Emerging macro risks trends show that customer demands are increasing for additional value requiring insurance carriers to connect with a larger digital ecosystem of service providers, regulators, channel partners, InsureTechs in order to provide a differentiated customer experience. Customers recognize higher value in the purchase and usage of insurance that meets their lifestyle and digital native demands. To succeed 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 a competitive insurance market.
Opening their core services and utilizing specialized services from established players in a secure manner, will allow carriers to future proof themselves and augment their revenue streams. 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 an accelerated and risk mitigated transformation with a robust operating model and an industrial development approach. The 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 industry standards and regulations. Capgemini’s Open Insurance Transformation is helping insurers to scale up on their digital maturity and become inventive insurers and thus be a part of the future insurance marketplace, in a very agile manner.
Features of the end-to-end offering 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
- Industry alignment with ACORD open API digital standards
The offering contains a set of assets and services, including an
- Open Insurance API platform with 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
- 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 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 offering is uniquely positioned to transform your organization to be a part of an open insurance digital ecosystem, built on a cloud native architecture. 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.
For more information and demonstration of use cases built on the Capgemini Open Insurance platform email us at email@example.com