Meeting today's challenges in the Insurance Industry
No longer the Old-guard of Technology
The insurance industry, once seen as part of the conservative old-guard of information technology, is now leading the charge to implement new applications that drive improved efficiency and a greatly enhanced customer experience. From the industry-wide shift to direct-to-consumer sales models to the highly dynamic regulatory landscape, insurance providers are meeting today’s challenges head-on with major digital transformation initiatives.
Some of the major trends in the insurance industry IT include:
- Self-service customer platforms to manage everything from sales to automated claims settlement.
- Increasing automation across all front-end and back-end business process.
- IoT and telemetrics are fueling advanced data collection and analytics engines enabling personalization of premiums and reduced underwriting risk.
- Expanded customer engagement and outreach activities across multiple devices.
Modern development and delivery models such as agile methodologies and cloud-native microservices stand ready to help the insurance industry realize its objectives for greater efficiency and competitiveness. However, insurance technology leaders must overcome some of the industry’s specific challenges as they work to realize the full potential of digital transformation:
- The industry is characterized by deep layers of legacy technology, further complicated by growth that was fueled through mergers and acquisitions that did not always result in elegantly integrated systems.
- Insurance is governed by a labyrinthian regulatory framework with every state imposing substantially different rules for operations and reporting.
- Complex dependencies among applications and subsystems are not always fully understood, adding expense and uncertainty to transformation.
- Industry requirements for security, data integrity, surge capacity, and availability contribute to a continued wariness and resistance to cloud migrations.
- A lack of standardized digital maturity metrics in the insurance industry makes it difficult to prioritize investments.
Crosscode understands insurance services IT. Our Crosscode Panoptics software brings you the depth and insights you need to deliver the reliability, innovation, and security that insurance services demand:
- Know and understand all of your applications wherever they reside, from legacy code to microservices. Crosscode Panoptics supports Mainframe (COBOL and DB2) as well as Microservices on Intel-based servers.
- Understand your application data dependencies across the entire transaction space
- Impact assessment to plan for and execute new development and upgrades faster and with less risk
- Automated governance to control application and database changes across the infrastructure
- Audit trail capabilities to trace every change to your system