TCi Futures: How to modernise a legacy platform

We speak to Natalie Sankala, Operations Director at TCi Futures, about how insurers can leverage the technological capabilities of insurtechs to effectively modernise their platforms. 

In what ways can insurers modernise their legacy platform? Must they integrate an insurtech’s platform to succeed in modernisation?

One of the main challenges facing insurers today is how to modernise their legacy platform, which often blocks their ability to innovate, adapt and compete in the digital age. 

There are many ways insurers can modernise their legacy platform, such as migrating to a cloud-based platform that offers scalability, flexibility and security, as well as lower costs and faster deployment.

Insurers could consider utilising artificial intelligence and machine learning to automate processes, enhance customer experience and generate insights from data.

Integrating with third-party platforms that offer complementary services could help insurers innovative quickly.  

It may help insurers modernise the legacy system by adding new features, functionalities, and interfaces that the legacy platform may not be capable of doing.

In what ways are insurtechs helping transform the face of insurance to a more digital proposition?

Insurtechs are generally innovators using the latest technologies to improve the efficiency, accessibility and affordability of insurance products and services and appear to be much closer to the emerging needs and preferences of digital-savvy customers.

They are helping transform the face of insurance by better leveraging data analytics and AI to personalise the insurance offering and disrupt the way in which insurance is distributed through the likes of embedded insurance.

Insurtechs are also offering online platforms and mobile apps that enable customers to compare, purchase and manage their insurance policies anytime and anywhere must faster than ever before.

How are insurtechs able to foster digital transformation without disrupting the flow of daily business at legacy insurers?

Insurtechs can foster digital transformation without disrupting the flow by adopting a collaborative approach – we’re better together, right? 

By partnering with legacy insurers, insurtechs can offer innovative solutions that complement and enhance the existing products and services of the incumbent. This way, insurtechs can leverage the trust and expertise of the more traditional, trusted insurer, while legacy insurers can benefit from the more agile and modernised ways of the insurtech.

How much has P&C insurance, and surrounding regulations, insulated insurers from innovations? How is P&C insurance becoming more digitised today?

Regulations can often create barriers to innovation, such as limiting the use of new data sources, pricing models, or distribution channels however if correctly understood, regulation can also help shape and design innovative products that remain customer centric, fair and compliant.

Insurance is a sector that relies heavily on data and analytics to assess risks, provide services and manage claims. 

With the rapid growth of digital technologies, such as AI, cloud computing and blockchain insurance is becoming more digitised today in a number of ways.  

For example, we are seeing increasing use of big data and machine learning to improve underwriting, pricing and fraud detection.

What considerations must insurers make when considering a technological update to their legacy systems?

 A successful technological update can help insurers improve their operational efficiency, reduce costs, enhance customer service and gain a competitive edge in the market.

Insurers must carefully weigh the benefits and risks of upgrading their systems and choose the best strategy for their specific needs.

Each strategy will have its own advantages and disadvantages and insurers must consider factors such as cost-effectiveness, scalability, reliability, security, compliance, and customer experience when making their decision. 

Insurers must also plan for the transition process, which may involve data migration, testing, training, and communication.

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For more insights from InsurTech Digital, you can see our latest edition of the InsurTech Digital here, or you can follow us on LinkedIn and Twitter. 

You may also be interested in our sister site, FinTech Magazine, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18th October 2023. 

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