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INSURANCE - Continued article
Helping Insurers become digital at their core
New product types, which are bite-sized or dynamic, cannot be launched quickly and across all channels
The User Interface (UI) is outdated and can’t be changed based on regulations, new products, new lines of business or to offer better employee experience
The IAS does not have APIs or integration mechanisms that are easy and to launch any new digital initiative takes significant time, cost, and effort
There is no single view of the customer across multiple policies or across all lines of business
Changes and upgrades are a huge exercise and have to be done every 2 or 3 years with significant efforts from both sides (the vendor’s and insurer’s sides)
The core is not modular enough to pick and choose best-of-breed components, for e.g., product management, claims or reinsurance, from other vendors. The monolith approach creates dependencies on only one vendor to be the best across all modules.
Some of the common problems cited by most have been:
We, at Azentio, have been working hard to solve this problem with the aim of enabling our insurance customers to become Digital at their core through three acquisitions, 3i Infotech’s
PremiaTM, Candela Labs’ Intelligent Automation Fabric, and Beyontec’s Insurance Platform.
In our quest to bring to you the world’s best Insurance Administration System, we are leveraging all the assets from these acquisitions - technical, domain, and the experience of over 200 customer implementations. We have a robust roadmap combining the best elements with new components added every quarter, starting with the first quarter of 2022.
Azentio Insurance’s new core system is amalgamating the best-in-class modules from PremiaTM, Beyontec and Candela Labs’ Intelligent Automation Fabric such as the product configurator, migration framework, rules engines and much more to create a robust core platform. It also consolidates line of business modules across life, health and general insurance for retail, commercial and Takaful insurance. But with this effort, we have just begun the multistage process.
At Azentio, our real focus will be on creating the New Core, a platform that will be designed for the client, with the client and our development team.