Wilbur’s client, BAIS Insurance Technology, has recently been featured in an article on ANZIIF’s member’s page on Delivering the ‘virtuous circle of underwriting and claims’.
In today’s data-rich environment, everyone knows there is value in data and analytics. The trick is to harness them effectively to deliver genuine value. Much of the focus of insurtech activity is based on the latest shiny start-up.
The truth is that start-ups often struggle to gain traction as they do not always fit neatly with the processes and procedures desired by the insurance industry.
Often the greatest, easiest to implement, technology benefits come from utilising technology that has already proved its worth.
Here at BAIS insurance technology, we’ve been working on strategic partnerships to deliver the industry a virtuous circle.
For example, by integrating the power of iBAIS, the insurance system, with Wilbur, a modular and connectable ecosystem of claims technology products, clients, brokers and underwriters can see all policy and claims information in real-time that then delivers a new level of risk detail to assist underwriters.
Circling back to the value in proven technologies, these two systems, process $3.5 billion in premium annually and have managed over 590,000 claims.
By definition, start-ups have had limited opportunity to learn from their data, in comparison to proven technologies that have a massive amount of data, with new data being constantly generated that can all be used to hone and develop new technologies.
MAKING IT EASY
There is a myriad of different technology solutions available to the insurance industry. Most of these are seeking to provide new solutions to niche areas.
While there are undoubtedly some great advances on offer, it can be bewildering and hard to decide which solutions to implement for all shapes and sizes of companies.
However, by working together these different technology solutions have the power to deliver more comprehensive offerings to the insurance industry producing benefits far exceeding the sum of the component parts.
Finding partners, such as Wilbur, who can add combined value, is a key focus for BAIS’ ongoing drive to deliver insurance technology with integrity.
The article Delivering the ‘virtuous circle of underwriting and claims’ has been cited from ANZIIF’s member centre. THIS ARTICLE IS WORTH 0.25 CIP POINTS. Visit the article on ANZIIF’s website to log in and earn points.