We talk a lot about digital disruption in insurance and other businesses, but what’s taking place in core systems is not so much dramatic disruption as a series of steady advances. I have been spending a lot of time lately with the strategic allies in our Accenture Duck Creek core systems and processing business. These are best-of-breed companies busy revamping and expanding basic policy and processing systems, with new advances coming every week, or so it seems.
The big recent advances in core systems were, first, in creating configurable and scalable software to support all lines of business for insurers of all sizes, and second, using cloud to support rapid growth, new product development and a host of other functions.
Now, what was once an operation focused on transaction and claims processing now extends to a range of other areas, including:
- Making it easier for agents to do business with the insurers;
- Facilitating customers’ e-signatures and making the sales process smoother;
- Providing field testing and training;
- Linking CRM with core systems; and
- Making underwriting more profitable by using analytics to make sense of vast quantities of data generated from social media and other sources, helping insurers make better decisions about risk.
This has become a very exciting area for innovation. We have expanded our Global Alliance Partner program and are working with a host of companies to offer clients more solution delivery choices. Core processing and solutions may not make headlines but they provide the backbone that makes other breakthroughs possible.