SANTA CLARA, Calif., Sept. 13, 2018 /PRNewswire/ — In a recently-released white paper, The Power of Open Platforms and Connected Ecosystems in Today’s P&C Insurance Industry, Frost & Sullivan, the growth partnership company, outlines issues facing the Property-Casualty (P&C) industry and strategies adopted by insurers and their partners to stay ahead of the market. It also analyzes evolving customer needs, the need for open platform architecture, the dynamic ecosystem model, types of effective real-time internal data sharing models being used, and factors to consider when adopting a Software-as-a-Solution (SaaS) model.

Frost & Sullivan’s complimentary white paper can be downloaded here: https://go.frost.com/pandc

“The insurance industry has, so far, relied heavily on data for underwriting and claims processes. As legacy systems were not built to be open, and do not have the ability to adapt to new demands, insurers are looking to implement technologies and systems designed to be open for maximum connectivity with third-party services,” explained Debbie Wong, Business Financial Services Consultant at Frost & Sullivan. “Artificial intelligence (AI) and machine learning are just some of the technologies that can help insurers with critical data functions such as collection, structure, analysis, insights, and evaluations.”

“Today’s P&C insurance customers have specific preferences; notably, they want to be able to interact wherever, whenever, and however they choose, throughout the entire lifecycle of a relationship. That level of connectedness requires smart interactions between carriers and third parties. Our vendor alliances are measured on how we connect data resources and data services into our ecosystem to enable carriers to be quicker, nimbler, and more responsive,” added Eddie Jones, Vice President of Corporate Strategy at Duck Creek Technologies.

Insurers seeking competitive advantage in a market that is rapidly shedding its legacy and siloed technologies need to:

• Develop open architecture to integrate systems across the entire enterprise;
• Create an ecosystem that robustly connects them with both their customers and the right service and data providers;
• Leverage a SaaS model for greatest value;
• Encourage effective real-time internal data-sharing models; and
• Address customers’ concerns regarding data sensitivity.

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SOURCE Frost & Sullivan