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Innovation is now top priority for 8 out of 10 insurance companies across Europe
As insurers struggle to meet changing consumer demand with ageing technology, global digital solution provider, TIA Technology, releases TIA version 7.5. A step change in technology, it lets insurers engage today’s digital consumers while ramping up workflow efficiency across the business.
Copenhagen, Denmark – 4th April 2017. Digital technologies are changing what consumers expect and how they interact with service providers. At the same time, millennials are turning their backs on traditional ownership models and insurance products. Insurers around the world are struggling to engage new customers with a unique digital experience that meets them on any device or channel. But it’s an uphill battle as many insurers are hindered by decades of legacy technology and process complexity.
TIA CEO Christian Kromann explains, “Through our ongoing dialogue with insurance CEOs, we know the pressure they’re under. We also know that 8 out of 10 insurance companies in Europe have formalized innovation strategies and budgets – that’s new for the insurance sector.” This is according to a survey by leading independent research and consulting firm, Pierre Audoin Consultants (PAC), of 200 European insurance business and IT executives. “The survey also shows that regulation and ageing technology are seen as the biggest barriers to innovation. That’s where TIA 7.5 comes in,” says Kromann.
Activating the digital insurance ecosystem
TIA 7.5 is the next generation of the TIA core software platform, and marks a paradigm shift in how the insurance industry will activate the technology. It is designed to help drive insurers’ digital and business strategies. Featuring TIA’s new REST API, 7.5 enables vast integration possibilities, including best-of-breed business technologies such as Microsoft Dynamics 365 and the latest InsurTech innovations.
REST is a set of principles that makes development quicker and easier, and is used by digital native companies, such as Twitter, Amazon and Uber. Carsten Vraa Jensen, SVP at TIA explains, “With our REST API, our customers can create a completely unique digital ecosystem and take advantage of technologies that drive efficiencies throughout the business.”
Excellent claims and product functionalities
TIA’s REST API also enables 7.5’s other important improvements such as self-service and product-configuration functionalities. Vraa Jensen continues, “In the PAC survey, 60% of respondents saw improving customer engagement as the primary focus for their innovation strategy. With 7.5’s claims improvements, our customers can engage consumers with an easy, user-friendly claims journey that lets them, for example, file a claim from anywhere via their laptop or mobile phone.”
7.5 also includes new product-configuration functionalities that help insurers create or change products faster. Vraa Jensen explains, “It used to take insurers several months to create or change one of their products. You would have to put a request to IT, who would put it on their long to-do list, code the new product from scratch, and then maybe a few months later, you had a single product variation. With TIA 7.5, anyone in the business can configure or change a product – and it only takes half an hour.”
Greater efficiency throughout the business
Additionally, a series of work-efficiency features in 7.5 drastically speeds up workflow for claims and policy handlers. This improves customer service, boosts productivity and reduces operational costs. “We’ve made it remarkably quick and easy for claims handlers to process claims and complete tasks,” says Vraa Jensen. “We’ve also added a series of user-interface improvements that let even novice users to navigate the system intuitively.”
Based on feedback from the TIA community
TIA’s community of partners and customers spans the globe and meets every year at TCC, TIA’s Community Conference. Through continuous dialogue with the community, TIA based many of 7.5’s new features and functionalities on the community’s feedback. “Our customers and partners have been telling us exactly where they’re going and what they need to get there,” says Vraa Jensen. “We’re proud to be able to deliver what they need with TIA 7.5.”
Part of TIA’s growth strategy
The launch of TIA 7.5 is part of TIA’s strategy to deliver the most scalable, versatile and reliable insurance technology platform to their growing list of global insurance customers. Kromann continues, “We strive daily to help our customers get the maximum value from their TIA solution. By delivering the tools and functionalities that help them engage new customers, work more efficiently and stay agile while they grow and expand, 7.5 achieves this.” TIA has 54 customers globally, including four they have one in the last six months alone.
Learn more about TIA 7.5 here