Intelligent Issue 7 - Page 51


Intelligence ( AI ) and Machine Learning , meanwhile , easily filter out fraudulent claims . Your insurer is also likely to have an old mainframe server that houses massive databases , with the basic business rules of insurance hardcoded into the system .
The best insurtech platforms combine those functions and technologies seamlessly .
How does this partnership demonstrate the ease with which branded entities can enter the insurance market ?
The process took roughly two months from spec to go-live , which is unheard of in insurance circles . Usually , just getting the different databases to ‘ talk ’ to one another can take a year . Our API-based operating system resolves that problem from the get-go .
What advice would you offer key decision-makers looking to expand into the insurance sector ?
First , think about what your customers want – this is the main difficulty when designing new products . Once you ’ ve got that resolved , assemble your ecosystem of value chain partners , including underwriters , admin partners , etc . This is where a modern API-based insurance operating system can be extremely helpful , enabling each of these partners to seamlessly interact to deliver value to the final customer . �
When contracting with ACT , you ’ re not just getting agent capital but a leadership team in a box . www . intelligentfin . tech