Today’s insurance industry needs to be able to pivot quickly and get to market even faster, while still focusing on cost savings, operational efficiency, and customer experience. The increasing customer demand for a superior digital experience has driven the need for insurers to accelerate their digital strategies and innovate with next-generation technologies. But that is much easier said than done.
Several factors are preventing insurers from realizing their digital transformation objectives:
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Legacy Systems That Significantly Limit Growth
The insurance industry has traditionally been legacy dependent, lagging behind other industries in the use of innovative next generation technologies. These legacy systems and approaches to integration development greatly hinder the ability for enterprises to deliver on their initiatives.
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Product Development That’s Never Quite Fast Enough
One of the biggest obstacles insurers face is bridging the gap between customer expectations and the speed at which development teams can actually deliver a frictionless experience. After investing significant resources, insurers find they still can’t make it to market fast enough.
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IT Project Backlogs That Keep Expanding
With digital transformation at the forefront, insurer IT project backlogs keep growing, while resources and budgets may not be. These lengthy project queues cause teams to battle for position and priority. Per Salesforce, 72% of IT leaders state that project backlogs are preventing them from completing strategic initiatives.1
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The Lingering Technology Talent Crunch
Recruiting and retaining the right talent in an extremely competitive job market is a huge challenge that insurers currently face. It’s very difficult to find skilled candidates and roles requiring technology skills top the talent crunch list.
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Inability to Integrate with Digital Ecosystems
Legacy systems not only hinder new product development, they also hinder the ability to integrate with digital ecosystems. Ecosystem development is a strategic imperative for many carriers and requires integrations with several different business partners.
The Agility and Flexibility of Low Code Tools
Low-code tools such as integration accelerators (pre-built code packets) not only provide a less expensive alternative to traditional custom integrations, but they also allow for quicker development, significantly lessening the burden for IT areas. And with the existing technology resource restraints, these low-code integration accelerators couldn’t be more needed. By enabling the agility, flexibility, and innovation insurers need to meet the demand for real-time responsiveness, low-code accelerators can be a game changer.
‘Made for Guidewire’ Accelerators: Providing Speed to Market with Reduced Development
One Inc’s out of the box integration for Guidewire InsuranceNow and ‘Made for Guidewire’ pre-built accelerators for Guidewire PolicyCenter, BillingCenter, and ClaimCenter help carriers reduce risk by offering a seamless integration path with reduced development effort and deployment time. Because they have already been through a rigorous validation process that ensures the quality, security, and compatibility needed to integrate Guidewire core systems with One Inc’s digital payment platform, they allow carriers to quickly deliver a frictionless payment experience for customers, adjusters, agents and vendors. By providing speed to market and reduced risk, One Inc’s ‘Made for Guidewire’ accelerators deliver integration and configuration without disruption - a quick win for future-focused insurers.
Learn More about One Inc Accelerators in the Guidewire Marketplace:
https://marketplace.guidewire.com/s/global-search/%40uri#q=one%20inc&t=Marketplace&sort=relevancy
Sources
- https://www.salesforce.com/eu/blog/2020/01/enterprise-technology-trends-report.html
