Will 2018 be the year of the insurance platform?
In the world of insurance technology, suddenly platforms are hot.
In the past few months, Guidewire articulated an expansive vision for its trademarked Guidewire Insurance Platform; IBM announced an “industry first” Insurance Platform, and Majesco launched Majesco Digital1st Insurance, a “Platform as a Service.”
First, a little background. Having a platform sounds great, but . . .
- What is a platform?
- And why should anyone build one?
Many platforms start out as a limited purpose website (e.g. searching the web, selling books, or letting friends keep track of one another). If it achieves that purpose in a very engaging and effective way (aka fast, fun, and easy), then that website starts drawing a lot of visitors (creating network effects), and allowing the site sponsor to expand the site’s functionality, collect lots of data about visitors, and monetize that traffic and data.
How does this translate to insurance technology?
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services