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i2S at Semana del Seguro 2019: it’s necessary to implement the culture of change, flexibility and agility

i2S at Semana del Seguro 2019: it’s necessary to implement the culture of change, flexibility and agility

In the short term, 3 to 5 years, very little will change. “You must do better what you already do today. The industry will not change until then. Surely there are a lot of things that you can improve,” answered Juan Mazzini, Senior Analyst at Celent, to one of the attendants who asked him directly what he should do, what he should change and what he should not change. In the second part of his answer, the consultant detailed what he should change in his company in order to respond to this difficult long-distance run. It is necessary to equip the company with agile systems and, in general, have agility of mind. Considering that you don’t know what the future will be like, you need to be agile and flexible to react,” he declared.

The question was asked after a round-table discussion on the challenges posed by underwriting. This debate was moderated by INESE’s editor, José Luis Cendrero, and had the participation of Juan Mazzini, Gastão Taveira, i2S’ CEO, Carlos Fernández Ibáñez, Insurance Practice Lead (Spain, Portugal, Israel) at Accenture, and Rodrigo Rueda, Entelgy’s Innovation Director.

Digitalisation, automation of many processes which are still manual, information asymmetry, the use of data (which “is going to be revolutionary” according to Carlos Fernández), many of which are open, agility, and external openness were the challenges identified by all participants.

Agility, to help insurers respond to the swiftness demanded by the client, is one of the main characteristics of the products of Portuguese multinational i2S, which the attendants were able to verify in the several demonstration sessions that took place during the morning.

i2S Analytics is a tool that provides the ability to view all the information that is relevant to business management. i2S Underwriting streamlines and digitises the complete underwriting process, extending it to the ecosystem while ensuring the control of the rules by product and channel. The InsurAgility platform (in pilot phase) manages the life cycle of the definition of the insurance product and its components. i2S Configurator – product which raised the highest expectations – is a product configurator that constitutes an easy and agile tool to define and customise insurance products and business processes. And Lifebox, which results from the collaboration between i2S and Entelgy, is an insurance as a service solution.

Previously, in his welcome message to the conference attendants, Gastão Taveira had talked about the companies’ current situation, given the pressure on the operating margins, increasingly aggressive competition and demanding clients, the required omnichannel, the availability on the market of comparators and insurtech, and a growing regulation impact. Also, the insurers’ reaction in terms of technology, investing in digital transformation, automation, disruptive technological processes, product customisation and cybersecurity.

Marco Perestrelo, i2S’ CTO, analysed the advantages of software packages as opposed to tailor-made development, concluding that “you would have to have a significant return in order for tailor-made development to be interesting when compared to software packages”.

Juan Mazzini resumed the debate on which is best, tailor-made development or software packages. Unless vendors provide platforms with this new architecture, there is an increasing number of companies which may consider developing a digital core insurance system,” he declared.

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