Digitalization of the insurance industry: a changing world

The insurance industry operates in a market environment that is characterized by innovative and disruptive technologies. The technologies used are aimed at increasing efficiency, improving the customer experience and opening up new business opportunities. The players in the insurance industry use a variety of technological applications and solutions to streamline their business processes, manage risks and improve customer services.

To achieve these goals, insurance companies are increasingly relying on automation and artificial intelligence (AI): More and more insurance companies are recognizing the potential offered by the automation of business processes with the help of AI technologies such as chatbots, virtual assistants and automated decision-making processes. With their support, customer inquiries can be dealt with more quickly and efficiently and claims settled more promptly. This ensures satisfied clients and takes the pressure off the insurance companies’ staff in their daily work. Another key technology that insurance companies are making use of is big data and analytics. Processing large volumes of data helps insurance companies to better understand risks and offer more precise premiums and policies. In addition, customer data can also be used for personalized offers and marketing campaigns without great effort – this creates competitive advantages.

As insurance companies operate with mass data, cloud computing opens up new options for action. When insurance companies use cloud infrastructures, they open up scalable and cost-effective options for processing and storing data in applications tailored to their needs. This not only increases agility, but also facilitates collaboration with other companies, such as brokers and sales partners. Finally, the Internet of Things (IoT), i.e. the spread of networked devices and sensors, allows insurance companies to carry out more precise risk assessments and adapt their products even better to the needs of customers. Insurers use telematics data from cars or sensor data from smart homes, for example, to create customized and individual insurance offers.

The challenges in the insurance industry are enormous

The increasing dynamics of change and the speed of digitalization are presenting almost all industries with new challenges. However, the digital transformation is hitting the insurance industry with particular force: rigid processes, hierarchical work structures, inflexible products and cumbersome IT systems are just some of the buzzwords that can be used to describe the current situation in many insurance companies.

Added to this are the high expectations and demands of end customers, sales partners, employees and ultimately management: digital sales channels, agile working methods, fully automated processes and interlinked IT systems are required – and, if possible, at the same time as cost savings.

All in all, insurance companies are therefore required to find a balance between innovation and risk management in order to successfully overcome the diverse challenges in IT. There are currently several IT challenges and pain points in the insurance sector:

Many insurance companies still have outdated systems and technologies that are difficult to integrate, update and maintain. This can impair efficient, agile processes and make it difficult to introduce new digital solutions.

Insurance companies process and store large amounts of sensitive and personal customer data, which undoubtedly poses a high risk of data breaches and cyber attacks.

Insurance products are sometimes very complex, which poses a challenge when implementing digital solutions. New technologies such as AI and blockchain offer interesting potential for improvement. However, specialized knowledge and expertise are required to leverage this potential and develop the corresponding products.

Insurance companies must offer a seamless and consistent customer journey to remain competitive. This can hardly be achieved without better integration of IT systems and the provision of self-service options for customers.

Rapid technological developments require insurance companies to be agile and innovative in order to hold their own in a highly competitive market. However, this requires a high degree of flexibility and adaptability when introducing new technologies and processes.

The insurance industry is highly regulated. This also has an impact on IT systems and processes. This is because insurance companies must ensure that their IT systems and the associated processes meet the legal requirements and that compliance is guaranteed.

IT sector lays the foundation for the transformation of the insurance industry

In addition to the major challenges that insurance companies have to overcome in order to transform themselves digitally, the IT sector of the insurance industry also opens up a wide range of helpful technical developments and options. And these new approaches are changing the industry in the long term.

Microservices architectures are one such development. These allow insurance companies to split their applications into smaller, independent modules that are easier to develop, deploy and maintain as a result. Microservices can also increase the scalability and flexibility of systems.

The emergence of DevOps is also a helpful technological innovation. With DevOps, insurers use a way of working, tools and practices that promote collaboration between development and operations and aim to deliver necessary software faster and more reliably. Insurance companies are increasingly relying on DevOps to increase their agility and efficiency in software development.

Another technological development that enables insurance companies to deploy their applications quickly and reliably in different environments is containerization. In IT, containers are nothing more than virtual environments that isolate applications and their dependencies, thereby improving the portability and scalability of applications.

