InCubis https://incubis.com Thu, 22 Jan 2026 14:22:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 Insurance Time-to-Market: How to Launch Products Faster, and Why It Matters https://incubis.com/insurance-product-time-to-market/ https://incubis.com/insurance-product-time-to-market/#respond Thu, 22 Jan 2026 10:47:58 +0000 https://incubis.com/?p=7650

Slow time-to-market doesn’t only reduce the premium an insurer can write – it also delays risk and pricing corrections, which can worsen portfolio performance.

Time-to-market is a growing challenge for insurance companies launching new products or rolling out changes. Customer needs are changing faster than ever, the market is becoming more competitive, and traditional insurance delivery processes struggles to keep up.

In this article, we break down what time-to-market means in insurance, what typically slows it down, and practical ways to reduce it without increasing delivery risk.

Key Takeaways

  • Time-to-market is the time from the decision to launch a new insurance product (or implement a product change) to the point where it can be quoted, bound, and sold.
  • Time-to-market varies widely by insurer and change type, but many product launches still take months to over a year in traditional delivery models.
  • Reducing time-to-market helps insurers respond faster to market shifts, deliver customer-relevant changes sooner, and improve competitiveness.
  • Common bottlenecks include cross-team handoffs, testing and release cycles, and implementation complexity in areas like rating and document generation.
  • CUBIS Catalyst and CUBIS Compose help reduce time-to-market by enabling faster product configuration and iteration with less reliance on custom development.

What is time-to-market (speed-to-market) in insurance

Time-to-market (TTM, sometimes called speed-to-market) is the time it takes from the decision to implement a new insurance product (or a product change request) to a production-ready launch that can actually be quoted, bound, and serviced.

In insurance, time-to-market needs to be understood in a practical, end-to-end way. A product launch is rarely only a product management exercise or an IT deployment. It usually involves coordinated work across product design, underwriting rules, pricing and rating logic, policy administration configuration, documentation, distribution enablement, operational readiness, and compliance review. A launch that looks complete from a product perspective can still fail to reach the market if the operational and distribution pieces are not ready, or if systems cannot support the intended rules and workflows reliably at scale.

It is also important to recognize that “time-to-market” in insurance can apply to several different types of initiatives. A net-new product launch is very different from expanding an existing product to a new state, and both are different from a rate change, an underwriting criteria adjustment, or the introduction of a new endorsement. While these efforts vary in complexity, they share one common reality: time-to-market is ultimately determined by how quickly the organization can align on decisions, implement the changes safely, and support them across systems, processes, and teams.

Typical insurance product launch timelines (and why they vary)

Typical insurance product launch timelines vary dramatically depending on what is being launched, how the insurer is structured, how much of the delivery effort depends on custom development versus repeatable configuration, and whether that custom development is done by the in-house team or an external vendor. Some organizations can implement smaller product changes in a matter of weeks, while others may take months for work that appears similar in scope. Large initiatives such as launching a new product line, rebuilding a product for a new segment, or modernizing a major part of the product portfolio can take significantly longer when the delivery requires extensive integration work, manual testing, or sequential approvals across multiple groups.

One reason timelines vary so widely is that insurance products are not simple bundles of features. They include complex decisions about risk selection and pricing, and they must operate within regulatory and contractual constraints. A single product change can impact eligibility rules, premium calculation, policy issuance workflows, document generation, billing behavior, and operational servicing. The more systems that are involved and the more tightly coupled they are, the more effort is required to deliver and validate the change. As a result, even a “small” adjustment can become large when it touches multiple components of the insurance technology landscape.

How time-to-market impacts insurers’ business results

Time-to-market is not just an internal efficiency metric. It directly affects an insurer’s ability to grow, protect profitability, and maintain strong customer and partner relationships. When insurers can bring products to market faster, they can respond to opportunities in the market before competitors do, and they can adapt to emerging needs with less delay. Conversely, when time-to-market is consistently slow, growth plans often become constrained by internal delivery capacity rather than by demand or distribution potential. Over time, this creates a strategic disadvantage, particularly in segments where customer expectations and risk conditions change quickly.

