Comprehensive solution for crafting and managing sophisticated digital experiences
Build engaging websites with intuitive web content management
Leverage a complete UI toolbox for web, mobile and desktop development
Build, protect and deploy apps across any platform and mobile device
Build mobile apps for iOS, Android and Windows Phone
Rapidly develop, manage and deploy business apps, delivered as SaaS in the cloud
Automate UI, load and performance testing for web, desktop and mobile
Host, deploy and scale Node.js, Java and .NET Core apps on premise or in the cloud
Optimize data integration with high-performance connectivity
Automate decision processes with a no-code business rules engine
Transform your businesses in order to survive in a completely digitized and connected world driven by software innovation.
Globally scale websites with innovative content management and infrastructure approaches
Content-focused web and mobile solution for empowering marketers
Faster, tailored mobile experiences for any device and data source
UX and app modernization to powerfully navigate today's digital landscape
Fuel agility with ever-ready applications, built in the cloud
Regardless of whether you are a provider of Property and Casualty (P&C) or Life insurance, how do you set yourselves apart in the fierce insurance landscape? Unlike hot high-tech gadgets, insurance coverage is very much viewed as a commodity. One vendor is little different than the next. Vendor A covers auto, home and life, as does Vendor B; the key differentiator being price.
Technology has the power to transform how insurance companies interact with customers, tailoring their offerings to better meet the needs and lifestyles of their clients, and rewarding those who are more engaged. Perhaps, this approach was less necessary in the past, with established sales models, stable renewals and healthy margins. However, today younger consumers are used to buying experiences customized to their individual needs, preferences and lifestyles. If insurers are to compete with other insurers who have tech-savvy business models, they too must adapt to deliver differentiating value.
Wearables, such as Fitbit, could conceivably be used to demonstrate superior customer fitness/health, rewarding those providing data with more tailored insurance plans at better rates. Automobile black boxes are increasingly being used, and can help reduce auto insurance rates for those traveling fewer miles, at slower speeds and demonstrating safe driving habits. However, none of these differentiating benefits can be realized until the collected data is effectively harnessed and the benefits given back to the policy holder.
That’s where a Business Rules Engine (BRE) comes in. With the vast increase of actionable data being collected, you don’t want an army of back office people analyzing people’s weekly fitness regimens or latest driving habits; instead, automation is the key to sustaining profits. A BRE offers a fast, reliable and effective way to take action on disparate data in powerful ways, applying ongoing business rules and policy, even to data with complex dependencies. By putting a rules engine like Progress® Corticon® to use, insurers can absorb and utilize vast quantities of data, keeping them current in near real time since the logic lays outside the codebase. This ensures both business agility and full regulatory compliance at all times. It’s a sure-fire way for insurers to forge new markets, enhance the ones they already have, increase profitability and contain costs to sustain growth.
So how do you see the insurance landscape adopting new technologies? I'd like to hear from you in the comments.
View all posts from Duncan Orme on the Progress blog. Connect with us about all things application development and deployment, data integration and digital business.
Copyright © 2016, Progress Software Corporation and/or its subsidiaries or affiliates.
All Rights Reserved.
Progress, Telerik, and certain product names used herein are trademarks or registered trademarks of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and/or other countries. See Trademarks or appropriate markings.