Automation is an important and central trend in the IT sector of the insurance industry. Automation technologies such as RPA (Robotic Process Automation) and AI-based chatbots can be used to automate recurring tasks end-to-end and increase employee productivity. After all, powerful data analysis tools and the appropriate platforms are now available. These enable insurance companies to collect, store and analyze large volumes of data. With intelligent data analyses, insurance companies gain valuable insights into customer behavior and their requirements, assess risks better and are able to optimize their processes based on reliable results.

Our expertise

The digital transformation is one of the most profound topics of our time. Companies need to completely realign themselves, both in terms of their internal organization and their external image The market analysts at the consulting firm Lünendonk have therefore conducted various studies to identify the key IT trends that are disruptively changing the insurance market.

Our IT experts deliver the right solutions for the insurance industry

IT consulting for insurance companies can cover a wide range of services, from the design and implementation of IT solutions to the training of employees and the optimization of business processes. Thanks to our many years of IT expertise and in-depth industry knowledge, we can offer you a range of tailored solutions to optimize your IT infrastructure and processes from start to finish:

Our IT consultants are very familiar with the integration of different systems. You benefit from smooth data exchange and optimized workflows within your entire organization.

We are data professionals and can provide you with the right reporting solution. With the right data analysis and processing, you can improve your business processes and create a solid, reliable basis for your business decisions.

We are proficient in all common facets of application and software development. Regardless of whether it is individual software or the adaptation of standard solutions. With our IT expertise, you not only optimize your business processes, you also raise your customer experience to a new level.

We advise you completely independently of the manufacturer when choosing the right operating platform. We provide comprehensive support for the implementation of cloud solutions. You benefit from greater flexibility and agility. You also optimize your costs thanks to the needs-based scalability of your cloud landscape.

Thanks to our proven process expertise in the insurance environment, we can implement automated processes and workflows for you. This makes you more efficient, reduces the workload on your staff and also reduces potential sources of error.

Our IT professionals provide you with comprehensive advice and support in the management and maintenance of your IT infrastructures and networks – you can focus all your attention on your core business.

Especially in times of hybrid working in distributed teams, mobile solutions have become an integral part of everyday corporate life. And your customers also use mobile devices to obtain and exchange information. Our IT experts will develop suitable and secure mobile applications for you that will make you more agile, accelerate your customer interactions and thus significantly improve your customer experience.

The PTA service catalog: Individual - wide-ranging - always up-to-date

No matter what requirements, business processes and technical details you want to map digitally, our IT experts have the right answers to current trends and developments in the insurance sector. Thanks to our many years of consulting and development expertise, we can provide you with a unique and comprehensive service portfolio.

Our IT professionals will boost your sales power with contemporary IT solutions if you want to bring your sales-oriented services up to date. With NEXOVI – our specially developed digital and interactive video consulting assistant – you can increase your competitiveness and bind your customers to your company with customized interactive consulting. Simple, flexible and around the clock. No matter what products or services you offer. Record your documents, such as invoices, applications and policies, digitally and automate recurring processes using intelligent digital workflows. We work with you to leverage the digitalization potential in your organization.

Research our IT projects in the insurance sector

The existing calculation core for premium adjustment in private health insurance was originally developed decades ago and repeatedly adapted to new system environments and technical requirements. Since the calculation core can only …
As part of the insurer's cloud strategy, license-free databases will be used in future to reduce costs. Existing Oracle databases are to be migrated to Aurora PostgreSQL DBs on AWS. The AWS …
To improve ML models (measured by the AUC), an existing database for document and telephony data was analysed for the possibility of generating new features. …
Preparation and execution of the acceptance and business user test for a newly developed task management application that is to gradually replace the old application. The activities for the acceptance tests essentially …

Optimize your digital processes

We know how to analyze your processes in detail and develop and design them on the basis of the results obtained. We provide you with the right structure and coordinated process models to capture your requirements and model processes in the best possible way. Our foundations are an understanding of your processes, tried-and-tested methods and an agile approach. Accelerate your transaction volume with Robotic Process Automation (RPA), increase your work accuracy and reduce your error rate with intelligently automated processes. We would also be happy to advise you on process mining: comprehensively analyze the transaction data of individual processes, detect bottlenecks and even compliance violations and leverage the great potential for optimization that lies in your processes.

