Many insurers and brokers have made a rapid transition to remote team working during the last week or so. But the speed of change can put a strain on in-house systems, and things like Mid-Term Adjustments need to be processed efficiently, while maintaining regulatory compliance. Here are some comments from Tony Tarquini at Pegasystems;
“It goes without saying that in the Open Insurance era, fully understanding and following Polaris data standards has never been more important.
“However, it is very difficult for insurers to make sure they are meeting these expectations due to there still being a continued heavy reliance on legacy technology systems that are 20 or 30 years old which are expensive and time-intensive to maintain and adapt.
“As long as insurers’ customer engagement is not carried out via such legacy policy administration systems though, and customer data is instead managed through modern, agile platforms which offer ‘out-of-the-box’ functionality, insurance companies need not worry.
“Modern platforms allow insurers to put restrictions on access to data to those not authorised, have a clear audit trail down to the last keystroke of what actions employees have taken and quickly block users from accessing sensitive data where GDPR privacy is required.
“Modern technology platforms also allow insurance companies to innovate and improve service, vital with the growth in insurtechs and competition intensifying.
For example, with a modern, agile platform that provides no-code/low-code solutions, companies don’t need to spend months hardcoding changes into their system. Agile systems allow users to easily drag and drop data into APIs and get things done in as little as an hour.
For example, insurers can plug additional services onto their website so that when a customer is buying insurance, they can book a holiday, hotel or car in the same transaction. Being able to do things in an easy, accessible way is the thing the marketplace is looking for. Insurers just have to be ready to deliver.”