The Digital Transformation of a Social Insurance Company
In today’s digital world, the use of legacy systems prevents many insurers from being able to adapt quickly to market developments and maintain their competitiveness. As a result, customers, brokers and partners are increasingly moving towards a more networked ecosystem with flexible core systems.
In addition to agility and speed, one of the biggest challenges for Hiscox was to compete in the marketplace alongside InsurTechs and new competitors with advanced technology and connectivity as well as talent and innovation. In contrast to traditional insurers with economies of scale, Hiscox needed to defend its knowledge advantage, reduce costs and complexity and use talent and agile IT to make a convincing case.
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To meet the needs and challenges of a highly competitive market, Sapiens helped Hiscox develop the LEAP change program, which forms the basis for the future viability of Hiscox Europe.
The following solutions were implemented within the framework of this change:
- Automation – In the future, Hiscox will focus on straight-through processing, increased automation over the entire life cycle and end-to-end digitization.
- Next-gen infrastructure and architectures – Hiscox will focus on fast and cost-effective connectivity to third parties, architecture, product modularity and agility.
- Improved agility – Fast and flexible change with a high level of business self-service, data consistency and integrity.
The IDITSuite solution, with Sapiens as a partner, has helped Hiscox improve its efficiency and scalability, data analysis, use of open interfaces and focus on core business strengths.
The component-based, customer-centric software package forms the core of the Sapiens platform for property and casualty insurance, supporting all end-to-end processes for the property and casualty market.
Join Ingolf Putzbach, Managing Director Sapiens DACH, and Markus Klopfer, COO Hiscox, on November 24 congress of the Leipzig insurance forums “IT for insurance companies“. They will present the “Digital Transformation of a Specialty Insurer”
