Insurance

The advent of the Internet triggered a digital revolution that completely redesigned many sectors of the economy. Even in the insurance industry some major changes are emerging that could reshape this industry. We have already seen the first providers using digital platforms to sell insurance.

The previous parts of our series on microservices presented the functionality of this technology and explained its fundamental advantages. The third part describes some particularly important advantages in more detail. The focus here is on the individual adaptation of the customer experience.

In many companies IT has come to be regarded as an essential component of core strategy. Companies are thereby responding to a fundamental change....

It is rumbling in the market: Initial reports indicate that Amazon is setting up its own insurance department in London. Currently, more than 100 insurance experts are to be employed there.

The story of the Tower of Babel tells how a mammoth project failed when those involved were no longer able to speak the same language. A similar effect is currently emerging in the relationships between insurers and their industrial customers.

In the SME segment, commercial and industrial insurers have many opportunities to win new customers and thus increase their premium income. However, this area in particular is undergoing major change.

Innovative technologies, in which insurance companies invest hundreds of millions of euros, make completely new applications possible. The focus here is on transmitting data in real time via microservices or similar technologies.

Many well-known Internet companies - such as Amazon, Twitter, Netflix or Uber - have built their platforms with microservices. This technology also offers numerous new opportunities in the insurance sector and can trigger innovations that extend to all areas of the company.

Industrial insurers are facing major problems at the moment. Significantly higher loss ratios and increasingly fierce competition mean that the classic form of insurance is no longer profitable. For this reason, it is necessary to review the existing business models.

Agility has been a hugely overhyped concept for quite some time. From two-guys-in-a-garage startups to globally active corporations or public sector contracting authorities, more...