From a profitability perspective, time-to-market influences how much of an upfront investment is required for a new product launch. This process involves many people across multiple departments, development teams and vendors, marketing, and even the opportunity cost of developing a different product. This by itself poses a significant risk of a large investment with an uncertain return. Additionally, time-to-market also influences how quickly an insurer can adjust product and underwriting decisions in response to performance signals. When loss experience changes, when external risk factors shift, or when certain segments become less profitable, insurers need the ability to tighten underwriting rules or correct pricing gaps without long delays. Slow time-to-market can leave an insurer exposed to avoidable risk for longer than necessary, especially when underwriting and pricing changes cannot be implemented quickly enough to influence new business volume. Faster cycles enable organizations to reduce the gap between insight and action, which can have a meaningful impact on loss ratio over time.

Top bottlenecks slowing insurance product implementation

Even when insurers have a clear product strategy and a well-defined set of changes to deliver, product implementation often becomes slow and unpredictable once it reaches execution. In many organizations, the biggest delays appear in the parts of delivery that are the most technical and the most interconnected with the broader ecosystem. Two areas consistently stand out as critical bottlenecks: premium calculation and document generation. These components sit at the core of the insurance product experience, and they are tightly linked to quoting, underwriting workflows, distribution journeys, and servicing operations. When these pieces are difficult to change, time-to-market slows down regardless of how well the product has been designed on paper.

Premium calculation is frequently a bottleneck because it is not a single formula that can be easily updated. It often includes layered business logic, multiple rating factors, exceptions, tiers, eligibility interactions, and versioning requirements that must remain consistent across channels and over time. In practice, changes to rating logic tend to require deep technical implementation, careful validation, and coordination with testing and release cycles. Even when an insurer can make some smaller adjustments internally, most meaningful changes require custom development, which adds lead time and reduces flexibility. The challenge becomes more pronounced when multiple systems or teams depend on the rating implementation, making changes harder to isolate and increasing the risk of unintended consequences.

Document generation creates similar friction because policy documentation is not just a formatting task. Documents encode regulatory and contractual meaning, and they must reflect product structure accurately across variations such as state differences, coverages, endorsements, and customer segments. For many insurers, generating and maintaining documentation is a slow process because it is implemented through custom logic, tightly coupled templates, or specialized tooling that is difficult to modify safely. As a result, even modest product updates can trigger documentation changes that take longer than expected, especially when documents must be reviewed, validated, and coordinated with downstream systems.

Over time, premium calculation and documentation become “high-gravity” components that slow delivery across the entire product lifecycle.

How to reduce insurance time-to-market: practical strategies

The fastest way to reduce insurance time-to-market is to remove unnecessary dependency on custom development for product change, particularly in the areas that drive the most delivery friction. Most insurers will not eliminate development work entirely, and they shouldn’t try to. However, they can significantly reduce time-to-market by ensuring that product changes do not automatically translate into code changes across multiple systems. When every pricing update or document adjustment requires engineering effort, release planning, and regression testing, delivery speed is constrained by development capacity and deployment cadence. Over time, this creates a structural inability to respond quickly to market change, even when the business knows exactly what needs to be done.

A practical strategy is to make product implementation more configurable and more independently manageable by the teams who own it. That means enabling the organization to change premium calculation logic and documentation rules without needing to rebuild, redeploy, or re-integrate large parts of the ecosystem each time. This approach reduces lead time, but it also improves delivery predictability by narrowing the scope of change and reducing the risk surface. In many insurers, time-to-market is not slow because teams work inefficiently, but because the system landscape forces too many coordinated changes for a single product update. The less change that has to cascade across platforms, the more frequently and safely the insurer can release improvements.

Another important factor is minimizing disruption to the existing digital ecosystem. Many insurers are hesitant to pursue change initiatives that require replacing core systems, not because they don’t want to modernize, but because full replacement introduces significant operational, technical, and execution risk. A time-to-market improvement strategy should therefore prioritize incremental enablement that can integrate with what already exists. When capabilities can be introduced without ripping out systems, insurers can accelerate product execution while preserving stability and reducing the organizational resistance that often comes with large-scale platform transformations. The goal is to create a product delivery model where premium calculation and documentation can evolve quickly and independently, without forcing the insurer into a long and high-risk replacement program.

How CUBIS Catalyst & CUBIS Compose help

CUBIS Catalyst and CUBIS Compose are built specifically to remove the delivery bottlenecks that most often slow down insurance time-to-market: premium calculation and document generation. Instead of requiring insurers to implement these components primarily through custom development, CUBIS Catalyst enables insurers to define and manage premium calculation logic themselves, and CUBIS Compose enables them to design and maintain their insurance documentation themselves. This shifts control closer to the product and business domain, reducing the dependency on long development cycles for changes that are frequent, business-driven, and time-sensitive.

