The insurance sector has been going through a technological transformation, and Wall Street Journal is taking notice of this history in the making. Pam Simpson, Director of Marketing at Cogitate, said, “I get excited when I see the Wall Street Journal discuss the insurance software market and how digital insurance platforms are assisting insurers in changing the manner in which they conduct business. They are noticing how we are bringing about the much-needed evolution that this industry desperately needs.”
About Cogitate
Despite the fact that the insurance sector has struggled to innovate compared to some industries, their clients and developers find their implementations to be quite intriguing. Its innovative technologies are influencing the future of digital insurance and reducing some of the financial strain on this sector. Their AI and data-driven solutions assist insurance underwriters in selecting and mitigating risk with greater knowledge, precise pricing, and controlling costs while scaling.
Talking about the Wall Street Journal article, Miss Pam said, “These are some of my favorite quotes that, although they may not be truly reflective of the industry, do illustrate how we are making the lives of professionals better across the claims and policy lifecycle.”
"This is the type of grunt work ripe for disruption." Wall Street Journal, February 14, 2024.
Let's talk about "grunt" work
The digital native may now consider manual tasks to be grunt labor. Even if the work is still essential, Cogitate can make it simpler, which can cause disruptions. Cogitate's digital insurance solutions automate and streamline tasks related to underwriting, claims, and filings. These formerly required filling out handwritten forms and entering data again and again into several systems, which was neither desired nor viable. Workflows, automation, artificial intelligence (AI), data integrations, and solutions are all part of the modern platform offered by insurance software companies, which helps insurance professionals by taking away the grunt and enhancing the significance of their work.
The Wall Street Journal in February mentioned, ‘It often takes more than a year to launch new insurance products’. This statement is true for insurance companies that are still dependent on antiquated, inflexible systems. A microservices architecture that is cloud-native speeds up the introduction of new product lines in response to shifting market dynamics. More significantly, business users can quickly adapt products to changing market conditions by using configuration tools, which allow them to make changes on their own.
Conclusion
Cogitate Co-founder, Arvind Kaushal, is passionate about low-code and no-code tools to make work easier, and he discusses it in the eBook, 3+ Keys to Proactive Underwriting. To expedite the work of business users and their own developers, the company is constantly expanding such tools. Get in touch for a demo to learn how Cogitate is revolutionizing the insurance industry and experience what it's like to do business without the "grunt!"
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