Administration systems are emerging as natural hubs for digital ecosystems. Given that all insurance businesses tend to run on a core administration system, they already provide the technology that runs many key administrative functions for their clients and have pre-existing integration frameworks.
The purpose of a technology ecosystem is to integrate many contributors with each other and with in-house capabilities. For most organisations, and especially insurance, it is difficult to develop a detailed understanding of how the various ecosystem components need to work together.
You can download the report 'From admin systems to ecosystems: Enhancing services through partnerships
To support the launch of the InsTech report, ‘From Admin Systems to Ecosystems: Enhancing services through partnerships’, Robin hosted a Live Chat to discuss the distribution, underwriting, claims and innovation benefits that are evolving from the ecosystem model and the role that admin systems can play in providing and enhancing them.
He was joined by:
- Tim Hardcastle, CEO & Co-Founder, Instanda
- Andre Symes, Co-CEO, Genasys
- Michael Lewis, CEO, Claim Technology
The panel discussed the various strategies available to the insurance community, the importance of selecting an administration system that aligns with those goals and how to select an ecosystem partner. As this model is still maturing the panel will also discuss the current challenges, especially for those with legacy technology issues, the importance of proliferating APIs and the opportunities that lie ahead for those who can successfully execute.