How Leading Technology Companies Support Insurance Carriers in a Digital Age
The insurance industry continues to rapidly evolve in response to digital transformation, driven by consumer demand, technological innovation, and operational challenges. As insurers seek to modernize, many are partnering with top technology providers to improve efficiency, streamline processes, and deliver better customer experiences. These companies are leading the charge by providing solutions across policy administration, claims management, risk analytics, customer engagement, and more.
In this article, we explore how major tech companies are empowering insurance carriers, featuring insights from the executives guiding this transformation.
1. Policy Administration Systems (PAS)
Policy administration is the backbone of any insurance company. Insurers need robust, flexible systems to manage policy issuance, renewals, billing, and customer interactions.
Guidewire
Guidewire is synonymous with policy administration solutions in the property and casualty (P&C) space. The company’s Guidewire InsuranceSuite powers operations for many of the world’s top insurers. The platform's ability to handle complex workflows and provide real-time data makes it a critical tool for carriers looking to innovate.
Reflecting on Guidewire's role in transforming insurance, Marcus Ryu, co-founder and former CEO, once stated,
"We’ve built Guidewire InsuranceSuite to support insurers with a unified platform that allows them to innovate, scale, and respond quickly to changes in market conditions. Insurers today need flexibility and access to real-time data to make better decisions, and that’s exactly what our platform delivers."
With Guidewire, carriers can streamline everything from underwriting to claims, making them more responsive and agile in a fast-paced industry.
Duck Creek Technologies
Duck Creek Technologies offers its Policy system to help insurers embrace a cloud-first future. The company has been at the forefront of delivering scalable, cloud-based solutions that reduce product launch times and improve operational efficiency.
In discussing the advantages of cloud solutions, Michael Jackowski, CEO of Duck Creek, noted:
"Cloud technology enables insurers to innovate and go to market faster. With Duck Creek, insurers can reduce the time to issue new products from months to weeks, if not days."
Duck Creek’s ability to integrate rapidly with other systems—thanks to partnerships like its one with Microsoft Azure—enables insurers to offer more flexible, customer-focused policies at a pace unheard of in traditional setups.
Majesco
Majesco’s Policy for P&C platform is tailored for insurers seeking agility in launching new products and services. The company is helping carriers shift from legacy systems to cloud-based platforms that provide scalability, configurability, and analytics.
In speaking about the company's mission, Adam Elster, CEO of Majesco, shared:
"Insurers must embrace the future by accelerating digital transformation. Majesco is committed to helping our clients capitalize on new opportunities through innovative, cloud-based solutions."
Majesco’s ability to provide flexibility ensures insurers can respond quickly to emerging market needs, launching new products faster while keeping operational costs down.
2. Claims Management Systems
Efficient claims handling is essential for insurance carriers to maintain profitability and customer loyalty. Advanced claims management systems are critical in reducing claims processing times, identifying fraud, and providing transparency throughout the claims lifecycle.
Guidewire ClaimCenter
Guidewire’s ClaimCenter is the industry leader in claims management for P&C insurers. The platform uses automation and real-time analytics to streamline the claims process, which can lead to faster settlements and improved customer satisfaction.
As Priscilla Hung, President and COO of Guidewire, explained,
"Efficient claims management is central to an insurer’s success, and ClaimCenter delivers that efficiency through automation, real-time analytics, and user-friendly workflows. Our goal is to empower insurers to deliver faster, more transparent claims resolutions for their customers."
By automating complex claims workflows and incorporating data analytics, Guidewire helps insurers reduce processing times while also minimizing the risk of errors.
Duck Creek Claims
The Duck Creek Claims solution offers insurers end-to-end claims management functionality with built-in fraud detection and automated decision-making processes. It allows insurers to triage and resolve claims more efficiently, even during times of high volume.
For Duck Creek, Michael Jackowski commented:
"Delivering a superior claims experience is critical for insurers looking to retain customers. Duck Creek Claims enables carriers to automate the entire process while integrating seamlessly with other systems to provide real-time insights and proactive decision-making."
Through automation, Duck Creek Claims reduces the manual workload, allowing insurers to focus on providing personalized services where it matters most.
ClaimVantage
Focusing on life, health, and disability insurance, ClaimVantage offers a suite of solutions that automate claims processing from intake to settlement. The company’s cloud-first approach has made it a valuable partner for insurers seeking to modernize their claims workflows.
According to Leo Corcoran, founder of ClaimVantage,
"We help insurers streamline claims processing through automation and cloud technology, resulting in faster turnaround times and a better overall customer experience."
ClaimVantage enables insurers to scale efficiently, even as claims volume increases, while maintaining accuracy and speed.
3. Risk Management and Underwriting
Risk management and underwriting are two areas where technology is having a profound impact. Predictive analytics, artificial intelligence, and machine learning are now being used to improve underwriting decisions and streamline risk assessments.
IBM Watson
IBM Watson is pioneering the use of artificial intelligence (AI) to enhance underwriting decisions. Watson’s AI-driven insights help insurers sift through massive datasets, allowing them to make quicker and more accurate underwriting choices.
Rob Thomas, Senior Vice President of IBM Data and AI, remarked,
"AI is helping insurers analyze data faster and with greater accuracy than ever before. Watson is allowing carriers to make underwriting decisions more quickly while reducing human error and bias."
By leveraging Watson’s cognitive computing power, insurers can now automate complex tasks and focus their efforts on higher-value decision-making, significantly reducing time spent on underwriting processes.
Friss
Friss specializes in AI-powered fraud detection and risk management, helping insurers detect fraud in real-time during both the underwriting and claims processes.
