Digital technology has completely changed the game in the insurance industry, redefining every step of the insurance lifecycle
Coined “Insurtech”, this term describes the introduction of novel technologies bringing innovation (and disruption) to the insurance sector, ultimately influencing regulatory practices within the market. New methods of service provision and improved methods of data collection, analytics, business intelligence and fraud detection have created opportunity for better risk identification and mitigation measures. In addition to this, new digital technologies have the potential to affect the franchise value proposition of insurance companies. Policies which have tailored coverage and simplified claims processes can improve coverage to segments of society that up until now have not had access to financial protection.
As new, digital-born insurers enter the playing field, those who are bound by complex legacy environments and struggle to offer a simplified digital insurance experience for customers will battle to keep pace with these new agile players in the market. “Using technology, these organisations will need to pivot and reinvent their workflows,” explains BBD executive, Jacques du Plessis, “not only to keep their market share but also to unlock operational cost savings”.
Finding the right technology partner
“With technology embedded in each and every step of the insurance process, it’s important that insurers looking to digitise their offering and operations do so by partnering with the right team” he adds. Over the last 30 years, BBD has worked as a software partner with leading risk, life and investment insurers to provide innovation that has improved customer experiences around the world. Their insurance experience covers system design and development, platform development for both web-based and mobile mediums, as well as integrating cloud within their insurance solutions.
BBD has helped many insurance clients with replatforming and optimising their solutions to ensure maintainability, optimal performance and cost efficacy. To date, and among various solutions developed for clients in this space, BBD designed and implemented a fully scalable generic rules engine for a leading short-term insurer. For another client, they leveraged Azure cloud technology to develop a state-of-the-art and scalable premium collection and disbursement platform, which has led to operational cost savings. Additionally, BBD was the software provider behind one of the first companies in the UK and EU to build a cloud-based SaaS software solution for front- and back-office systems.
To create these solutions, BBD leverages extensive expertise from within its highly skilled team, boasting several subject matter experts in short-term and life insurance. Coupled with industry-specific experience, BBD can offer specialised consulting to insurers, brokers and their partners on how to leverage new technologies in the digital insurance marketplace.
Rest assured with BBD
“At the heart of the race to stay competitive and on the bleeding edge of insurance delivery, lies flexibility and the ability to innovate”, says du Plessis, “we enable this for our clients, and more”. If you’re looking for a team that offers combined technical expertise and industry knowledge, are able to deliver to tight deadlines to create solutions at speed, get in touch today.