PriyaPatel
TLDR:
- The insurance industry is facing challenges with emerging trends and limited time to react, leaving customers dissatisfied.
- Deloitte has launched the Insurance Growth Suite technology solutions to help insurance companies future-proof their investments and improve their digital insurance experience.
Deloitte has introduced the Insurance Growth Suite technology solutions to address the evolving challenges faced by the insurance industry. According to Subhasis Mukherjee, the Insurance Growth Suite offering leader and Deloitte Consulting LLP managing director, insurance companies have invested heavily in digital modernization, but customers often do not see the benefits. The Insurance Growth Suite aims to bridge this gap by providing a cloud-native platform designed to unlock the future of insurance.
The Insurance Growth Suite offers pre-integrated, pre-configured insurance solutions that accelerate implementation and seamlessly blend into an organization’s tech stack. The platform aims to reduce time to market, cost, and complexity when migrating to the cloud. Brian Van Daele, the Insurance Growth Suite Go-to-Market leader and Deloitte Consulting LLP principal, highlights that the platform can operate efficiently with an organization’s existing core system, extending its life inexpensively and quickly.
The solution capabilities of the Insurance Growth Suite include digital experience offerings, a microservices-based cloud integration platform called Insurance Fabric, accelerated implementation of insurance core systems through Common core + data, and a cloud-native platform that positions carriers to leverage a more reliable framework. The platform aims to shift the insurance industry from being reactive to proactive by leveraging new technologies to enhance the overall insurance experience.
The launch of the Insurance Growth Suite has seen improved speed to market, with timelines reduced to four to six months from the previous 18+ months. The platform offers flexibility to add or remove environments, access to product-agnostic APIs, and the ability to scale solutions based on business needs.
Whether insurance companies are looking to increase retention, improve efficiency, drive profitability, or operate more flexibly, the Insurance Growth Suite technology solutions offer a cost-effective approach to address these challenges. Deloitte’s platform aims to help the insurance industry embrace innovation and technology to create a more proactive and customer-centric insurance experience.
