As the Decisions team prepares to attend InsureTech Connect (ITC) Vegas 2024, we’re energized about attending an event that is the epicenter of innovation in the insurance industry, bringing together visionaries, decision-makers, and developers who are shaping the future of insurance. It’s an unparalleled opportunity to connect with industry leaders, explore emerging technologies, and discover how the latest advancements can drive operational excellence. 

In exploring the top themes being covered at the event, such as the impact of GenAI, the continued digital transformation in the industry, and the evolving landscape of cybersecurity and risk management, two priorities stand out for me: the pressing need for agility in an era of rapid technological change and the importance of balancing innovation without adding risk and more fragmentation. 

Agility 

Agility has long been a struggle for the insurance industry. Complex processes, the over adoption of technology solutions to manage different aspects of operations, varying regulations by region and product type, and the massive amounts of data from various sources, make it difficult for many companies and carriers to operate with agility and adapt quickly. Digital transformation should be a pathway to more agile processes, not a hindrance. 

Additionally, many legacy systems require manual adjustments to adapt to changes in regulations, premiums, ratings, and risk assessments, requiring time and resources—creating inefficiencies, and impacting customer satisfaction and profitability. To be competitive, insurance companies and carriers need to turn on a dime with speed and accuracy, and their technology should enable them to do so. This should be a top priority for insurers.  

Innovation Without Fragmentation 

While the insurance industry is eager to adopt innovative technologies, a key challenge is implementing these solutions without adding more disjointed systems into an already complex tech stack. Many insurers have accumulated a patchwork of specialized tools over the years, leading to fragmented processes and siloed data. According to Deloitte, 23% of insurance companies are using more than four policy administration systems (PAS), while some carriers have over 10 different systems in place. The goal is not just to innovate but to do so in a way that unifies and streamlines operations rather than complicating them further. 

This is where Decisions stands out and is what we are eager to share at the conference. Firstly, Decisions can serve as an orchestration layer that connects and harmonizes disparate systems. Its low-code platform allows insurers to build and automate rules and workflows that span across existing technologies, eliminating bottlenecks and inconsistencies. 

By providing a centralized hub for process automation and decision management, it prevents the creation of new silos and ensures that all data and workflows are accessible and interoperable. This holistic approach allows insurers to leverage the latest innovations without the risk of increasing complexity in their tech infrastructure. 

Secondly, and better yet, Decisions can eliminate the need for a multitude of varied systems altogether. As a comprehensive insurance platform, every function from underwriting, claims processing, pricing, rating, regulatory compliance, and customer support can be automated with Decisions to unify and simplify all insurance operations.  

Lastly, because of Decisions low-code, drag-and-drop design capabilities, business owners and managers can easily change business logic without IT assistance. With the platform’s ability to adjust quickly and process countless rules per minute in parallel, processing speed and adaptability are its hallmark.  

Looking Ahead: What We Foresee for the Insurance Industry 

As we look to the future, we anticipate a continued emphasis on agility, unification, and customer-centricity in insurance technology. The most successful insurers will be those who can adapt to changing conditions—whether it’s a new regulatory landscape, emerging risks, or shifting customer expectations—quickly and effectively. 

Decisions is at the forefront of this transformation, offering a platform that addresses today’s challenges and is built to adapt to the unknowns of tomorrow. By automating complex processes, integrating seamlessly with other technologies, and providing the flexibility to evolve with the industry, we empower insurance companies to navigate the future with confidence. 

Visit Us at ITC Vegas 2024 

If you’re attending ITC Vegas 2024, we invite you to visit our booth to learn more about how Decisions can help your company resolve the common insurance company technology woes. And don’t miss out! Stop by our booth (#2938) and get a complimentary claims process analysis valued at $10,000. With this gift, you’ll get visual insights into your processes, along with actionable insights to optimize them for speed, accuracy, and cost savings. You’ll see bottlenecks and deficiencies you didn’t know existed, plus understand what processes should be automated that perhaps are not. This limited-time offer is available even if you can’t attend the conference. 

For us at Decisions, ITC Vegas 2024 is a chance to engage with forward-thinking professionals and share how our platform is uniquely positioned to address evolving challenges faced by insurance companies today and into the future.  

Schedule a time now to meet with our team at ITC or to claim your free process analysis.