< Back to all news

Future-proof Insurance Software – Trends and how to use them


From policy and claims management, insurance product configuration and premium collection, to white label distribution with tailored customer journeys – Insurance Software is disrupting the insurance industry. Especially driven by InsurTechs, insurance software innovations are designed to make the current insurance model more efficient, reduce costs and speed up time-to-market. Customers benefit from more convenient digital customer journeys that reduce or even fully replace human interaction. As a result, staff costs decrease, conversions increase and increased policy sales grow revenue.

In this article, we will look at insurance software based on Boston Consulting Group’s research on current digital trends affecting the insurance industry and the Briisk ITP insurance software, which is build upon these insights.

Nine digital trends affecting Insurance Software architectures

insurance software technology trends source bcg

According to the Boston Consulting Group, there are nine technology trends affecting the IT architecture in insurance: Social media and mobile technology, cloud computing, IoT, open ecosystems (also known as “open insurance”), big data, machine learning, augmented reality, biometric identification and intelligent operations. At Briisk, we apply these digital trends to design our insurance software solution (find out more about Briisk here). BCG concludes, that the combination of these technological components affect the entire insurance software landscape, leading many insurers “to go beyond building digital channel functionality and undertake an integrated front-to-back overhaul of the IT landscape” (BCG 2016). Let’s have a look at how to use these trends in practice.

Want to learn more about digital trends in the insurance industry? Have a look at “Digital transformation in Insurance – Essential Insurance technology you need to know”

So how can these trends be used in practice for Insurance Software?

Efficient and effective distribution via white labels

Drone insurace South Africa buy online

There is a growing demand by insurance players for customer engagement and integration layers. Thus, located in the customer engagement layer, we focus on web and portals and third party channels as key components of insurance software solutions. As a result, we empower the insurance value chain to meet the demand for efficient and effective insurance distribution. In practice, this is achieved by insurance distribution via white label, multiple distribution channels and fully-responsive and conversion-optimised customer journeys.

Are you interested in insurance distribution via white labels? Get a demo or have a look at our drone insurance white label case study

Scale via cloud computing

A clearly evident trend which does not only apply to the insurance industry, is cloud computing. According to BCG, cloud-based insurance software allows for “scalable high-performance digital services and rapid time to market […] Cloud solutions replace on-premises legacy systems that depend on (expensive) self-owned data centers and a central team to manage the IT infrastructure and provide IT services.” The scalability will manifest itself in the near future particularly in the Briisk ITP through so-called “distribution networks”: Every time a new distribution channel is onboarded, they will become usable for all players so that a network effect occurs.

Innovating core insurance system functionality

Another insight is that the creation of new insurance products is often code-heavy, labour-intensive and expensive. Launching new products often takes many months. To solve this pain point, the Briisk ITP specialises in the core insurance system layer on simple product configuration. Quote, underwrite and bind is available on one platform, the product builder is intuitive and highly flexible and programming complexity is minimized. As a result, new insurance products can be launched in not months, not days, but hours.

Does that sound too ambitious to you? See how we launched the first COVID-19 insurance in South Africa in just 3 hours!



Simply digitise & distribute Insurance with Briisk

Automate the complete insurance value chain, at a lower cost and higher speed than legacy systems with the Briisk ITP.
Get demo

Related Articles

Embedded Insurance: A Game Changer for the Insurance Industry 

In an ever-evolving digital landscape, industries constantly seek innovative ways to enhance their services, and the insurance sector is no exception. Embedded insurance is emerging as a potential game-changer, offering significant benefits to customers and companies. It is not just a trend but a transformation that has already begun to reshape the insurance landscape. What […]

Enhancing Underwriting Management with Data Analytics: Opportunities, Challenges, and Tools 

In today’s fast-paced world, data analytics has become an invaluable tool for businesses across various industries. Underwriting management plays a pivotal role in the insurance sector, and data analytics is transforming how insurers make informed decisions and streamline their operations.  Opportunities in Data Analytics for Underwriting Management:  Challenges in Data Analytics for Underwriting Management:  Data […]

Transforming Insurance Claims Processing Through Technology

In an era of digital innovation, the insurance industry is undergoing a profound transformation because of the introduction of innovative technology. Exploring the impact of technology on insurance claims processing, highlighting the evolution of an industry, and adapting to the demands of the digital age. The Traditional Insurance Claims Process: A time-consuming challenge Historically, insurance […]

The Types of Insurance and Why We Need Them

Insurance is fundamental to our lives, offering protection and security when the unexpected strikes. This article will explore the different types of insurance and their vital roles. We will also delve into insurance history, including the Great Fire of London and the influential figure often credited as the father of insurance, Elizur Wright. Additionally, we will […]

How the Insurance Industry is adapting

The insurance industry, often referred to as the backbone of financial security, serves as a safeguard against uncertainties and risks that life throws our way. As we examine the current state of the insurance industry, it becomes evident how important insurance really is. The industry is undergoing a transformative period due to emerging technologies and […]

The benefits of a cloud-based insurance solution

Insurance companies face the challenging task of effectively managing massive amounts of data while striving to enhance operational efficiency and provide exceptional customer experiences in today’s fast-paced and data-driven world. An effective response to this problem is a cloud-based platform. Interestingly, the insurance sector has seen a notable shift in perception as insurers and their […]

Insurance Technology: Empowering Intermediaries

Insurance intermediaries connect customers with the right products in the rapidly evolving business landscape. However, intermediaries face numerous challenges, including time-consuming administrative tasks and the need to stay productive in a highly competitive market. Fortunately, introducing insurance technology has started a paradigm shift, empowering intermediaries to automate processes, increase productivity, and ultimately boost business revenue. […]

How Technology is Disrupting the Underwriting Management Industry in South Africa

The insurance industry has traditionally been known for its slow, manual processes. But with the advent of new technologies, there is a growing trend towards digitisation and automation in the industry. In South Africa, underwriting management is undergoing a digital transformation, and new technology in the market disrupts the way things are done. Automated Underwriting […]

How payment technology is changing insurance distribution in 2023

What is payment technology?  Payment technology is a system that digitally coordinates financial transactions between two parties using APIs. This is referred to as an electronic payment which can be facilitated via Payment Service Providers (PSPs).  What is a PSP?  “Payment service providers are an important part of the payment ecosystem. For any business that […]

Allianz and Sanlam join forces to form an African insurance powerhouse

Allianz, one of the world’s largest insurers with a century-long foothold in Africa, has joined forces with Sanlam, the continent’s largest non-bank financial services company. The alliance will enable Allianz and Sanlam to combine their existing and future operations in 29 African countries, becoming the continent’s largest non-bank financial services provider. By merging Sanlam’s expertise […]

Get demo

Let us give you an overview of the Briisk ITP and how it can improve your business processes.
+44 1923 750310
Briisk Limited, 27 Old Gloucester Street, London WC1N 3AX, United Kingdom
+91 8008 360077
Briisk Limited, 23, Gokul Brindavanam, Bachupally, Hyderabad, India-500043
+27 83 321 9369
Briisk Limited, 2 Fir Street, Observatory 1st Floor, Block B, North Park, Black River Park, Cape Town, 7925, South Africa
(C) Briisk 2022. All Rights Reserved. 
Sitemap // Privacy Policy // T&Cs 
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram