How to Accelerate Innovation in Insuretech

The insurance industry is going through a vast innovation cycle that will alter how products are sold and managed. These changes will also simplify how carriers, brokers, MGAs and insureds interact with each other. This blog covers how technology can simplify and accelerate this groundbreaking process.

The main drivers for these innovations are:

The insurance domain experts often conceive of a new insurance product idea. That is when the challenge starts:

Before we get into the solution of the problems, I would like to discuss a real-life use-case our team was involved with recently. This application supported the following functionality:

The system didn’t have that many well-defined use-cases. Yet, its technical implementation turned out to be a very long project. While the domain experts did a fabulous job of defining the use-cases, and the technology team also did a great job during the implementation, we learned several lessons that we like to cover in this blog.

The application had the following requirements:

The domain experts provided an excellent design of the user interface and process definition. The technical team got to work and came up with the following architecture.

The application was delivered successfully and, as of this writing, has been functioning smoothly for several months. But looking back, we realized that most of the time was spent on the activities that had little to do with the domain of insurance.

We missed out a few pieces in our architecture. As we know more about these now, a future Insurtech architecture could address these. It will help accelerate the delivery of future similar applications at a rapid pace and at a much lower cost.

Based on the above considerations, we recommend that future Insurtech applications follow these architectural principles:

Related posts:

Ever since I started working over 13 years ago, I realized that my patience wears thin really quickly compared to when I was younger. I get angry faster, I lose my temper and I snap at people very…

Is it just me or is time moving way too damn fast?! I remember my summers being long with the next season being eons away. This last summer felt like a blink. Gretchen Rubin famously wrote, “The days…

Twitter made a sudden and drastic decision, as it typically does whenever a firestorm of controversy erupts, which has reignited the outcry of ‘free speech’ on the platform once again. Yesterday…