated into any complementary IT solutions.
And yet on IT side of things our development focus has been true flexibility: the ability to change product lines or move into new markets within days instead of months. Things are moving quickly today. You might want to add a new distribution channel, a new region, or a new target market.

AdInsure makes sure you don’t need months and dozens of people to turn your business ideas into reality. It makes them happen here and now!

Any insurance company aiming to become truly modern and digital and improve its business position should have a solid core to leverage the innovation, meet business demands and win over the others! Digital transformation is inevitable in 2022. 

And we are sure AdInsure is this core!

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Alexander Solomonov
Head of Sales and Business Development

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