A key advantage of this approach is speed without ecosystem disruption. CUBIS Catalyst and CUBIS Compose are designed to integrate into an insurer’s existing digital landscape rather than replacing core systems. This means insurers can keep their current architecture and still unlock faster execution where it matters most. Premium calculation and document generation can be exposed and consumed through APIs, allowing these capabilities to plug into existing quote-and-bind flows, underwriting workbenches, portals, and servicing platforms. By avoiding a rip-and-replace model, insurers can reduce time-to-market with minimal changes to their broader technology stack, while improving the organization’s ability to deliver product updates at the pace the market demands.

Want to reduce time-to-market?

See how CUBIS Catalyst & CUBIS Compose help insurers launch products and changes faster.

Learn More

FAQ: insurance time-to-market

Time-to-market in insurance is the time it takes to launch a new insurance product or implement a product change from the point a decision is made to the point it can be sold in production through the insurer’s distribution channels.

A new product launch typically involves end-to-end work across coverage design, underwriting rules, pricing, documentation, systems integration, compliance review, and operational readiness. A product change may be smaller in scope, but it can still take significant time if it affects premium calculation, documents, or requires coordinated testing and approvals.

Insurance time-to-market is often slower because product changes must be implemented safely across multiple interconnected systems while meeting regulatory and compliance requirements. The complexity of underwriting and pricing logic also creates more implementation and validation work than in many other industries.

The most common drivers of long time-to-market are cross-team handoffs, custom development effort, dependencies across legacy systems, long testing cycles, limited release cadence, and the operational work required to make a product usable by distribution and servicing teams.

Premium calculation is difficult because it includes layered rating factors, eligibility interactions, product variations, and versioning needs that must remain consistent across channels and over time. Changes often require development work, careful validation, and broad regression testing to ensure pricing accuracy.

Document generation can slow delivery because insurance documentation must reflect complex product structure and regulatory wording accurately across states, segments, and endorsements. Many insurers rely on tightly coupled templates or custom logic, which makes updates slow and increases the risk of errors.

Insurers should measure time-to-market across delivery stages, such as decision-to-scope approval, scope approval-to-build start, build-to-UAT readiness, UAT-to-production release, and release-to-commercial readiness. Stage-level measurement makes it easier to identify where delays occur and which processes need improvement.

The most effective way is to reduce the amount of custom development required for common product changes, especially in premium calculation and documentation. Insurers can also improve speed by delivering smaller releases more frequently, aligning compliance and operations earlier, and improving validation practices.

Not necessarily. Many insurers can shorten time-to-market by introducing modular capabilities that integrate into their existing digital ecosystem. This approach reduces disruption and allows the organization to improve speed without taking on the risk and duration of a full platform replacement.

CUBIS Catalyst allows insurers to define and manage premium calculation themselves, and CUBIS Compose allows them to design and maintain insurance documentation themselves. Both can integrate with existing systems through APIs, enabling faster product change and reducing reliance on long custom development cycles.

Next step

If time-to-market is a priority for your organization, learn how CUBIS Catalyst and CUBIS Compose support faster insurance product delivery.

See how it works →

]]> https://incubis.com/insurance-product-time-to-market/feed/ 0 Insurance in Times of Change: Synergy of Strategy, Technology, and People https://incubis.com/insurance-in-times-of-change-synergy-of-strategy-technology-and-people/ https://incubis.com/insurance-in-times-of-change-synergy-of-strategy-technology-and-people/#respond Tue, 22 Apr 2025 08:01:54 +0000 https://incubis.com/?p=6973

Digitalization is crucial for insurance companies and their survival in today’s environment.
Insurers that successfully integrate strategy, technology, and the human factor not only secure their current market position but also shape the future dynamics of their business.

Business strategies must go beyond PowerPoint presentations if they are to be effectively implemented in practice.

With digital tools, well-crafted strategies can deeply penetrate insurers’ operations. The goal is to make every step—from the first client interaction to claims payment—faster, simpler, and smarter.

 

Connecting New and Traditional Channels

 

Innovative insurers choose to upgrade traditional channels and strategically integrate them into a digital context. Technology does not diminish the value of agents, sales representatives, or physical branches; instead, it enhances their strength and relevance.

Digital ecosystems, webshops, telecoms, banks, leasing companies, distributors of various products and services, internet aggregators, and others – are opening new communication touchpoints with customers.

