Digitization of commerce begins with the customer experience, but in an industry with intermediated sales, distribution partners are among an insurer’s most important customers. The sales transaction is not only a natural place to undertake innovation, but insurers can take advantage of consumer and agent appetite for new capabilities to advance their competitive position. Cloud technology and the API economy provide a means of offering innovative new capabilities in the form of microservices.
In this podcast, Insurance Innovation Reporter’s Executive Editor Anthony O’Donnell speaks with Rakesh Parikh, VP Product Engineering, OneShield Software & Karen Furtado, Partner, Strategy Meets Action. The conversation begins with a definition of digital insurance distribution and a discussion of insurers options for embarking on their digitization journey for distribution and progresses to the following topics:
• What steps can a traditional insurer take to become able to compete in as a provider of a digital distribution experience?
• How can insurers take advantage of customer and agent expectations of innovation in the area of distribution in order to drive their own initiatives?
• Why are microservices so important to insurers both for reasons of their evolving systems and changing consumer demand and related distribution trends?
• Where do microservices fit in the insurance supply chain today and what functions they can perform better than alternative technologies?
• What do insurers need to do to prepare to adopt microservices and integrate them into their customer and distributor experiences?