Although business leaders may like to think otherwise, at a fundamental level, few carriers do anything truly unique in the market. And if they do, that uniqueness doesn't last long in a competitive environment.
"All insurers do rating, quoting, and issuing similarly from a process perspective," observes Cindy Maike, cofounder of the consulting firm Smallwood Maike & Associates. "It's the particular data they use and the way they actually orchestrate those processes that may be different."
In light of that reality, vendors have been building platforms as configurable components that include insurance-generic data, process, and service models. By providing configuration tools that can be used by the business side, these components aim to get IT off the critical path and increase a carrier's speed to market.
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