Composable insurance is emerging as an innovative model that facilitates integration and enables the creation of open ecosystems, thanks to its ability to break down traditional silos and promote agility, innovation and customer-centric solutions.
Modular architectures applied in insurance have the potential to facilitate integration with different players, accelerating innovation processes and the release of new products and services.
We talked about it together with Luca Pierantonio Ferrario, Innovation Manager for Gruppo Helvetia Italia, during “Composable Insurance Round Table” event, held in Milan on Thursday 19 september 2024.
How important is it to have stable architectures to facilitate innovation?
In the insurance context, innovation cannot exist without a solid technological infrastructure. IT architectures must be designed to be modular and flexible, allowing the integration of new solutions without compromising the stability of existing systems.
Based on this principle, as Gruppo Helvetia Italia, we chose to innovate our systems with an architectural approach rather than focusing on single use cases. In this way, we have established a well-structured technological foundation that facilitates the adoption of emerging solutions and improves operational efficiency by optimizing our processes with solutions already in production.
Can you provide some examples of process optimization thanks to the adoption of modular architectures?
A concrete example of this approach is our new architecture based on Mia-Platform’s Digital Integration Hub (DIH), which enabled us to reduce policy creation and document management time by up to 80%. This has been achieved by integrating new technologies on a stable basis, significantly improving the speed and efficiency of our processes.
Another relevant example is the integration of the Document Intelligence process in claims management. The adoption of this system has automated the reading and categorization of incoming mail, allowing us to extract information even from handwritten documents. This allows us to shift the focus of our resources to higher value-added activities, such as agent and customer relationship management.
This approach shows how innovation should not only improve business efficiency, but also make everyday work easier for colleagues, while maintaining the centrality of the human factor – a core principle of our company.
What are the concrete benefits of this approach for the insurance ecosystem?
These examples show that investing in architectures that are stable and open to integration delivers tangible benefits:
- reduction of operating time;
- resource saving;
- improving the quality of work;
- increased responsiveness to market needs.
In an increasingly complex and dynamic insurance ecosystem, the ability to integrate and innovate rapidly is a crucial competitive advantage.
Conclusion
In summary, to facilitate innovation in the insurance ecosystem, it is crucial to start from a solid base. Modular architectures not only support the integration of new technologies, but also enable a path of continuous transformation, making organizations more agile, efficient, resilient and competitive in an ever-changing market.