On the other hand, traditional channels remain vital in complex sales situations, where trust and personal contact are key. A tech-enabled sales network offers the best of both worlds: the speed and efficiency of technology, paired with the empathy and trust of human interaction.

The future of insurance doesn’t lie in choosing one model over another, but in their smart and effective combination.

 

Core Systems: The Digital Foundation of Insurers

 

Even the best ideas fall flat without a strong core IT system. Modern core systems are engines of agility and the foundation of digital transformation. Flexibility, openness, and scalability are not just perks—they are essential features for growth in today’s market.

Such systems must enable rapid product launches, real-time processing of large data volumes, and integration with various AI tools and external partners. And all of this must work smoothly, without prolonged adaptation periods.

The Automation Paradox: People Still Matter Most

 

Advanced technology reveals its true value through the people who manage and optimize it. Human talent makes the difference between average and outstanding results, as well as return on investment.

The goal of automation is not to replace people. Its true value lies in freeing up time for what humans do best: strategic thinking, making complex decisions, showing empathy, and innovating.

In an age where software does almost everything, it’s the human factor that makes the visible difference—in outcomes, customer loyalty, and a company’s competitive edge.

 

Connecting Strategy, Technology, and People

 

Digitalization is the operational force behind every serious strategy – not just a technical add-on. Technology is not an end in itself, but a tool that transforms strategic ideas into real business advantage and operational reality.

Core systems play a central role in this transformation. Investing in their flexibility builds the foundation for new initiatives, while neglecting them traps businesses in outdated ways of working.

Partnerships in the digital age act as growth multipliers, enabling expansion into new markets and niches, diversification of revenue streams, and increased long-term business sustainability. Traditional sales channels remain relevant, but modern technology enhances their effectiveness through the natural evolution it brings.

In the end, technology brings speed, but people provide direction.

New technological solutions optimize processes—but they need competent people to unlock their full potential. Successfully connecting strategy, technology, and people enables insurers not just to meet challenges, but to turn this synergy into a powerful opportunity for growth.

]]> https://incubis.com/insurance-in-times-of-change-synergy-of-strategy-technology-and-people/feed/ 0 CASE STUDY https://incubis.com/case-study-incubis-2-0-implementation-a-success-story-from-wiener-osiguranje-vig/ https://incubis.com/case-study-incubis-2-0-implementation-a-success-story-from-wiener-osiguranje-vig/#respond Fri, 28 Mar 2025 09:43:57 +0000 https://incubis.com/?p=6853

Discover how Wiener osiguranje VIG transformed its operations with InCubis 2.0. By leveraging InCubis’ solution, the insurer modernized its IT infrastructure, enhanced customer experience, streamlined integrations, and accelerated new product launches. Download the full case study to explore the impact. 

]]> https://incubis.com/case-study-incubis-2-0-implementation-a-success-story-from-wiener-osiguranje-vig/feed/ 0 5 Key Guidelines for Successful Modernization of Insurers’ Core Systems https://incubis.com/5-key-guidelines-for-successful-modernization-of-insurers-core-systems/ https://incubis.com/5-key-guidelines-for-successful-modernization-of-insurers-core-systems/#respond Tue, 25 Mar 2025 14:01:55 +0000 https://incubis.com/?p=6802

 

It is essential to recognize the value of highly useful and reliable existing systems, as well as to carefully reconsider the need to replace systems that slow down or hinder business operations. Many systems currently in use in the insurance industry serve as fundamental business assets and have the potential to be adapted to support business growth and development. By efficiently utilizing and adjusting well-functioning solutions, companies can optimize investments and accelerate digitalization or digital transformation while minimizing operational risk.

 

2. Focus on Digitalization Success Metrics

 

Modernizing any system goes beyond a mere technological project. While implementing modern technologies is important, attention must be directed toward key success indicators, such as increasing process automation, improving work quality, reducing operational costs, generating new sales opportunities, and enabling the creation of new, innovative business models. Aligning modernization investments with broader business objectives is crucial to ensuring measurable value for the organization.

 

3. Continuous Modernization

 

Adopt a strategy of continuous modernization at the company level to monitor and enhance a portfolio of interconnected software solutions, aiming to improve overall efficiency. The successful implementation of any system should serve as an initial impulse toward ongoing process and technology advancement.

 

4. Technological Stability

 

Choose technological solutions based on their expected lifespan, stability, and available support to ensure the use of proven technologies amidst the rapidly growing landscape of software solutions. Competent and experienced development teams, especially those from product-oriented companies, critically evaluate every technology before selecting sustainable solutions from both a technological and financial perspective, while also ensuring strong software community support.

