Liza Smith, Chief Revenue Officer, OneShield Software
The business of selling insurance is changing. It was generally understood that “insurance was bought, not sold” so insurers could focus on investing in predictive analytics and modeling of risks to protect their profitability. Now, insurers must compete with two disruptive forces impacting their future; emerging consumers that want self-service options and the start-up insurers that believe they can provide that experience – much quicker, faster and cheaper with modern technology.
As highlighted in the 2019 Insurance Outlook by Deloitte Center for Financial Services, 90% of consumers would prefer to self-manage policies through mobile devices, web portals and other digital channels.
Insurers that have self-sufficiency with their technology platforms to evolve as the market dictates will fare better amidst the disruption. However, what if one of the most important cornerstones of the business — your core Policy Administration System (PAS) — hindered, slowed or blocked your technical capability to respond to consumer demands? Limiting your organization the ability to quickly address business needs such as; increased personalization, flexibility of offerings, real-time pricing changes, consumer-activated insurance, and other product innovations.