Technological advances in recent years have completely shifted the way insurance eco-systems operate. These systems can bring together insurers and UMAs in ways that weren’t possible before, giving them a whole new scope of opportunities.
Traditionally, there were multiple legacy systems that were being utilised by various stakeholders in the insurance value chain. In essence each stakeholder, i.e the insurer, the UMA and the broker, would use their own particular system to manage their function in the customer’s journey. Data would be aggregated from the broker app into the UMA, or into the insurer, then the data would be manually manipulated / transformed in order to report to the insurer, the UMA, the broker and the reinsurer, each on their own matrix . This process was a very clunky and cumbersome way of operating. It would take a lot of time by human resources, actual people who sit and segment and break down the data so that it could be consumed by each one of those stakeholders.
COVER recently chatted to Tavio Roxo, CEO and co-founder of Owl Software to get his view on the evolving technology eco-system. Some of the points looked at were:
- Defining 21st century insurance ecosystems
- The shift from Legacy systems
- The starting point for insurers and UMA’s
- Should data be validated in real-time?
- The uptake from insurers on the concept of an ecosystem
- Looking at it from a software developer perspective