 

5. Financial Planning

 

Planning expected investments in the system—whether through implementation or maintenance—is crucial for the success of modernization. Insurers must assess the total costs, including initial investments, ongoing operational expenses, and potential costs of adjustments and upgrades. It is essential to ensure that development stays within planned budgets to maximize return on investment and ensure the long-term sustainability of system development. If core system development is outsourced, choosing a reliable partner is key. Experienced partners help optimize costs, minimize budget overruns, and ensure that systems remain sustainable and adaptable to future business needs.

 

]]> https://incubis.com/5-key-guidelines-for-successful-modernization-of-insurers-core-systems/feed/ 0 3 challenges in the implementation of insurance analytics https://incubis.com/3-challenges-in-the-implementation-of-analytics-in-insurance/ https://incubis.com/3-challenges-in-the-implementation-of-analytics-in-insurance/#respond Fri, 05 Jul 2024 07:35:06 +0000 https://incubis.hr/?p=5640

The insurance industry is fundamentally based on data analysis and data processing. However, the critical point at which many companies fail is precisely the operationalization of applied models in everyday business.   
 
Core insurance systems are known to play a key role in the day-to-day operations and strategic decision-making of modern insurance companies. With the continuous changes and development of the market, the proper integration of analytics into these systems has become a necessity, considering that they are the ideal channel for its practical application. 

1. Incorporation of analytics into insurance business processes

Many insurers have unique and robust models of risk analysis and assessment, which can bring certain challenges, but also failures of their integration into daily processes. This failure often stems from the perception of complexity and required resources for such an integration, so the knowledge of the development team and the team of business analysts is of great importance.   
 
If data analysis is not innovative on the one hand, and on the other hand adopted and available at the right time to those who need them – what is its’ real benefit?   
 
Therefore, the operationalization of analytics in every business process is essential for every insurance company to use the full potential of its data. Failure to use analytics can lead to numerous missed opportunities and suboptimal decision-making, resulting in loss of profit or market share. A successful and thorough integration of analytics can, for example, empower and innovate claims assessment professionals’ tools, improving their ability to assess risk and process claims, but also positively impact sales processes.  
  
In practice, we find numerous examples of incorporating analytics into insurance processes, and one of them is the categorization of the insurance portfolio that we wrote about here.

2. From raw data to informed decisions

To remain competitive, insurers must recognize the strategic importance of data and analytics. A key step in this transition is moving from data collection to efficient analysis and use as useful sources of information.  
 
Modern and meaningful analytics provide insurers and experts with timely and useful information. These insights enable smarter decisions in risk selection, pricing, processing and resolving consumer requests. As a result, insurers can more precisely determine the price of risk, optimize the results of claims processing, improve the loyalty of their clients, as well as their number, but also simultaneously monitor their own performance and results.  
 
A simple example of data visualization at the sales agent level, My Insurance Portfolio:

3. Interoperability

Interoperability in this case represents seamless exchange of data between different systems and platforms for the needs of the insurance company. Without interoperability, even the best analytical models can be underutilized due to isolated data. At the same time, the need for integration far exceeds the limits of the insurance information system and uses the analytics of other related industries.   
 
Achieving interoperability involves solving technical obstacles and adopting standard protocols for better decision-making or service design. The use of APIs and industry-standard data exchange protocols can facilitate this process. By achieving interoperability across domains, insurers can create a cohesive ecosystem where data flows smoothly, supporting better decision-making and operational efficiency.   
 
One of the current trends is better management and assessment of climate risks. Integration of the above can further enrich analytics and insurance products with climate models from multiple sources, as well as the expertise of experts from other industries. You can learn more about this in one of our previous articles here.  
 
Equally important is the ease of connecting the core system with external platforms. To further encourage collaboration, we at InCubis have developed a specialized subsystem – the API Management Center. Using it, we integrate the core system with external services in a safe, transparent and intuitive way, which results in new business opportunities and better use of external data sources.

Izvor: InCubis d.o.o.

To conclude:

The comprehensive incorporation of analytics into business processes, the transition from a data collection system to an information system, and ensuring interoperability are key prerequisites for the successful operationalization of analytics by modern insurers.

Successfully responding to these challenges improves operational efficiency and enables insurers to adapt to a dynamic market, offering superior protection and service to their customers. By focusing on this area, insurers can more easily manage the many demands of an increasingly dynamic insurance market, improve client retention and attract new ones more effectively.

