Partnership comes as insurers respond to competition from challengers and pressures arising from COVID-19
INSTANDA, the leading customer and policy management platform for the insurance industry, and Capco, the global management and technology consultancy, and have today announced a new partnership that leverages technology and data to further accelerate ongoing digital transformation in insurance.
Increased competition and the impact of COVID-19 have increased demand for technology that enhances customer journeys and mitigates the challenges posed by regulatory change. The success of challenger insurers has demonstrated a significant shift in expectations, specifically around the desire for integrated products and improved customer experiences. Meanwhile, traditional incumbents are also looking to manage the impact of potential regulatory changes on their existing infrastructure and processes.
The abrupt and profound impacts arising from the pandemic, and the pressures it has placed on the insurance industry and on its IT systems, has prompted firms to explore new platform options when reviewing future technology needs. As they look to update existing policies and introduce new products to market more quickly to meet consumer needs, demand for technology solutions driven by data and collaboration has risen dramatically.
The new partnership will see Capco using INSTANDA’s proprietary cloud-based digital insurance software to support its clients’ transformation needs.
Tim Hardcastle, CEO & Founder of INSTANDA, comments: “I am delighted to announce our partnership with Capco today. Over the last few years, we’ve seen key insurance players realize the advantages of combining digital with data to unlock growth. The partnership between INSTANDA, the first no-code platform for the insurance industry, and Capco represents the future of the industry; one fit for purpose; where operational efficiency reduces costs and where traditional incumbents don’t just compete with challenger insurers in the application of digital and data, they do it better.”
Matt Hutchins, Partner and Insurance Lead at Capco, comments: “The pandemic and its associated impacts have forced insurers to reflect on how their operations might be improved through the acceleration of their digital transformation plans. Streamlining their businesses, reducing cost and improving customer experience are all key priorities – but other challenges are also coming down the line that will require flexible, cost-effective and open architectures with integrated data analytics, for example Open Finance. Such architectures are critical to generate the right insights and support the push to hyper-personalization of products and services for customers.”