Coverager: A New Platform for a New Era
To arrive at insurance’s digital destination, a new technology architecture is needed. According to Celent’s reports, The New Recipe that is Changing Insurance,[iii]published in February 2018 and The New Architecture for Core Systems,[iv] published in April 2018, the adoption of API and microservices architectures coupled with agile and customer-centered design techniques are rapidly shifting insurance technology solutions. The new architecture for insurance applications and solutions will be built with microservices which can be exposed through open APIs and will sit on and make use of the cloud infrastructure as a service (IaaS) and platform as a service (PaaS) services.
These solutions will enable insurers to be competitive, improve cost structures, create customer-focused solutions and, most importantly in today’s fast paced world, address the need for speed. Celent predicts that insurers can achieve an average cost savings of 60% to 70% through expansive adoption of these techniques, while redefining speed from years to months. We are now beginning to see this happen in the industry.