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In this video series, Levvel experts discuss the disruption happening in the insurance industry, common pain points, and the opportunities for established insurance companies to modernize and level the playing field.

* Watch the full video series here: https://www.levvel.io/resource-library/vlog-series-state-of-the-insurance-industry

* Download the 2020 Insurance Technology Executive Report: https://bit.ly/insurance-tech-report-2020

* Register for our Insurance Modernization Webinar, Part 1: https://bit.ly/insurance-mod-webinar-2020

* Download the full 2020 Legacy Modernization Report: https://bit.ly/legacy-mod-report-2020

Transcription:

David Antoline: There are a few reasons that we’re seeing established insurance companies be forced to modernize in order to stay competitive in the market. One of those reasons is that they’re really being driven by a whole new batch of insurtechs. Many of those are hyper-focused in certain areas and for the most part, customer experience is held at a premium with those companies. And so it’s driving customer expectations upward, and we’re seeing interesting results in the established market because of that.

Maurice Walker: What customers are looking for are lower costs, as well as ease of use. They’re either looking for easier ways to acquire insurance, all the way down to administration of claims, and even as far as keeping the insurance up to date. So as a result of it, a lot of these traditional companies would have to get to a point where they could meet that need. The startups are introducing a new way of actually providing insurance. They have very low costs and it’s due to the fact that they have a very streamlined workflow. They don’t have agents, they don’t have call centers. So as a result, they’re able to provide a lower price point, and the way they do that is also by leveraging new technologies like blockchain or internet of things.

David Antoline: One of our customers was faced with the challenge of trying to improve end-user experience, to compete with some of the newer companies that had hit the market. And when they looked at the process for doing that, where they started running into issues was with some inefficiencies in their team structure, inefficiencies from an infrastructure standpoint in how data was processed, and ultimately their ability to quickly churn out end-user features at a rate that would keep pace with expectations at the customer level. And so, we’re seeing a lot of companies that are struggling with this shift, where they see the writing on the wall, and it becomes pretty clear as to what needs to be done to compete, but the amount of time, and in some cases, the amount of costs that they incur to move this giant ship from left to right in order to make that happen, can be difficult.

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What are the most important characteristics of a reinsurance software system? Martin Greenberg, Product Manager at Sapiens helps us to understand what insurance businesses need to stay ahead and efficient. Learn more here: https://www.sapiens.com/solutions/sapiens-reinsurance/