In 2024, the insurance industry is witnessing a shift in perspective. Modernizing legacy applications or launching new start-ups requires a much more focused set of solutions targeted at specific offerings yet scalable for the enterprise. Quess GTS is partnering with MGAs, Insurance Brokers, and Carriers to address these challenges.
Digital Insurance Ecosystem
Insurtech 2024 is characterized by a departure from risky, multi-year, multimillion dollar initiatives where the requirements change by the time you reach implementation readiness. Quess GTS, as a leading insurance solution provider, has embraced this paradigm shift, offering a comprehensive suite of insurance and partner solutions underpinned by two decades of experience and expertise in the Commercial Property & Casualty (P&C) and Specialty domain. The industry has a mandate for straight through processing (STP) which means ingestion of ACORD and supplemental forms without data entry, risk triage to route or filter business that is desired or screened out, incorporation of third-party data including loss run, automated pricing and decision prep for underwriter review, quote selection, and bind/issue. The technology enablers to support STP may include our IIP platform and/or other third-party platforms, data ingestion engines often powered by intelligent document processing, robust workflow and automation technology provided by low-code platforms. It also ensures API integration systems that update Carriers, Billing, General Ledger, CRM, and Agency Management systems.
Integrated Insurance Platform (IIP):
At the heart of Quess GTS’s offerings is our Integrated Insurance Platform (IIP). Providing value for over two decades, our booking and submission platform stands as a testament to the company’s commitment to providing solutions that are deeply rooted in domain and operational knowledge. IIP covers the full-value chain of insurance operations, from data ingestion and new business submissions to underwriting, binding, policy documents, and integration with various third-party applications. Our IIP system is sold in an OPEX model to avoid large upfront CAPEX expenditures that includes an optional managed services model to allow our teams to do the heavy lifting while you grow the business. We have 33 different Commercial P&C and Specialty products which are extensible to meet the changing offerings for the market. Our customers include MGAs, Insurance Brokers and Wholesalers, and Carriers. We implement in 90-120 days to ensure time to market commitments are made which include updating to carriers and third-party interfaces such as Billing, General Ledger, and others.
Production Ready Insurance Data Lake (IDL):
Our relational Insurance Data Lake can be implemented with our IIP platform or implemented unbundled to integrate with any third-party system, legacy application, or feeds from MGA’s and TPA’s. We pride ourselves with the ability to store policy, claims, and financial information as a “single source of truth.” With over 33 coverages already included in our IDL, we can launch any new product or service for Commercial P&C and Specialty business. The data lake comes with a set of pre-built Power-BI dashboards and has the foundation to support regulatory or compliance reporting. Our IP Includes translation logic to take in feeds from in any format from XML, flat files, or Excel.
Data captured through on-line entry or batch ingestion find their way to the relational database used for analytics and dashboard reporting. Out of the box reporting developed using Power BI include the following examples:
The data lake will house information from policy administration systems, claims systems, TPA and MGA feeds and other sources. Having a single source of truth is a real differentiator which can be purchased with IIP or separately. It is also an engine for regulatory, compliance and financial reporting and can be leveraged as an analytical repository to look at pricing, risk, renewals, underwriting policies, and practices.
Our Digital Surround Partner Ecosystem
Understanding that many organizations have invested in low-code and no-code partner solutions, we can integrate seamlessly with these systems for Intelligent Document Processing, Broker Portals, Risk Triage, Automation and Workflow technology, and API integration to CRM, Billing, General Ledger, Policy, Claims,
Rating, and other applications. We can also deliver these components in 90-120 releases with our IIP platform or with other applications based on the scope of the initiatives. In the future, we have plans to incorporate GenAI into specific use cases for Underwriting productivity, Customer Experience, and other functions.
End to End Testing Automation
We realize that testing is often a long tail for traditional multi-year multimillion projects. Equally, testing is just as critical to enable 90 –120 initiatives for a start-up, a new product offering, a new service or to add MGAs to your distribution process. Our testing teams align with any Agile or traditional life cycles. Our Ingestion Validator, Forms Validator, Rating Validator, and Data Enrichment Validators are some of the IP we bring to the table for any project in Commercial P&C and Specialty Lines or any tech stack. We can tap into the 1000’s of ready-to-go test cases from submissions to claims that will also accelerate your time to value. Our emphasis is automation that can be run as component tests, end-to-end testing as well as regression.
Client Successes:
Quess GTS IIP system supports 33 Commercial P&C and Specialty Lines of Business. The system can expand LOBs to meet the new product mix in the industry. We support over 500 producers, carriers, and over 30 plus TPA and MGAs. Our platforms support over $2 Billion in premium on our platform alone not counting projects involving third party products. We take pride in our ability to implement our platform in 90 – 120 days based on the number of products and integrations. The ideal customer to leverage IIP is:
- New product launch that is being offered to the market by an existing carrier or insurance broker
- New MGA or MGU that needs a booking, quote, underwriting, bind and issue system without that level of effort required to implement a policy administration system
- Insurtech requiring a platform to launch a new product
- Carriers offering new specialty products with an aggressive go to market.
- Insurance brokers and wholesalers offering Commercial P&C and Specialty businesses often with a portfolio of MGAs for distribution
Partner Community
Our set of partners offer both industry specific and horizontal capabilities to the insurance industry. Some of the partners we team with include low-code platforms such as Neutrinos and Outsystems, Automation firms such as UiPath, Workato, Cloud partners such as AWS and Azure, Data Migration firms such as Data Strike, Analytics Firms such as Microsoft PowerBI, and Cyber partners such as Tenable, Blackberry, Microsoft and KnowBe4.
Conclusion
As the Insurance landscape undergoes a shift towards a more pragmatic approach, Quess GTS emerges as a reliable trusted partner, offering solutions that combine technological innovation with a deep understanding of the insurance domain. Insurtech 2024 is about adding service and product differentiation, with operational best practices and automation, and the leverage of structured and unstructured data to reduce risk and ensure compliance. Through proven solutions and services, we offer 90–120-day implementations, OPEX financial models to avoid large upfront cash outlays, and a full-service approach to support any Agile or development life cycle, coverage mix and technologies.
Contact us to learn more about how Quess GTS can meet your Insurance Digital Transformation needs.
