Insurance, as we know it has been around since the 14th century, making it one of the oldest industries in the world. Being such a mature market, there is not much room for growth. Most customers that need insurance policies already have them. There are two drivers for any insurer to increase profitability, customer acquisition & cost reduction.
Over the last couple of years we have seen large Insurance transformation projects as insurers realize the landscape is evolving and try to cut their cost. The most common way to do this has been to implement new technologies that streamline processes and limit the need for human assistance. These technology implementations are massive multi-year projects that require current state/future state analysis, Enterprise Architecture, Technology configuration & integration, User Acceptance testing, and much more.
The market is now further evolving with the introduction of robotic process automation coupled with the
Leading Market Products
Guidewire (PolicyCenter, ClaimCenter, BillingCenter, Digital Portal, ContactCenter)
Duck Creek Claims, Policy Administration, Billing
RPA – Automation Anywhere, Blueprism, Openspan, UIPath