The Role of Microservices in Digital Insurance Distribution

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?

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