No matter what type of distribution channel insurers use today, the need to make critical data available to business partners has reached the point where insurance carriers can no longer afford to be patient. This view was presented in a recent report, Technology and the Evolution of Insurance Distribution, prepared by research group Celent Communications insurance industry analyst Craig Weber.
Insurance carriers see themselves today as more manufacturer than manufacturer/distributor, Weber believes. The emphasis is on tapping the distribution reach of a number of partners, and that frees carriers to focus on creating products, administering the products, and managing the benefits, he says.
That has led insurers to Web migration. To the extent they can, insurers are taking data out of core systems and making it available on the Web, says Weber. That reduces costs and allows them to give access to that information in ways that are easier, particularly for independent channels. He believes the next phase for carriers involves the implementation of data standards, in particular the ACORD XML standards.
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