Insurance enterprises can end up spending billions unless they can build integrations in a fast, simple, and efficient manner. With the rise in digital initiatives, carriers are waking up to the implications, and experts have some typical observations. Carriers without a proper integration layer are failing to keep up with synchronization demands and failing to grasp the innovations. They are not able to anchor their ecosystem with other B2B networks. Insurance enterprises don’t have a clear about how to:
The answer to these questions resides in a cross-application insurance integration framework. This framework packs comprehensive extensions to scale insurance solutions. A standards-based reference model helps enterprises to create flexible business process integrations across the carrier network.
System Layer: Business users get a single run-time engine that covers underlying core systems of records, i.e., billing systems, proprietary database, etc., and makes them accessible for business users. The users can access these systems in a canonical format and get downstream insulation via interface changes and rationalization. All these systems can be governed by the IT from a centralized monitoring dashboard.
Process Layer: The business processes that interact and generate data are encapsulated so that they can deliver the data in the target channels. For instance, the purchase order process can be extended in a way that it can call any other service by product or channel specific service.
Experience Layer: This layer ensures that data can now be consumed across different channels in different forms. For instance, a backend system at a TPA can receive the data in customer information fields in different formats. In this way, data can be organized into a common source without much difficulty.
Network Layer: A network layer on top of hardware platform enables smoother transition of services. It ensures that network in a pane is programmable, agile, and decoupled for innovations. In this way, multiple data planes can be cloud-based management. Automated network arrangement can help insurers evolve more easily.
These elements help enterprises in becoming more cohesive, treating processes as discrete elements, and exposing them via decoupling. Factoring these elements can help enterprises in bridging the gaps between processes and bundling an appropriate insurance strategy. By bridging these gaps enterprises can bridge legacy and digital application and set up insurance as a platform of the future.
Start-to-end connectivity allows insurers to reduce differences between processes and aggregate data for pricing policy. They can swap third-party Insurtech solutions for improved speed-to-market and competitive edge.
Enterprise integration platform provides reliable benefits to insurance organizations. The platform can be scaled efficiently for greater adoption and creating reusable assets across the organization. Insurance organizations can set a center for enablement where they can thrive successfully in a rapidly evolving environment. The end result of this model is 3X faster time to launch new insurance products, integrate systems, unlock data, and 30% decrease in cost overheads.