Entering the Age of Insurance Policy Administration As-A-Service
HfS recently undertook a research study to shed light on the industry shift towards As-A-Service, surveying 50 P&C insurance executives across North America. They share their thoughts on As-A-Service solutions, along with their strategies for navigating change within the insurance technology landscape.
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Customer Experience in the Age of Digital Insurance
Vivek Gujral – Chief Technology Officer, OneShield Software, reviews the trends that are driving the nature of customer experience in today’s world of digital insurance.
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Today’s insurers deploy core systems in the cloud.
The insurance industry is past the tipping point. Cloud adoption rates have increased with an overall high level of satisfaction among cloud customers.
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SMA research found that 79% of insurers are actively engaged in redesign, with a split between the use of internal resources and outside experts.
Source: SMA Research, 2016 Customer Engagement at the Digital Edge, n=109
Property and casualty insurers have a similar profile, with 81% either transforming or growing (44% transforming plus 37% growing); But almost 1 in 5 are struggling in the sustaining and surviving modes.
Already, 77% are ramping up IoT initiatives, with customer service and technology use cases at the outset.
NTT Data Research – IoT Disruption and Opportunity in the Insurance Industry
87% believe IoT will improve customer relationships, 83% see it as an opportunity to attract new customers, and 74% see IoT as having a significant influence on products and service.
NTT Data Research – IoT Disruption and Opportunity in the Insurance Industry
Life insurers stated that they are in transformation mode (52%). Combined with the 26% that are growing, the numbers present a healthy industry in which almost 8 in 10 insurers are doing well.
We’re in a digital era focused on customer experience. Can your core system respond?
Business evolves along with the expectations of today’s consumer.
New regulations…Micro Insurance Policies…Cyber Insurance…Peer-to-Peer Insurance…Big Data…Artificial Intelligence…Gamification…Autonomous Vehicles…Block Chain…Digital Ledgers…Smart Contracts…Direct to Consumer Insurance…Telematic Data…More Self-Service Touchpoints…Internet Of Things (IOT).
Can your technology keep up?
OneShield Enterprise
Core Business Solutions
One of industries most versatile platforms, OneShield Software is designed for all markets and provides policy, billing, claims, rating technology and business analytics designed specifically for mid to large sized P&C, life and most recently health insurers.
Designed specifically for property and casualty insurers, this enterprise-class solution readies your business for the future.
Deployed “As-A-Service” in the cloud, this pioneering enterprise-class solution is designed for life Insurers.
Knowledge Hub
Explore insights from OneShield experts, customers and industry stewards:
Advantage Insurance, Inc. of Grand Cayman, Cayman Islands, is a leading provider of specialty insurance and related services to business owners and high net worth individuals.
Allied World (formerly Darwin) is breathing new life into the specialty lines market segment. Based on their commitment to outperform the market, Allied World required a superior technological and operational infrastructure.
With OneShield's collaborative team approach and in-depth subject matter expertise in the property/casualty insurance industry, CapSpecialty has been able to effectively leverage technology to positively impact its bottom line.
For more than a century, Federated Insurance has provided peace of mind to business owners through valued insurance protection.
The Hanover Insurance Group launched a commercial package program to provide 24-hour turnaround quote capability for all their agents. One key requirement of this project was the need to seamlessly integrate many systems.
ICAT, a leading provider of property insurance to businesses/residential in hurricane and earthquake exposed regions of the United States, chose OneShield as its policy management solution.
Main Street America needed a flexible, tool-based platform capable of handling its aggressive growth in the marketplace. They also wanted to improve their agent offering to ensure agents were being provided superior service.
Montpelier US Insurance Company (MUSIC), is a start-up created in 2007. The company was determined to hit the ground running. The first order of business was finding a system to handle a rapidly growing business, deliver the flexibility to manage the business nimbly, and get the company up and running as soon as possible.
PMA was in need of a billing system to handle both agency (both statement bill and account current) and direct billing.
Pure needed a flexible tool-based platform to effectively and rapidly introduce their unique policy products to a market of high net-worth individuals.
The Guarantee Company of North America (The Guarantee), a leader in specialty insurance within the North American marketplace, relies on OneShield as the policy, rating and billing system of choice for the leader insurer.
Travelers Canada (formerly The Dominion) wanted to provide “ease of doing business” for the brokerage community and internal users.