The insurance sector is on the cusp of a digital revolution that will redefine how it operates.
By integrating our advanced digital technologies with leading core insurance platforms, like Duck Creek Technologies, we can help reshape the way the industry operates and find more efficient and effective ways for our clients to add value for their customers.
For long-term success, insurers need business-first, end-to-end cloud-based insurance software. Penguin.Tech knows that these solutions must be supported by services and accelerators that let them focus on building new, creative products and getting them to market fast.
How will insurers continue to connect and build solutions that will enable new business models while creating great client value? By modernizing and transforming insurance through the use of using platforms that enhance client value. A platform is a business model that allows multiple participants (producers and consumers) to connect to it, interact with one another, and create and exchange. The most successful companies in the digital era, including Alibaba, Amazon, and Facebook, were all designed on platform business models. An ecosystem, meanwhile, is an interconnected set of services that allows users to fulfill a variety of needs in one integrated experience. Consumer ecosystems currently emerging around the world tend to concentrate on needs such as travel, healthcare, or housing. Business-to-Business (B2B) ecosystems generally revolve around a certain decision- maker—for example, marketing and sales, operations, procurement, or finance professionals. Insurers can use these platforms to enable the development and take advantage of new ecosystems, while simultaneously increasing efficiency and delivering transformative experiences to differentiate from competitors.
Digital transformation never stands still, so every insurer needs to adopt an agile approach to digital transformation if they wish to remain competitive. Whether you utilize the complete Duck Creek Suite or other individual insurance software components, we will ensure you’ll get the reliability, security, and support you need to innovate faster and more efficiently.
Latest insights also show an increase in the partnership alliances with smaller, more nimble and agile InsurTech firms, like Penguin.Tech, to help compress the timelines for operational change.