InsurAgility is a software-as-a-service (SaaS) cloud-native application aiming to manage the insurance product development processes, portfolio, compliance, and governance. With its solution, InsurAgility aims to meet today’s insurance companies’ problems:
• Insurance is a key part of any economy and it is a complex business, requiring sophisticated management of risk and of distribution and service networks.
• Insurance companies are facing unprecedented regulation and disclosure responsibilities, which have increased the effort and cost of compliance, also increasing the risk of non-compliance through heavy fines.
• A low interest rate environment limits investment while at the same time, new business opportunities demand it.
• Many insurers are held back by a business and technical legacy which they can’t live without, is hard to change and was definitely not designed for the digital age of mass segmentation.
• The market is changing at great speed, fragmenting customers and new distribution method, there is a lot of pressure and desire to address these challenges with new methods.
• It is many times not viable to change entire systems, that represent years of investment, to meet this challenge and this frustrates many insurers.
• The time and cost of launching a new insurance product is too high, endangering segmentation and proper placement of insurance products.
The challenge today is complex and requires a broader solution that can handle existing accumulated problems. These problems lead to loss of profits (for companies due to loss of opportunities), lack of insurance (for citizens not being insured for a given context), and an overall brake on innovation and citizen security. Insurance in one of innovation cornerstones and giving to consumers the right insurance on the right time provides safety and fosters investment and innovation.
InsurAgility comes with a two-folded solution to these problems: with a unique solution focused on an insurance product development process management and governance and also with a process that enables insurers to meet their customers’ expectations regarding time to market and compliance.