]]> https://incubis.com/3-challenges-in-the-implementation-of-analytics-in-insurance/feed/ 0 The importance of categorization and insurance portfolio management https://incubis.com/the-importance-of-categorization-and-insurance-portfolio-management/ https://incubis.com/the-importance-of-categorization-and-insurance-portfolio-management/#respond Sun, 03 Mar 2024 22:47:36 +0000 https://incubis.hr/?p=5564

When it comes to managing a client’s insurance portfolio, every detail makes a difference. A comprehensive overview of clients and policies, the possibility of in-depth analysis and categorization of data and the creation of detailed reports are just some of the features of a quality insurance portfolio. 

Categorization and the overview of expiring policies

To empower insurance sales teams and encourage productive communication within the company, the CUBIS portfolio module offers an overview of all relevant information about the client and policies. 

In addition to general and contact information, some of the most important insurance-specific data that help in the work are premium, amount of debt, number of claims, number of claims, relevant claims and premiums, frequency of claims, technical result, etc.

The first step towards profiling clients and portfolios, in general, is a high-quality categorization of policies through the definition of categorization criteria and associated numerical ranges. The parameters offered in this module are completely flexible and adaptable to the type of insurance and the needs of the company, but most often include the technical result and frequency of damage.

Each company defines the final criteria and categories of renewal policies individually, and must further communicate them to the sales network. Policy categories can be extremely simple and refer clearly to “renewal” or “non-renewal” of the insurance policy but can also include marginal cases that refer to consultation with the risk taker or superiors. 

Cooperation and communication of teams within the company

Quality collaboration and real teamwork begin as soon as the portfolio is generated. The underwriters/back office adjust the schedule based on years of data on the partner, which is then distributed to the sales teams within the company. Enriched with key information about its portfolio and clear notes and guidelines, the portfolio is a guide for the sales network to navigate through the policies that the company wants or does not want to renew. 

In addition to a detailed review of insurance-specific data and notes, this module for team leaders also offers the option of redistributing selected policies to new associates if there is a turnover of sales team members. 

Members of the sales team continue to manage the expiring policy list through this comprehensive solution, communicate with clients from one place, renew policies and even accurately record what happened in the event of a client leaving. These are all realistic situations that companies can further use in shaping their policy and way of doing business. 

Custom reports and CRM compatibility

The strategic advantage of this module lies in the unlimited possibilities of creating reports for the back office or the sales network, based on the collected and categorized data. Monitoring both the business results and the success of policy renewal is essential for a more efficient organization of work within teams, as well as the financial progress of the company as a whole. 

This expiring policy module in the CUBIS system is fully compatible with additional features that turn it from a “classic” policy list into a powerful CRM solution for the insurance industry. This of course includes management of sales opportunities and clients, integrated servicing of clients with an elaborate graphic dashboard in real–time. 

In the increasingly competitive insurance market, flexibility, personalization, and real-time data generation are gaining importance and at the same time indicate the potential direction of development of this and all similar modules. The possibility of comprehensive servicing of the client and constant care about the quality of the assumed risk are the key benefits of this module. 

]]> https://incubis.com/the-importance-of-categorization-and-insurance-portfolio-management/feed/ 0 InCubis & Climatig – include climate risk assessment in your insurance sales process  https://incubis.com/incubis-climatig-include-climate-risk-assessment-in-your-insurance-sales-process/ https://incubis.com/incubis-climatig-include-climate-risk-assessment-in-your-insurance-sales-process/#respond Thu, 25 Jan 2024 14:43:10 +0000 https://incubis.hr/?p=5505

The development of insurance tech never stops, that’s why the companies InCubis and Climatig joined forces to jointly define new products, assess climate risks, and advance the ecosystem of insurance services. 

Climatig as specialists in climate risk assessment, and InCubis as a core insurance system service provider, have jointly directed their resources towards the development of new products that will ensure full protection of clients through climate risk assessment. 

By combining the expertise of these two companies, the emergence of new products adapted to the modern challenges posed by climate change is expected. This partnership will not only enable the development of new products but will also bring innovation to existing ones. 

Climatig uses data from different climate models for multiple scenarios, as well as satellite and historical data to create its climate risk prediction models for all hazards, but also to calculate the costs that will arise due to climate change. Using machine learning techniques to train the model, all climate risks calculated by Climatig are evaluated at a high resolution of 10 meters, giving detailed insight into potential impacts on insured assets. 

