Emerging macro risks trends and customers’ increasing demand for additional value requires a connected ecosystem of carriers, InsurTechs, service providers, regulators, channel partners and aggregators. To play in this complex environment, insurers must adopt new business processes and technologies that allow them to create new value propositions Business agility is deemed to play a vital role in ever competitive insurance market. Customers experience higher value in the purchase and usage of insurance that meets their lifestyle and digital native demands.
Leveraging an “open” approach via open insurance business models allows for products and services agility, integration and interoperability of partners achieving new revenue streams and improved customer experience.
Capgemini’s Open Insurance Transformation provides accelerated and risk mitigated transformation with a robust operating model and an industrial development approach. Our offering provides insurers with a cloud-based, agile, open insurance platform enabling them to seamlessly connect with an ecosystem of partners to create tailored products and services. It enables external and cross-industry collaboration with multi-dimensional security to ensure tight Security & Authentication, Threat Protection and Compliance to standards and regulations. Capgemini’s Open Insurance Transformation is helping insurers to scale up on their digital maturity and become inventive insurers.
The end-to-end offering’s features include:
- Flexible and modular architecture for varied contexts
- Fail-fast approaches for new business/product models, optimizing the capital expenditure related to it
- Embedded innovation and design services
- Pre-integrated assets/IP built based on our experience from multiple transformations
- Automation-enriched factory approach for new API development
- Transparent and predictable pricing structure for embedded Capgemini IP
- Reliable technology and services
- Alignment with ACORD open API digital standards
The solution contains a mix of assets and services, including an
- Insurance Model Innovation service to collaborate with insurers and create a future roadmap as well as utilize a fail-fast approach to optimize Capex.
- Business Agility with APIs service that enables a bi-modal business environment. New products can be migrated to modern, flexible, cloud-based platforms with APIs that have an architecture where legacy and modern core insurance platforms co-exist in harmony.
- Open Insurance API platform containing prebuilt APIs for external partners. It also works with enterprise APIs to integrate with legacy and modern core insurance platforms, along with supporting shared service capabilities
Open Insurance Transformation will help insurers realize business outcomes such as business agility, accelerated business transformation, improved customer experience, interoperability and decreased costs.
Our Open Insurance Transformation solution is uniquely positioned to transform your organization. Our end-to-end capabilities and assets will rapidly enable your business to engage agilely with external partners to offer innovative, personalized solutions to customers.
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