Jeroen Morrenhof, CEO and co-founder of Friss, emphasized the importance of trust in the insurance ecosystem:
"At Friss, we are focused on delivering AI-powered insights that help insurers prevent fraud and mitigate risk before it happens. Our technology ensures insurers can trust their data and processes to build a stronger, more reliable insurance ecosystem."
With Friss, insurers can better safeguard their bottom lines by reducing the likelihood of fraudulent claims slipping through the cracks.
4. Customer Relationship Management (CRM) and Customer Experience (CX)
In today’s digital-first world, insurers need to prioritize customer experience. The ability to provide a seamless, personalized experience is crucial in winning and retaining customers.
Salesforce
Salesforce’s Financial Services Cloud helps insurers manage their customer relationships by consolidating policyholder data into one platform. This allows insurers to offer a personalized, high-touch experience for their clients.
In discussing how Salesforce helps insurers stay connected with their clients, Marc Benioff, CEO of Salesforce, commented:
"The insurance industry is undergoing a digital transformation, and Salesforce is at the forefront, enabling carriers to connect with their customers in entirely new ways. Our platform allows insurers to build stronger, long-lasting relationships by using data to offer personalized products and services."
Salesforce’s CRM solutions provide insurers with a 360-degree view of their customers, enabling them to deliver tailored products and superior service.
Zendesk
Zendesk is a vital tool for insurers looking to enhance customer support operations. Its customer service platform ensures that policyholders can receive quick and efficient responses to their questions and concerns.
Mikkel Svane, CEO of Zendesk, spoke about the evolving expectations of consumers:
"Today’s consumers expect fast and seamless interactions, and our platform ensures that insurers can deliver just that. By automating common requests and providing agents with the tools they need, insurers can significantly improve customer satisfaction and reduce operational costs."
Through Zendesk, insurers can reduce service times and improve the overall experience for their policyholders.
5. Reinsurance and Risk Transfer Platforms
Managing risk portfolios and transferring risk through reinsurance are vital components of an insurer’s business model. Technology is making these processes more transparent and efficient.
Origami Risk
Origami Risk provides insurers with a platform that simplifies the management of risk and reinsurance portfolios through automation and analytics.
Robert Petrie, CEO of Origami Risk, highlighted their approach:
"Our mission is to provide insurers with technology that reduces complexity and enhances decision-making. By automating risk management workflows, Origami Risk helps insurers focus on optimizing their portfolios and better protecting their clients."
Origami’s ability to integrate with insurers’ existing systems ensures that carriers can better manage risk transfer while reducing the administrative burden.
Xceedance
Xceedance offers a variety of reinsurance administration and analytics services, giving insurers a more transparent and data-driven approach to managing their risk portfolios.
Arun Balakrishnan, CEO of Xceedance, noted:
"The insurance industry is evolving rapidly, and our clients rely on us to help them navigate these changes. Our reinsurance solutions provide the analytics and automation needed to ensure accuracy and efficiency in risk transfer."
6. Cybersecurity and Fraud Detection
In an industry where vast amounts of sensitive data are handled daily, cybersecurity and fraud detection are paramount. Leading technology companies are providing the tools insurers need to protect themselves from cyber threats and fraud.
Symantec (Broadcom)
Symantec, now part of Broadcom, offers comprehensive cybersecurity solutions that help insurers protect sensitive data.
Hock Tan, CEO of Broadcom, explained Symantec’s role in securing insurers’ data:
"As insurance carriers digitize their operations, they face increased cybersecurity risks. Symantec is focused on providing industry-leading solutions to protect sensitive customer data from cyberattacks and fraud."
SAS Fraud Detection
SAS is known for its advanced analytics capabilities, particularly in the realm of fraud detection. By leveraging machine learning, SAS helps insurers detect and prevent fraud in real time.
Oliver Schabenberger, former CTO of SAS, said:
"Insurance fraud is a persistent issue, and with the help of AI and machine learning, SAS enables insurers to detect fraudulent activity with greater speed and accuracy. Our solutions are designed to enhance trust and efficiency across the claims and underwriting processes."
7. Canopy Connect – Insurance Data Aggregation
Canopy Connect simplifies the often tedious process of collecting and sharing insurance data between agents, clients, and carriers. By allowing clients to log in and securely share their insurance details, the platform enables real-time data aggregation.
Reflecting on the value of streamlining data collection, Tolga Tezel, CEO of Canopy Connect, shared:
"We designed Canopy Connect to eliminate the friction in collecting insurance data. By securely aggregating data from existing policies, we allow agents and carriers to provide faster and more personalized quotes without the hassle of paperwork."
This solution helps insurers improve accuracy in underwriting and reduces the time needed to collect essential data, making it a vital tool in the agent-client relationship.
Conclusion
The insurance industry is undergoing a significant transformation, driven by advances in cloud computing, AI, automation, and customer experience platforms. From Guidewire’s policy administration systems to Canopy Connect’s data aggregation platform, these technology companies are empowering insurers to become more agile, customer-centric, and efficient.
As digital transformation continues to reshape the insurance landscape, carriers that leverage these technologies will be well-positioned to meet the challenges and opportunities ahead, delivering better products and experiences to their customers.
References
Guidewire Software - Guidewire
Duck Creek Technologies - Duck Creek
Majesco - Majesco
ClaimVantage - ClaimVantage
IBM Watson - IBM Watson
Friss - Friss
Salesforce - Salesforce
Zendesk - Zendesk
Origami Risk - Origami Risk
Canopy Connect - Canopy Connect
