Changing Times for Insurance

The insurance industry is at the heart of digital disruption. Leading insurers are broadening and diversifying their products and services, as they align to meet the changing needs of their clients.

This includes investing in customer-facing, cloud-based digital innovations and AI integration to assist with simplifying customer service activity. Insurance carriers are also reflecting on their role in society, forging sustainability initiatives and championing diversity in their leadership and agents.

This is a critical turning point for the industry, and an opportunity to provide meaningful value for customers, employees and stakeholders. SureStep has the experience and digital expertise to help insurers transform their processes/applications, creating seamless digital services for customers and new income streams across your business.

Insurance Capabilities

Risk & Compliance

Our services help tackle the broad issues of corporate governance, risk management and effective compliance within the insurance industry by offering specialized consultancy in key areas of your business.

Our professionals have a wealth of experience and knowledge, so we can provide guidance and insight that makes sense for your unique business. We can help your organizations identify, monitor, remediate and manage ongoing risks.

Cloud Transformation

With advancements in automation and analytics, the cost of managing workloads has significantly decreased. Unfortunately, this decrease has mistakenly led companies to not question how much they are spending in the cloud.

In some cases, ignoring this factor causes companies to spend more in the cloud than they previously were. By combining cloud managed services, organizations can drive improvements across their business.

AI Automation

AI Services provide ready-made intelligence for your applications and workflows. They easily integrate with your applications to address common use cases such as personalized recommendations, modernizing your contact centre, and increasing customer engagement.

Because we use the same deep learning technology that powers other services, you get quality and accuracy from continuously learning APIs.

Open Insurance

“Open insurance” is the latest hot topic in the world of data and insurance. Many people will be familiar with the concept of “open banking” introduced by the Payment Services Directive (PSD2)

Whilst there is no universally accepted definition of “open insurance”, EIOPA refers to open insurance in a very broad sense: covering accessing and sharing insurance-related personal and non-personal data usually via APIs. “Personal data” in EIOPA’s paper refers to the same concept as in the GDPR.

EIOPA does, however, note the wide range of interpretations across the industry, from compulsory personal data sharing based on the explicit consent of consumers (much like the approach in PSD2) to broader information sharing between different insurance market players (including in a way that the consumer might not be aware of).

The paper sets out that open insurance can be considered from three angles:

Consumer angle

That is accessing and sharing consumers' insurance services-related data (e.g. their insurance policies data such as an insured object, coverages, claims history, and Internet of Things data etc.) between insurers, intermediaries or third parties to build applications and services.

Industry angle

Increased data exchange through APIs between different participants.

Supervisory angle

Supervisors being able to access consumer insurance services-related data and/or product information data, including ultimately on a real-time basis, to improve their oversight capabilities.

Related Blogs

Insurers face unprecedented challenges as the insurance sector becomes more vulnerable to disruption. Increasing competition...

Insurance Case Studies

SureStep was engaged to assist with the architecture and systems development
for creating a unified financial issue platform...

Our team works in tandem with the IT organization as a trusted partner. Dedicated and shared resources work to meet with business leaders...

Let's help you!

Our team of consultants, architects, and integration experts are here to help.