Here’s a problem: Insurance companies need technology to meet their needs for the present, but they need it to be future-ready. Insurance carriers and MGA’s need their technology to solve the problems we’ll face today AND tomorrow. So how can we do that?
Nobody knows what the future will hold. The last year or so has made this painfully clear. We don’t know what will happen in the future – but that doesn’t mean we can’t plan for it. We can assume there will be both challenges and changes, and we can build technology that will help us face those challenges and adjust to those changes, whatever they may be.
Technology That’s Better Than “Good Enough”
“Good enough” often isn’t good enough, at least not in the long run. Technology advances quickly, and what we consider the bare minimum today will likely be obsolete tomorrow. We can see this in the technology we use every day –think about the phone you used twenty years ago, ten years ago, or even five years ago compared to what you use now. You can also see this in business. When your company uses outdated technology, it drags your team down.
If we want our technology to help us meet tomorrow’s needs, we need to create solid enough technology to endure. Future-ready technology requires both a commitment to excellence and a forward-thinking approach.
Technology That Addresses Underlying Problems
Many companies have what’s often known as a firefighting mentality. They’re constantly putting out small fires. This mentality eats up their resources and prevents them from getting ahead. To break out of the firefighting mode, you have to figure out the underlying issues that ignite the fires in the first place. You need to focus on the long term and the big picture, not just the immediate concerns.
The firefighting mentality can describe company culture, but it also applies to technological development. If you’re stuck in firefighting mode, you’re focused on fixing bugs and making minor changes to deal with immediate problems. To break out of this, you need to identify the underlying issues and anticipate the problems that will arise in the future.
To use a medical metaphor instead of a firefighting one, don’t just slap a bandage on the problems. Develop cures for the underlying disease.
Technology That Doesn’t Collapse Under Its Weight
As technology advances, it runs the risk of becoming overly complex. Complexity is especially true when you’re approaching technology with a firefighter mentality. Every change contributes to greater complexity. Eventually, the system becomes too unwieldy to use easily. It begins to collapse under its weight.
Simplicity is key. You need technology that is both strong and streamlined. This way, you can adjust and pivot as required without being weighed down by an increasingly burdensome system.
The Tools You Need
Developing technology that is made for the future sounds ambitious, but it doesn’t need to be out of reach with modern tools. When you use an ecosystem of partners, pre-integrations, and low- or no-code solutions, you’ll find that many of your underlying problems have already been solved. That frees up your team’s resources, allowing you to focus on the road ahead.
At Insuresoft, we are committed to the constant evolution of our platform. Delivering new releases six times a year allows our clients to continue to move their platform into the future while solving for the present. Our tools enable insurers to make quick changes to their platform, create unique experiences for their insureds, and respond to regulatory changes in real-time.
Policyholder expectations are changing, and as they continue to evolve, we are delivering tomorrow’s technology today. With an ever-growing marketplace that insurers use to build their insurer ecosystem, a low-code configuration platform, and advanced analytics, discover how Insuresoft can help you solve for the future.
Want to learn more? Download this case study.