Insurance companies are faced with special challenges in the course of digitalization. In competition with new providers that clearly focus on online business, larger companies in particular often struggle with relatively rigid IT structures and existing systems that have grown over the years. This can also be seen in a direct comparison with banks, for example: competition from agile, particularly technology-driven fin-tech companies has often forced them to focus more strongly on their own digital transformation. In insurance companies, on the other hand, it is often complex workflows, for example in the area of case processing, which can reduce efficiency and productivity and quickly push the combined ratio into unhealthy areas.

Data Warehouses & Cubes: Great optimization potential in analysis

However, this is precisely where there is considerable potential for optimisation, which has so far only been fully exploited by a few insurers. Modern data warehouses and OLAP cubes, for example, enable a completely new, significantly deeper view of data. For example, this creates the basis for analysing patterns of previous loss events in far greater detail and precision and for making automated decisions in minor cases. Big Data is the key to massively increasing the rate of so-called dark processing when releasing claims – processes in which users no longer need to intervene themselves. At the same time, inconsistencies and unclear cases that require a more intensive, individual examination by a claim handler can be identified much more easily by data analysis. This creates the necessary flexibility to deploy resources where it actually makes sense.

B2B portals for networking with other companies

In addition to the automation of claims processing, insurance companies can also benefit from digitalization in internal services and in B2B communication with partners and companies. In some cases, modern individual solutions and entire B2B portals are replacing legacy systems, enabling optimal networking with other companies. Once this technical basis has been created, scalability in the cloud is usually no longer a problem. The same also applies to cross-location collaboration, if required.

We are your agile partner for digitalization

Our software experts know the special requirements of insurance companies and the current market conditions very well. Together with you, we develop an individual and agile digitization agenda that is tailored to your company and your existing IT infrastructure. Whether it’s a completely new development as a web service or an addition to existing systems: the aim is not to turn all processes upside down as an end in themselves, but to implement the most suitable individual solution. We would be happy to talk to you in detail about the added value that can be achieved for you.