The CUBIS insurance information system supports all insurance processes, including the definition of insurance products and sales processes in which it is most appropriate to incorporate climate risk assessment. This cooperation has the potential to result in a more precise determination of premiums, providing clients with adequate protection and optimal financial conditions. 

The cooperation with Climatig will also enable InCubis to include new possibilities in its product configurator and sales application. Those will help insurance companies reduce risks and adapt to new circumstances, in cooperation with their business partners. 

potential climatic hazards
]]> https://incubis.com/incubis-climatig-include-climate-risk-assessment-in-your-insurance-sales-process/feed/ 0 3 key elements of the information system for health insurance https://incubis.com/3-key-elements-of-the-information-system-for-health-insurance/ https://incubis.com/3-key-elements-of-the-information-system-for-health-insurance/#respond Tue, 09 Jan 2024 19:30:17 +0000 https://incubis.hr/?p=5466

The health insurance sector continues to develop rapidly through the emergence of new technologies. With quality integration of specialized digital solutions, insurance companies together with healthcare institutions and IT teams are creating a new healthcare environment. 

Insurance companies are expected to lead towards more flexible management of health insurance products and better patient treatment outcomes while facilitating the process for all involved stakeholders. In the first 11 months of 2023, an astounding 5,671,590 health insurance claims were settled in Croatia, which is 472,556 more than in the same period last year. This is a clear sign that digital transformation, especially in the domain of claims processing, is a safe and reliable way to achieve those goals and to keep up with the trends and growing demands of the insurance market. 

1. Independent definition of products

The dynamics of today’s insurance market require every company to quickly adapt to new trends and insurance products, as well as inevitable changes in existing ones. The process of product definition/change is traditionally time-consuming, both due to internal processes and due to communication and coordination between the company and the IT team in charge of the IT system. As a solution in this situation, the possibility of independently defining one’s own products is imposed. Complete control and personalization of products, significantly reduced time-to-market, and saving of human and financial resources are just some of the benefits that this type of solution brings. 

2. Digital collaboration

The power of integration and the company’s connection with external partners, institutions, and its users has never been more valuable, and this trend hasn’t skipped the health insurance sector either. For health insurance services to be provided smoothly from the provider to the end user, it is desirable to enable the company’s API connectivity with all involved partners, especially healthcare institutions. The biggest advantage of this type of connectivity is the complete automation of health insurance claims processing. The real-time exchange of data on valid policies and coverages, as well as the automatic authorization and reporting of claims when using medical services must be reliable, integrated, and instant. 

3. Medical Help Desk

In the saturated world of unreliable and sometimes contradictory information, correct and timely information is worth its weight in gold, especially in the context of health. The Medical Help Desk module enables efficient management of prescriptions and telephone or written correspondence with users of additional health insurance and health institutions. The implementation of the module mentioned represents added value for your users, and in the long term, can strengthen their trust in your services.

Of course, the successful use of such digital solutions rests on the premise that the insurance company has already actively included modules such as: automatic underwriting, repricing, management of health cards (digital and physical), and management of contracts with health care institutions. Efficiency will also improve with unified claims and authorization management, a Document Management System, and an efficient reporting system. 

Example of successful implementation

In the already mature health insurance market in Croatia, the implementation of the CUBIS solution in the insurance company Triglav represents an example of successful implementation and long-term good cooperation. 

In the record time of only 2 months, their IT system procedurally covered the entire spectrum of insurance business domains – from product definition, sales, underwriting, commissioning, premium bookkeeping, reporting, claims, and numerous other processes. At the same time, vital connections were established with numerous health institutions and partners via API. In addition to efficient claims processing, this also improved the overall experience of the insured clients. 

If we look at the success of Croatian companies that use the CUBIS solution for health insurance, it is evident that technological innovation is not only a means of monitoring trends but a key strategy for achieving high efficiency, quick adaptation, and creating a connected and personalized health service. 

]]> https://incubis.com/3-key-elements-of-the-information-system-for-health-insurance/feed/ 0 InCubis: A Partner at InsuranceCom AT-CEE-Vienna 2023 Senior Executive Conference https://incubis.com/incubis-a-partner-at-insurancecom-at-cee-vienna-2023-senior-executive-conference/ https://incubis.com/incubis-a-partner-at-insurancecom-at-cee-vienna-2023-senior-executive-conference/#respond Fri, 10 Nov 2023 12:38:08 +0000 https://incubis.hr/?p=5418

InCubis proudly joined hands with the InsuranceCom AT-CEE-Vienna Senior Executive Conference 2023. 

