(Image source: OneWorld Instech homepage.)
Stephen Francis, a long-time insurance industry executive and former CEO and president of Dovetail Insurance Services, has announced the launch of a new property/casualty insurance solutions provider, OneWorld Instech (West Hartford, Conn.). Francis will lead the company as CEO, with co-founders Wendy Aarons-Corman as President Americas, Julian James as President EMEA, and Ethan Whitaker as Chief Innovation Officer.
Francis’ announcement of the vendor’s debut describes OneWorld Instech as a global insurance technology provider offering solutions built on a modern architecture designed to simplify innovation and future-proof insurance processing. The OneWorld portfolio is comprises microservices that offer a range of capability options including bordereaux management, specialty lines rating services, such as cyber and A&H, and complete policy processing. The company’s offerings can be deployed standalone or integrated with a carrier’s or MGA’s existing environment. OneWorld’s architecture is also designed to support emerging technologies and functionality such as block chain and smart contracts.
Francis’ cites an industry need for a simpler way to innovate, implement and leverage advanced technologies like blockchain and IoT, the co-founding team formed OneWorld Instech to offer a core platform built as microservices, supporting core insurance processes and additional capabilities designed to address industry needs.
“I have known Wendy, Ethan, and Julian for a long time and have worked side-by-side with them all,” Francis comments. “The OneWorld team of founders offers the ideal combination of skills, experience, dedication, and ethics needed to accomplish our company goals and our shared vision to continuously innovate to help the industry to stay on the forefront of technology and to maximize its business value.”
Need for New Systems
“As new products and services are introduced to the market, there arises a new need for systems that can handle the interaction and complexity of the new technologies being utilized,” comments Karen Furtado, partner, Strategy Meets Action (Boston). “OneWorld Instech’s offering is focused on some of the key areas utilizing microservices and interacting in blockchain experiences.”
Aarons-Corman affirms that the advent of microservices creates opportunity to provide the insurance industry with solutions that will help to shape the future of insurance. “With our solutions built on a microservices architecture, we are able to both quickly deploy and evolve the solutions to deliver new capabilities and take advantage of the latest technologies as they become available,” she comments.
James also commented, saying, “While OneWorld Instech and our offerings are able to support all lines of P&C business, our initial target market is companies with global specialty lines of business including Cyber and A&H, and those that need multi-language and multi-currency support. The target market was determined in large part due to the complexity of the business and the critical need for innovation and technologies such as blockchain and IoT.”