The evolution of the insurance industry

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Gone are the days when people had limited options for their insurance needs. Today, with growing competition and better awareness, people have many insurance options with them. As the insurance market is witnessing many new entries, it has become for the existing insurance names to be really active in their business offerings. This is why insurers must actively pursue a reassessment of their business line offerings, product, and service strategies, and technology investments to enhance compliance and responsiveness to market changes.

The impact of Brexit, for example, raises fundamental issues that affect the future of the sector, particularly how UK companies can continue to service EU markets in the given scenario. Considering this situation, it has become difficult for the UK insurers to survive in the market with their present insurance offerings. Thus, to maintain their continuous growth and to serve their customers and clients with the best services, it is important for the UK insurers to find some new and innovative ways.

Amidst the present situation what can be the possible solution for this situation? One of the best is to collaborate with one of the strongest players which can provide with the basic assistance that is needed in this scenario. Collaborating with Insuretech to infuse innovation, agility and a fresh approach to handling critical issues is what acts as a differentiator in this overcrowded market.

The need of the hour for the insurance sector is to have a proper management of the costly implementations along with delivering the needed speed of execution. Insurers have to ensure that their IT architecture opens up well to the new horizontals of the Cloud model, Software-as-a-Service, and open source platforms. Solutions such as Hadoop and Liferay, as well, rely on the open source community enabling conversion of ideas and products into implementation without the hassle of licensing costs. These platforms help the insurance company to master the skills of successful implementation of the costly process without compromising the speed of execution.

The open-source platform from ConVista group is also one such innovation gaining attention in the Fintech and Insuretech space amongst Insurers in the UK. Faktor-IPS is more than just a product management system. It is, in fact, also a tool for developing insurance-related software such as quotation and policy management systems.

"The idea has always been to stay ahead while keeping it simple. Just download and install the software on your machine just as any other software and you can start to create and launch new products. We stay committed to our customers to help them chart out a journey of new age and modern core insurance solutions like Quotation, Product & Policy for multi-line of businesses."  says Shashank Jain.

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Shashank Jain, Head of Sales at ConVista UK and also responsible for Benelux markets.

Download the open source Java-based Faktor-IPS (https://www.faktorzehn.org/de/en/download/) to develop and launch your own Insurance products and applications.