White Papers

After the Shock Part Five Big Tech and Insurance Trends

Issue link: https://content.ssp-worldwide.com/i/1351306

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After the shock — Insurance in 2021 and beyond 31 As insurance products evolve from siloed propositions to integrated solutions that embrace an ecosystem of complementary partners, the insurance provider's technology architecture must adapt accordingly. Whilst closed systems were adequate for narrow insurance products, they are unfit for purpose in 2021. The ability to integrate with a growing number of other systems, enabling automated data transfer (and processing) between parties, is essential if you want to provide the sort of service that consumers – both personal and commercial – expect in the modern age. To achieve this, insurance companies must adopt technology which is built using open architecture and is API-enabled. This is standard for InsurTech start-ups – which make up a large part of the ecosystems – and is essential for incumbents looking to partner with them. APIs are essential It is evident that siloed, on-premise legacy systems that lack modern data tools cannot support this new business model. Wrapping digital components around the systems is also ineffective. Insurance companies must, therefore, adopt cloud-native platforms that are built on open architecture. Many are setting up new business units that adopt cloud- native technology from the outset, to launch new innovative products to market quicker and cheaper. Please do get in contact with me if you're looking to innovate and would like to explore SSP's cloud- native, API-enabled, data-centric insurance platform – we'd love to help you achieve your goals. What to do about legacy?

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