We provide you with comprehensive advice at eye level: whether you are looking for the ideal methodical approach to modeling your processes or want to automate processes and monitor the associated workflows – our IT experts are on hand with help and advice. We also see ourselves as a point of contact for the needs-oriented selection of suitable modeling tools. Long-standing partnerships with Signavio, Camunda and Celonis underpin our proven expertise in process consulting.

Keep your existing systems up to date - we know how

Many insurance companies work with monolithic legacy systems that have grown over decades, which urgently need to be kept up to date and will require an IT transformation sooner or later. In both cases, our experienced mainframe experts are on hand to advise you on taking over the operation and maintenance of your legacy systems. We support you in the maintenance and further development of your application systems and sundowning applications in the mainframe environment, thus ensuring the reliable operation of your business-critical IT systems and showing you perspectives on how you can replace them. Our experienced mainframe team is characterized by special and long-standing experience in the development of systems and applications for IBM hosts and other databases and computer platforms. And even the programming languages required for this, such as COBOL or PL/1, are anything but foreign to us.

Rely on our managed hosting ...

… and focus all your attention on your core business! Through our sister company, DATIS IT Services GmbH, we offer you individually tailored managed hosting solutions. Our hosting services are always tailored to your specific needs and individual requirements. Our services include dedicated system components or contain components from a multi-client environment. In any case, we secure your systems with the help of modern firewall technology and monitor them with state-of-the-art monitoring systems. On request, we can also operate entire IT landscapes in our certified Made in Germany data centers, with high availability and security around the clock, seven days a week. In addition to seamless 24/7 monitoring and support, we ensure central, continuous system maintenance for you and always keep it up to date with our sophisticated patch management and regular updates.

Ignite the digitalization turbo with artificial intelligence

As an insurance company, you have no doubt always been familiar with the processing and storage of large volumes of data. In the course of rapidly advancing digitalization, you are well advised to keep its explosive growth under control with the use of intelligent technologies. Analyzing and using them exhaustively and quickly only works with the help of artificial intelligence. We set up a data lake for you, giving you a central and standardized storage location for your data and increasing its quality. Use the immense data in the data lake as a solid basis to fully exploit cross-selling and upselling potential through targeted reporting and analyses using machine learning, deep learning approaches or neural networks. Would you like to better understand call center interactions with your customers and be able to respond better to customer inquiries? Then we can support you with the right AI-based solutions for (text) analysis, NLP (Natural Language Processing) and image recognition.

Focus on the quality of your data

The insurance industry is highly dependent on valid data and the insights gained from it that are relevant to decision-making. By using modern applications for business intelligence, you receive reliable results in clear reports or dashboards, a high level of agility and master your highly competitive market environment. Benefit from our expertise in the implementation of easy-to-use data platforms that use the proven data integration process ETL (Extract, Transform and Load). This allows you to merge data from different systems or data sources in a database, data store, data warehouse or data lake without great effort and obtain high-quality data. Filter and aggregate your data in OLAP databases (Online Analytical Processing) and reliably derive KPIs (Key Performance Indicators) from it, which you can use to fine-tune your business.

Rely on over 25 years of experience in insurance IT

As you can see, there are convincing reasons and a variety of approaches that make us a reliable implementation and development partner. Our teams of consultants and IT professionals have been supporting insurance and reinsurance companies for over 25 years in the design and development of their IT landscapes and are also increasingly involved in their reengineering. In almost 400 projects, we have gathered a unique wealth of experience in almost all types of insurance and functional areas. We also support current developments in insurance IT with up-to-date solutions, for example by working on bimodal developments in particular.

There are good reasons to entrust us with your core systems

To give you an initial impression of our IT know-how and in-depth knowledge of the industry, we have selected a few meaningful examples from the world of insurance. Take a look at the excerpts from our project database, in which we document all our IT projects and the associated solutions, methods and technologies used:

Project ID: 4891

Middleware for the insurance field service

Project ID: 4016

Implementation of BiPRO services

Project ID: 5776

Maintenance and further development of a legacy application

Project ID: 5478

Maintenance and further development of a legacy application (host legacy, PL/1, C)

Project ID: 4975

Connection of a PKV calculation core to clerk clients and host processes via cloud web service

Project ID: 4102

Maintenance and further development of an actuarial application

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Joachim Schütter

Key Account Manager

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