With life insurance policy sales experiencing double-digit growth fueled by the COVID-19 pandemic, consumers are clamoring for products and services that meet their individualization and personalization expectations. To answer this call and gain a portion of the exploding market share, leading individual life insurers are rapidly innovating their underwriting practices to become faster, more streamlined, and app-enabled.
In the first blog of this series, we discussed the strategies necessary for modernizing your individual life underwriting. In the second blog, we covered the digital underwriting approaches required for delivering personalized and individualized experiences, accelerated underwriting (AU) and continuous underwriting.
Unsurprisingly, technology is the final component for successfully navigating the new rules of underwriting, and is the focus of this blog.
Putting it all together with coretech
Accomplishing all of today’s many individual life underwriting requirements takes a core platform that completes complex tasks at nanosecond speeds. This is where legacy, and even more recently-developed modern legacy systems, fall short.
Legacy and modern legacy platforms simply can’t serve up the insights from underlying systems, connect them with external data sources, support digital underwriting approaches, like AU, and give underwriters the intuitive tools to create fully digital workflows. They’re also unable to give your agents modern tools for interacting with policyholders and prospects.
Fortunately, coretech offers a better way. A coretech platform provides all of the underwriting capabilities you need, along with similarly robust policy service, claims, billing and digital experience infrastructure.
An innovative coretech platform is:
Cloud native, which means purpose-built for the cloud and engineered to include life-centric cloud capabilities end-to-end. Beware offerings that have simply migrated legacy core systems to the cloud as this creates costly, inefficient legacy debt. Secure microservices architectures, containerization, event-driven capabilities, and being cloud provider-agnostic are all hallmarks of a rapidly adaptable and scalable cloud-native coretech.
Customer centric, to permit introducing any product, supplying it via any channel, selling it to any customer and evolving it continuously. Such a solution provides configurable tools and leverages AI-assisted automation to blend channels into a unified or “channel-less” experience for your agents and customers.
Exceptionally open, to enable connecting with multiple types of data sets, share insights with your financial services partners and interact with ecosystem participants. The most innovative coretechs supply thousands of open-source APIs and events because interconnecting with a single source, whether internal or external, can require dozens of APIs.
Extensive ecosystem support. A coretech with multiple types of individual life insurance-centric communications protocols will supply your business users with the widest array of options for connecting with multiple types of ecosystem participants and developing modern product bundles.
DevOps enabled, which ensures the coretech is evolved rapidly and non-disruptively to keep pace with your evolving AU and continuous underwriting platforms as well as adjacent systems like analytics and rules engines. DevOps also reduces your company’s IT training needs and increases management efficiency through cross-platform Infrastructure-as-Code (IaC).
As we’ve discussed throughout this series, addressing today’s underwriting expectations requires the ability to rapidly consume, analyze and draw insights from data, regardless of the source, along with the capability to interact seamlessly and comprehensively with a variety of associated underwriting engines and partner systems. That’s exactly what coretech delivers.
To learn more about how an advanced coretech solution can power your individual life insurance innovations, download our “Buyer’s Guide to Insurance Core Systems for Life Insurers” or contact us today.