Digitization in Insurance: Think Different for Maximum Growth
I attended a Forbes Insight webinar on growing business by thinking differently. It was centered on Open, Design, and Platform Thinking. I was fascinated, made some notes, stored some of the information in my brain, and went on to the next task. Then I read Maan Thakur’s article, “Here’s how hybrid service models give insurers an upper hand,” featured in P&C 360 May 31st 2017, and it clicked. This is exactly what open thinking is about. This article is about a product that isn’t on the market yet but shows how Mr. Thakur’s “open thinking” can lead to innovation. So, let me share some of the information I gleaned from the webinar with you.
As the experts said, “Open Thinking is exactly what it sounds like: thinking openly without limitations.” It is about innovating through open collaboration with Non-IT members of your organization and by integrating ideas from outside your organization, maybe even ideas from outside of your industry.
Design Thinking (User-centered design)
Design Thinking is all about your clients’ needs. Here the focus is not on the problem but on finding solutions that are innovative and foster growth. As one of the speakers at the webinar, President and CEO, IDEO U Tim Brown said, “Design thinking is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.”
Platform Thinking (Ecosystem architecture)
This is the most popular methodology used by technology providers. It is a plug-and-play business model that allows multiple participants to connect to a shared environment where they can interact, access, and share information.
However, if you’re in the market for a new platform or even a few modules that can consolidate your siloed systems into a single platform, you must keep in mind that all platforms are not created equal. When choosing a platform, your goal should be one that is configurable and flexible, allowing you to scale up or down expeditiously to meet your business needs, preferably one that allow your employees make the changes themselves.
Although VUE Software designs and builds platforms for insurance companies, our employees are encouraged to engage in open thinking, which has led to VUE providing cutting-edge innovations that have digitized the systems of our more than 100 clients. VUE’s software can plug and play with your siloed systems and/or 3rd-party systems to provide a seamless user experience. Our platform is tailored to the needs of insurance carriers and distributors. VUE Distribution Management Suite and VUE Distribution Accelerator Suite provide an impressive set of tools and modules that can simplify the rapidly shifting and complex insurance-distribution channel and satisfy changing customer demands.