Purchasing enterprise software for your insurance business is a considerable investment. So, exercise diligence by gathering as much information as possible about different Insurtech platforms before making an informed decision.
Asking the Insurtech service provider the right questions is the best way to know what they offer and what they do not.
Here are a few crucial questions to ask the Insurtech service provider.
Is the Insurtech Platform Cloud-Native?
The Insurtech platform is the backbone of insurance business processes. Hence, it needs to be reliable, fast, and secure. Legacy enterprise software used by the insurance industry lacks the ease and agility of cloud-native platforms. Hence, legacy platforms take years to develop new insurance products and include new features.
Kanopi cover is a cloud-native Insurtech platform that can deploy insurance products within a few months. Insurance companies can conceive, develop, and launch innovative insurance products as per the market’s demands in very little time.
Cloud-native Insurtech platforms enable automatic updates, which means new innovative features are made available to customers without delays. It also reduces the need for on-site maintenance that can disrupt business continuity and eliminate the need for expensive upgrades. Besides, cloud platforms are self-correcting, and there is zero service interruption or downtimes.
Does the Insurtech Platform Offer Flexibility in its Implementation?
Implementing technology solutions is an arduous process for every business. Insurance companies must enter multiple service contracts with different service providers to install and maintain the software. Onboarding is also a complex process, and it may take weeks for the training and customizations.
The Insurtech platform can provide you with machine-learned data to make customers’ insurance products. Since it is cloud-based, the implementation is easy, and you can create and launch insurance products without external help. Kanopi cover is readily available, and you can choose a customized version of the Insurtech platform to reduce costs.
Can the Insurtech Platform Be Integrated With the Existing Systems?
While there are several benefits of migrating to a new technology platform, insurance companies are worried about the legacy systems and the valuable data it holds that have accumulated over the years. If the insurance company has already implemented digital solutions for marketing automation and related areas, the company may want the new platform to work together with existing digital systems.
Insurance companies need to ask Insurtech providers the extent of integration they can provide with existing systems. You need to look for Insurtech platforms that can be fully integrated into existing systems.
How Will Insurtech Platform Affect Your Daily Operations?
New technology solutions require companies to make some changes, and you need to know the impact and the potential areas that will be affected during Insurtech implementation. The Insurtech platform works to streamline existing processes. So you need to understand how it will affect workflows in your company.
How to Measure the Success of the Insurtech Platform?
When you invest in new technology, you are eager to know its impact on the bottom line. The Insurtech platform provides data and KPIs that can measure the success of technology solutions. You can use the data provided by the technology solution to improve your operations and make better decisions about insurance products in the future.
Insurance companies can establish benchmarks to track the progress of different processes and services to measure their effectiveness.
So, these are some questions you need to ask the Insurtech service provider to collect information and make an informed decision.