Core Systems and Insurtech (Part 2)

Apps without content is like body without soul. A true digital platform architecture must enhance the benefits of apps.

The first part of this series can be found here. The digital insurer uses fusion to leverage the power of data — i.e. content. So what is fusion? It is a platform, with a new architecture from the ground up, designed for molecular binding of transactional, analytical and engagement capabilities. This is not a retrofit architecture but a complete redesign with fusion at its core. The fusion of transactions, analytics and engagement capabilities is only possible with an architecture designed with common capabilities across processing, insights and engagement needs with a strong “find and bind” integration architecture to tap into an ecosystem of innovative services. It is open to non-native components, supports rapid change to adapt to shifting industry needs and allows for continuous innovation. It can generate analytics and calibrate the customer-centric solution without losing speed or increasing total cost of ownership. Content is one of the most underutilized assets in insurance but is quickly becoming a strategic asset in the digital era, so it is helpful for us to understand all of the types of content that reside within the content chamber of the digital fusion reactor. Here is a non-exhaustive list:
  • Regulatory data (rates, rules, forms)
  • Internal data compiled over time — such as customer, transactional and actuarial data
  • Localized data (region or country-specific)
  • External data related to risks and underwriting (MVRs, MIB, Rx, usage patterns, GIS, climate information and more)
  • Social media data, social preferences, customer sentiments, buying behaviors, satellite images, etc.
Content is no longer defined as that which is stored within the enterprise but as all data that is accessible to the enterprise. At this point, it is not only about having all these data streams available but also having the ability to bring diverse data sets together with a context for building insights to realize their competitive advantage. So a practical definition of content is: all the specific data about a person or business that allows you to rapidly set up a product and assess the risk specific to the customer based on their unique situation, region and risk profile. The better an insurer is at using applying fusion to their content, the more value their data will produce. Traditionally, content has been indigenous to individual apps — transaction-systems data was not easily accessible by engagement systems without building expensive wiring. Insights generated from analytics systems are often not actionable at the point of sale or service. The content platform helps liberate the data from apps to centralize data access and storage. In short, apps without content is like a body without a soul. A true digital platform architecture must support these to enhance the benefits of apps with internal and external content. And, most importantly, it must exist within a content framework that automatically updates itself when the situation, regulation and information changes. Content should reflect current reality. See also: Finding Success in Core Systems   In my next post, we’ll shift the discussion to “Chamber 3: The Customer Journey.” How does this fusion of apps work toward keeping customers engaged? Will it truly improve the customer experience and our knowledge of customers? I hope you’ll join me as we work toward becoming digital insurers who are focused on transformation that will yield real growth. This article was written by Manish Shah and originally appeared on

Denise Garth

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Denise Garth

Denise Garth is senior vice president, strategic marketing, responsible for leading marketing, industry relations and innovation in support of Majesco's client-centric strategy.


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