Jo spoke about the launch of InHub and key trends in insuretech.
The best part of the Insurtech Insights Conference, according to Jo, was seeing businesses from all corners of the insurance industry come together to solve problems that have been traditionally siloed.
She believes ecosystems are set to play a huge role in the evolution of the industry, as insurtech businesses increasingly talk to each other and find innovative solutions to bring software, products, data and services together.
Consumer demand is driving innovation
Jo tells Polly that consumer demand is shaping the industry now more than ever and driving organisations to look at their customers differently. She says: “Consumers are increasingly expecting to buy insurance in the same way as they buy their holidays or white goods – quickly, online, and often without needing to speak to someone”.
When it comes to personalisation, Jo highlights that data is key. It’s no secret that insurance has traditionally been known for being paper-heavy and reliant on manual processes. Jo says: “The more that insurers can do to digitise data and connect it into every part of the lifecycle, the more they will be able to learn and understand about their customer needs, resulting in even more competitive products and services”.
Tech must be leveraged across the lifecycle
The use of technology is another big talking point for the industry. Jo emphasises that there are pockets of the insurance industry where cutting-edge technology is being used. Things like AI and machine learning are good examples of this. But this technology isn’t being used across the board. Jo adds: “There is a huge opportunity to leverage these new technologies by implementing them across the lifecycle and using them to their full advantage”.
Jo notes that one of the biggest challenges in the insurance industry currently is legacy systems. She says: “When we look at a typical insurer or broker, due to mergers and acquisitions, there’s a lot of legacy technology which sits in their IT stacks”. Jo explains this is where Charles Taylor InHub can really help. InHub helps organisations to integrate legacy programs into the cloud to increase efficiency and standardise processes, which reduces the cost of the IT landscape by evolving rather than replacing legacy systems All without interrupting daily business operations.
Charles Taylor Insuretech
Brokers, carriers and MGAs are just a few of the types of organisations that Charles Taylor Insurtech works with across the insurance industry to help tackle their business challenges. These challenges come in all shapes and sizes and can include anything that stands in the way of them achieving their corporate objectives.
Whether it’s revenue growth, improving customer experience or optimisation of legacy systems, Charles Taylor InsureTech’s cloud-based InHub helps the insurance value chain deliver better results. As Jo describes: “InHub allows organisations to pick and choose pieces of the insurance lifecycle that they want to put into a digital format”. Allowing them to evolve to the latest digital landscape gradually and in line with business priorities.
InHub is a cloud-based SaaS capability hub that delivers a unique connected experience for the insurance market and their customers. It brings together a suite of best-in-class insurance SaaS solutions into a secure, cloud-native ecosystem. It unites all of Charles Taylor InsureTech’s established products that support digital capabilities across the insurance lifecycle and value chain.
Through its integrated architecture, InHub enables clients to buy and use only the technology and services they need to grow their business, get closer to customers and optimise operations. The InHub framework and architecture has been developed in conjunction with Microsoft and Oracle, and also has a marketplace layer where clients can access software created by third-party suppliers.