This exclusive event provided a unique platform for participants to engage in meaningful conversations about personal interests and forge valuable connections within the insurance sector. With a keen focus on fostering collaboration and addressing the evolving challenges in Central and Eastern Europe, InsuranceCom proved to be an exceptional arena for knowledge exchange.

InsuranceCom CEE 2023 focused on reimagining the insurance industry as it currently stands to accommodate for the most recent challenges, economic outlook and newly developing insurance risks. Four topics were discussed, starting with an economic outlook with a focus on economic themes and the current risk landscape, followed by a deep dive into the predictive power of ESG in insurance, followed by an analysis of data driven insurance capabilities, and concluded by an insight on the growing workforce gap in the industry.

Check out what the atmosphere was like in our photo gallery. 

 

 
]]> https://incubis.com/incubis-a-partner-at-insurancecom-at-cee-vienna-2023-senior-executive-conference/feed/ 0 Innovative ways to new sales channels https://incubis.com/innovative-ways-to-new-sales-channels/ https://incubis.com/innovative-ways-to-new-sales-channels/#respond Tue, 24 Jan 2023 11:24:19 +0000 https://incubis.hr/?p=5285

Embedded insurance has been a hot topic in insurance in recent years, and interest in it is further encouraged by estimates that by 2030, this type of insurance will generate more than $700 billion in gross premiums written in non-life insurance.

Therefore, embedded insurance is opportunity, both for insurance companies from the commercial side, as well as for clients and distribution partners. Risks are becoming more complex, needs are becoming greater and it is necessary to provide the right level of protection in the right place.

The concept of embedded insurance

In addition to the unquestionable digital support of existing sales channels, such as agencies and brokers, insurers must research and monitor technologies that will open up new opportunities for accessing clients.

Namely, on local and global markets, there are numerous organizations, brands, platforms with which consumers and companies communicate more frequently than with insurance, very often on a daily basis. Consumers often interact with insurance once a year and realistically don’t really think about it. Therefore, why shouldn’t insurance companies cooperate with other organizations that are closer to consumers and create solutions that are more relevant and adapted to consumer habits and thus follow them in their regular activities. Such an approach is the essence of embedded insurance.

After all, some brands and organizations have more data about the consumer, and insurance is at its core based on data and designing an offer for the individual. An additional benefit is that in the new paradigm, the right insurance solution is offered to the client at the very moment when he is thinking about it or a related service.

Companies that integrate an insurance service into their offer want and have the right to design the user experience of their clients. When it comes to the desire to integrate the insurance service into one’s own product as intuitively as possible, there is no difference between large global players such as Amazon or Uber and local distributors and manufacturers.

Ultimately, the proximity to the consumer and the credibility provided by the joint appearance of the insurance brand and the selected organization result in the insurance price being less relevant for the customer, than is the case with some other digital sales channels such as Internet aggregators, which encourage price competition. In such a “B2B2C” business model, two business organizations provide a service to the client through an integrated channel. The first business organization (insurance) offers the second business organization access to insurance services that can increase its income, provide access to a larger number of clients or increase efficiency. At the same time, another organization sells the insurance service directly to the client using its own services.

Technology as a success factor

The development of technology and digitalization of insurance is a key factor when it comes to embedded insurance. It is estimated that in the next 4,5 years, embedded insurance will be even more digitally oriented, targeting will be more efficient, as will the simplicity of contracting. Existing strategic alliances, affinity insurance, bancassurance and other special partnerships will eventually become increasingly digitized.

It is up to the insurers themselves and the responsible persons in the companies to recognize the opportunity and create a new niche taking into account the technology available. Business partners can be auto distributors, airlines, electrical equipment distributors, banks, logistics companies, hotel chains, e-commerce platforms, pet product distributors and numerous other organizations.

We at In Cubis d.o.o. contribute to such strategy in terms of software and offer solutions that can turn embedded insurance into a profitable business model. It is a collection of web services, “CUBIS API”, which enable the integration of the insurance service during the purchase of any other related product.

With the right solutions, distribution partners can implement different types of insurance products in their services, from motor vehicle insurance, assistance, property insurance, health insurance, travel insurance, accident insurance, etc. From the perspective of the insurance company, regardless of which product, partner or brand, it is a necessary prerequisite to establish a flexible and modern architecture of the information system that enables the simplest possible implementation of insurance with each related service.

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