Charles Taylor InsureTech has launched the world’s first Cloud-based life, health and protection insurance platform.
Using InsureTech’s cloud-based platform, life, health and protection insurers can now launch and scale-up new products in a matter of weeks, instead of months or sometimes years. This new technology will create a step-change in the development of new products to meet the ‘protection gap’ as insurers will be able to launch targeted offerings for niche markets quickly.
The initiative offers an opportunity to insurers and brokers who are able to spot rapidly growing niches in travel, consumer, or collectors market segments. Product developers could use an algorithm to track surging demand on ebay, Amazon and other sites, or assess seasonal spikes in search volumes, so that Christmas travel risks, designer handbag collections or summer-only mountain bike usage could be covered via online policies.
For example, if an insurer wanted to launch a new product for individuals with cardio-vascular disease or a mass-market protection product distributed by trusted third party brands, this could now be done in less than 3 months. This not only meets the customer demand but will give the insurer a first-to-market competitive advantage.
Jason Sahota, CEO of Charles Taylor InsureTech said:
“Cloud computing is a well-established means for businesses to access software over the internet, but its take up has been slower in insurance than other market sectors. Now, by accessing InsureTech’s platform on the Oracle Cloud, life and protection providers can develop, run, and manage applications without the complexity of building and maintaining the hardware infrastructure.
“The life and protection market is changing fast as insurers respond to increasing customer demand for on-line products. Using our platform insurers can get a new product to market far faster than was previously possible, at a lower cost and with instant scalability. The first release is focussed on individual protection products, later releases will support group protection and individual investment products.”
The platform is powered by the highly-rated INSIS Policy Administration System developed by insurance software specialist Fadata Group. It provides an end-to-end solution for life and protection insurers that includes pre-configured business process models and product configurations, together with an extensive library of Web Services to support integration with external systems.
John Abel, Vice President of Technology and Cloud, Oracle UK, Ireland and Israel at Oracle said:
“INSIS is one of the insurance industry’s leading policy administration software solutions and InsureTech’s core insurance platform means that users can now enjoy the benefits of cloud-based working, from flexibility and scalability to the guarantee that they are working with the most up-to-date version of the product.”