APIX
5
min of reading
August 31, 2022

Understand the concept of a platform for the insurance sector

Hecktor Colombo
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Marketing analyst. Specialist in content creation for blog, social networks, websites and journalistic text producer. Majoring in Marketing and Journalism at Estácio de Sá, in Rio de Janeiro
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Have you ever stopped to think about all the situations in which you needed to take out insurance? For your mobile phone, home, car, health, travel, business. These are just a few examples of where an insurance company can operate. For this reason, the discussion about modernising the area is one of the main points today.

The trend is for all sectors to be connected, mainly through the Open universe. Therefore, it is important that both the most traditional insurance companies and insurtechs are always attentive to these movements, to follow and adapt to the course of this new reality and guarantee the protection of users on every possible journey.

And this was the topic addressed in the APIX 2022 panel entitled “The path to the Insurance market as a platform”, with the presence of Daniel Rosa, CIO at Sompo, and Leonardo Lourenço, managing director at Simple2U.

The panel showed that several sectors of the market realised the need to develop their business for more digital environments and that the idea of integrating systems and migrating from a legacy architecture to a modern model, such as microservices, became the main objective of sectors such as financial, health, retail and, consequently, insurance.

According to Leonardo, insurance companies need to fit into the new integration paths through platforms.  “The insurance market needs to be attentive to various sectors, such as transportation, agriculture, retail consumption and entertainment. If all of these segments are in the integration process, the insurance sector needs to closely monitor this movement.”

Within this discussion, two possibilities were opened for defining the use of platforms for the insurance sector:

  1. Platform definition as a model plugged into external journeys, through advanced connectivity to support users in a simplified and agile way;
  1. Platform concept as something internal based on the vision of how to structure itself to have an insurance company with adaptable and agile products for new models that may arise.

In addition, by bringing the concept of embedded insurance, more present in the reality of insurtechs, to real-time action in the consumer purchase process, it was possible to draw a parallel with what is done in more traditional insurance companies, such as Sompo.

“Creating an insurance company within Sompo, which works on demand, is impossible. However, our flexibility happens from the moment we become pluggable, through APIs, with partners who already have an omnichannel ready, creating a layer of isolation between the legacy system that we already have with what we want to provide in the buying and selling process,” explained Daniel.

Want to watch the full panel and learn more about how APIs are transforming businesses? Click here!

Thanks for reading!