More P&C Insurers Are Deploying Next-generation Core Systems. Here’s Why.

March 12, 2024
Insuresoft

The race to digitization is on for businesses in all sectors, and Property & Casualty (P&C) insurance is no exception. People expect to transact online from any device, and they want personalized and proactive products, services, and purchasing experiences. While Millennial and Gen Z consumers were the initial driving force behind this trend, the pandemic raised both policyholder and agent expectations across all demographics. Despite the universal technological advancements we’ve witnessed in recent years, many players in the insurance sector – including carriers and MGAs – have been slow out of the digital starting blocks. The primary focus of their efforts has been enabling and improving self-service digital payment solutions and navigating the many challenges around insurance quoting, compliance, and management of FNOL services. But that’s no longer enough. Now, digitization needs to happen across the entire value chain from underwriting to distribution and claims and drive increased efficiencies and reduced customer acquisition costs. P&C insurers need to take a 360° view of the CX journey rather than focus on disparate solutions. That means building out and polishing their direct-to-consumer digital interfaces while concurrently equipping their agents with digital tools to ensure that traditional channels work better. Insurers in the winners’ circle will be those who design and deliver effortless, edifying, and hyper-personalized experiences while accelerating their speed to market. Learn more about Insuresoft’s Diamond Platform.

Strengthening the Core…

Delivering an open ecosystem as a core platform is no longer a “nice to have” but an imperative in the industry. And recent research indicates that forward-looking insurers are taking notice: Investment in core systems is on the rise, facilitating and accelerating digital transformation in the insurance industry, according to recent research by SMA. Ideally, these core platforms need to be:

Enabled by artificial intelligence (AI), machine learning (ML), and a high degree of automation
Built on a cloud-native architecture to reduce cost, optimize scalability, and support faster release cycles while easing the management burden on internal IT teams

…Without Losing the Human Touch While core platform optimization and the integration of AI and ML can help firms “automate away” a fair degree of manual effort, the human touch is still important. But understanding when and where customers want human touch points and interactions (and when they don’t) is also vital. It’s a delicate balance to manage. To clarify these issues and operationalize their digitalization vision, more P&C insurers are engaging third-party tech partners to pursue human-centered design that inspires trust. Such partners can also help insurers streamline the management of their operations, boost productivity levels, increase collaboration, and reduce risks from human errors that can lead to customer dissatisfaction and unwelcome expense while ensuring they don’t fall foul of any compliance regulations.

Insuresoft – Tech-forward, Human-centered Policy Admin Solutions that Position You to Win

Insuresoft understands that becoming a “digitally primed” insurer is imperative in a marketplace where competition is fiercer than ever, and customers expect nothing but 5-star service. Our goal is to position insurers to navigate this increasingly complex environment and inject greater agility into their operations. Our flagship platform, Diamond, is an all-in-one enterprise software solution ideal for both personal and commercial lines. It combines core policy processing, digital engagement, and intelligent data to advance each insurer’s mission.

Why Our Clients Choose Us

Flexibility

The Diamond Platform can be implemented as a suite or one component at a time.

Expertise

Our team knows the insurance industry, and our people have an average tenure of 11 years at Insuresoft. We hire and retain the best and brightest. The insurance business is as important to us as software development, so we know how to build the best insurance platform for insurance professionals.

Proven

The Diamond Platform footprint spans 50 states with over 375 modules in production. Our continuous upgrades to technology and functionality reflect our commitment to providing excellent customer service and lasting partnerships. Our clients have stability and receive regular technology updates, eliminating the worry of being stuck on a legacy system. We have a track record of 100% implementation success – every client who signs a contract with us moves to production. But don’t just take our word for it; our clients say it best themselves. We’re proud to have received a 4.8 out of 5 average rating from clients rating us with Gartner. Here’s what some of them have to say: “A partnership is critical to a successful relationship. The Insuresoft team listens and offers guidance and direction when asked. Their input is very helpful and appreciated. It is evident that they understand the working of a partnership.” “Ability to work with company on requirement and deployment. Sees the big picture on company strategy. Flexibility on price vs. benefit.” “Great core product and company keeps up with technology trends.” “The Insuresoft/Diamond system has been a solid system for us for the past 18 years, and we look forward to the same continuing in the future.”

You Create Amazing Value for Your Policyholders. Let it Shine.

Insuresoft’s Diamond Platform gives you the power to accelerate and scale across distribution and engagement channels – with intelligent, data-driven, human-centered solutions that face forward. That means you can deliver the personalized experiences your customers want today – before they demand them tomorrow. We’re not about imposing new “standard” systems and processes; we focus on chipping out variances and inefficiencies to reveal the sustainable value at the core. Your business vision will always be unique and forever central to your customer promise. Diamond just lets it shine through. We polish each facet, giving it an ultra-sharp, competitive cutting edge. Learn more about Insuresoft’s Diamond Platform.