Current Situation
As customers begin to look for value beyond traditional products and services in return for the premiums they pay, insurance organizations are challenged to expand their offerings through ecosystem partnerships despite security, privacy, and interoperability hurdles.
Goals and Objectives
Create a standard, open environment to enable information exchange with value-added partners in the wider insurance ecosystem to offer contextual services to customers. Open up as-a-service insurance offerings for the broader ecosystem partners that will benefit both the insurers and their partners. Ensure the ecosystem collaboration has strong security measures and controls in place to mitigate risks.
Technology Deployed
Open architecture/ standards, Open APIs, Next-gen security, Governance systems for risk mitigation, Cloud-based app development, API testing platforms
Use Case Summary
Create a secure and open /connected ecosystem enabled insurance to collaborate with different stakeholders (retailers, car manufacturers, hospitals, repair shops, legal firms, property assessors, risk managers, academia) to cater to new market needs and deliver value to the customers beyond traditional insurance products and services.