07/10/2014
With innovative IT services industry specialist msg ensures consistently integrated processes and support of new business models.
Munich, October 7, 2014. Individually-tailored offers, contract closure and claim notifications by Smartphone app, consulting via social networks, information and service anywhere anytime - today's customers expect their insurance companies to provide the same services they are accustomed to from other online dealers. As a result, insurance companies are being forced to operate a growing number of channels, while offering individualized rates and networked products, such as an insurance package for the diving vacation that was just booked. This requires IT systems and processes that are consistently integrated and automated.
Industry specialist msg has developed IT services that are based on service-oriented architectures (SOA) and that enable this type of consistency - from product definition to claim management. In doing so, existing product know-how is made available to all departments, ensuring the entire process is product-driven. If the insurance package for the diving vacation needs to be adapted in order to be able to offer ski weekends in the future, you simply have to enter the specific risks and the system automatically informs you which changes need to be made to the product. Specifically, this could be a change to the coverage for property damage to rental equipment with a simultaneous increase in the accident insurance components. Thanks to the IT services developed by msg, these back-office processes are performed fully-automated as "background processes" and help shorten the internal processes involved in the provision of new products or product variants considerably.
Scenarios for Innovative Business Models
Exactly which processes and business models can benefit from this consistency is a topic msg will be presenting at the insurance conference munich (inscom) 2014 using live presentations and demo apps. One possible scenario is a collaborative web site operated by a tourism office and a travel agency. Customers can book a trip and automatically receive a corresponding insurance offer. At the same time, the backend becomes visible in which, for example, a duplicate check is performed for the customer data and policies are issued automatically - including a collection process.
Another scenario shows an app that end customers can use to management and modify data for insurance contracts. As soon as they have entered the data, they receive insurance offers specifically tailored to their situation. They can then use the app to sign the contract then and there.
"They are just two of many scenarios that are possible for digital business models," explains Frank Plechinger, member of the Board of Directors at msg systems ag. "With our IT services for end-to-end process integration we are able to create the necessary framework and support insurance companies in designing many other innovative processes and networked products as part of the digital transformation of the insurance company."
