It is no secret that insurance and insurers, as we traditionally know them, have been facing many challenges. This is due to the emergence of the new-age disruptive technologies that are altering the landscape.
Given the age-old philosophy of survival of the fittest, it is companies that manage to adapt themselves in the face emerging technology, which will be frontrunners. The ever-changing Initiatives such as Omni-channel customer experience and digital capabilities
need to be at the forefront. However, the basic underlying question is - how can legacy systems and internal IT Architecture respond to the new business models.
Insurers have to ensure that their IT architecture opens up well to the new horizontals of the Cloud model, Software-as-a-Service and open source platforms etc. It is here that the core Insurance systems play an important role in achieving the digital state
of art architecture. Open source tools and platforms can prove to be enabler for Insurance companies who want to master the art of managing costly implementations and at the same time enabling the faster speed to market. The solutions such as Hadoop and Liferay,
Faktor-IPS rely on the open source community enabling conversion of ideas and products into implementation without the hassle of licensing costs.
For Insurers open source Insurance development tool can offer the possibilities to create, edit and document the business model. Even the program code can be generated directly from the model, which can be used as a basis for different applications. Based
on the business model, complex Insurance products can be easily defined and maintained.
With continuous focus on the customer requirements, insurance industry trends be it Digital or Omni channel etc., customer feedback and innovative ideas has to sit directly in to the heart of the product development.