Since moving into the role of CEO last year, I’ve had the opportunity to meet more of SSP’s customers across the breadth of the market sectors and territories that we serve. While the way in which our customers participate in their chosen areas of business varies, there are some strong common themes in what they are looking for from the technology that supports their operations, and from the partners they choose to work with.
Almost without exception, our broker, insurer, MGA and adviser customers have a strong focus on flexibility, agility and making innovation happen within their businesses. This can be driven by external forces, such as their customers’ expectations or the threat posed by industry disruptors, or else the opportunities they themselves see to get ahead in the marketplace. Either way, in the ever more online world of insurance, innovation is certainly no longer the prerogative of start-ups. In the latest edition of SSP eye, Kevin Gaut examines how incumbents are innovating with the times to achieve greater success.
Real innovation in our industry requires a wider set of capabilities than traditional core policy administration software is able to provide. The digital capabilities required to deliver innovative new products across an ever increasing range of digital and traditional channels are best provided using specialist technology. At SSP, we are focusing our investment on enhancing our core insurance software alongside their integration with powerful best-of-breed components. We’ve got some great examples of where these are live or in implementation with brokers and insurers in the UK/Europe and Asia Pacific, and are looking forward to taking the new capabilities to market in Africa and the US/Caribbean.
In the UK broking market, the first customer using many elements of our new SSP Broking platform has been live for a number of months, and is adopting a number of these best-of-breed components to extend its digital capabilities.
Alongside the need to innovate to win in the marketplace, new and increasingly demanding regulation remains a time-consuming and expensive drain on companies’ resources. We’re working with our customers and modifying our software to play our part in enabling their compliance with these requirements, for example, the General Data Protection Regulation (GDPR) in Europe. There is an update on the measures we’re taking in terms of the GDPR below.
Finally, customers in both personal and commercial sectors are expecting an increasing 24/7 service, and of course, that service needs to be reliable and consistent. This, in turn, is leading more organisations to use hosted application services rather than to run them in-house. At SSP, we’re continuing to expand the breadth of coverage of our managed service capabilities, and to invest in the infrastructure, resources and processes that we’ll need to provide the service our customers demand. 2018 will be an exciting year for the insurance and financial services industry, for SSP and for our customers. We look forward to playing our part in delivering innovation, and helping our customers to provide the next generation of service to their marketplace.
This article is an extract from SSP eye issue 11