Changes in protection insurance are occurring faster than ever before.
Industry curveballs happen all the time. New regulations, acquisitions that create harder-to-compete-with USPs, new competitors, and newer, more innovative products to compete with — it’s always something.
Though legacy technology makes it difficult to stay ahead of rapid changes, the right tools can empower protection insurers to both keep up and stand out as industry leaders.
Static Tech: The Ultimate Agility Blocker
There’s undoubtedly been a fundamental uptick in the cadence of protection insurers making strategic moves, with no signs of slowing down.
Unfortunately, the static, monolithic systems of old don’t have the tooling or deployability to adjust to these changes and stay competitive.
Because they operate on monolithic code structures, they don’t allow insurers to operate with the speed to market today’s rapid changes demand. Fundamental changes or new policy types can take several months to years, rather than a matter of weeks or just a few months.
Insurers Are Only as Agile as Their Tools Allow
Having the agility to pursue strategic initiatives comes down to selecting the right technological back-bone. The right technology will empower you with low-code or no-code tooling, which frees you to make desired changes without any hand-holding from your vendor. It’ll also have an architecture with strong product governance built in.
Better yet, a microservices setup and open APIs provide the interoperability required for a truly connected ecosystem that can integrate with HR administration software, payroll, and absence management platforms.
Keep Up With Your Ever-Changing Business Needs
A large part of the capability gap between coretech and modern legacy platforms is the agility they allow.
A core platform like EIS Suite helps you stay ahead of changes, making strategic moves in a timely manner.
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