Technology in Insurance

Articles from the OpenUnderwriter team discussing technology, how it can help the industry today and its potential for the future.


How Mutual and Cooperative Insurers in the Developing World Will Benefit from InsurTech

The InsurTech revolution is in full swing with millions of pounds being invested trying to re-think inefficient and outdated operating models.

This article was written for Insurance Day – Issue 4,605 - Monday 23 May 2016.

With the demand for low cost insurance growing at a phenomenal rate and a large increase in the number of member and community based organisations (cooperatives and mutual) especially in the developing world, the demand for innovative, cost effective technology has never been higher. With enormous potential benefits to both state and consumer, low cost insurance provides a financial safety net to some of the lowest income families around the globe but to date, traditional technology solutions have been ill equipped to support this market.

Cloud Insurance Services for the African Market

New platform to give African insurance providers a low cost distribution channel.

Tech Equity Ltd and OpenUnderwriter have today announced a partnership to provide an innovative set of cloud insurance services to the African market.

The partnership offers a robust, cloud hosted platform that will give African insurance providers a low cost distribution channel for their products. It will allow these products to be provisioned and purchased using SMS (as well as traditional methods), which will potentially open up a whole new market for low cost insurance.

Quote comparison and Other New Features in 3.0EA3

OpenUnderwriter 3.0EA3 is ready for download

I'm always very pleased to announce the availability of a new release, but this time it's one that has a couple of features that the team are very proud of. One is large the other is comparatively small, but both make a big difference to OpenUnderwriter's capabilities.

The Rapidly Changing Face of Selling On-Line

UK on-line retail sales are set to hit £52.5bn in 2015 and for the first time ever the IMRG Capgemini Quarterly Benchmarking Report has revealed that visits to on-line shopping sites on mobiles has overtaken desktop.

This means it is now more important than ever for brokers to have a clear digital strategy if they want to remain relevant in today's increasingly competitive marketplace.

25-34 year olds are leading the way in this mobile usage and although the majority may not yet own homes or businesses and may be driving their parent's car, they have a completely different approach to purchasing that needs to be catered for effectively. If you can’t service this demographic through a mobile device then you are going to be invisible to a growing and lucrative sector of the market.

Gaining Competitive Advantage Through Collaboration

Technology has played a large part in addressing the challenges faced by mutual and co-operative insurers in the developing world, but it is time for new and more innovative approaches to be considered.

This article was written for Insurance Day – Issue 4,361 - Monday 1 June 2015.

Enabling huge areas of the globe develop insurance solutions depends very heavily on cheap and reliable technology. The demand for low cost insurance is growing at a phenomenal rate and as a result we’ve seen a large increase in the number of member and community based organisations (cooperatives and mutual) especially in the developing world. With enormous potential benefits to both state and consumer, low cost insurance provides a financial safety net to some of the lowest income families around the globe.

Extended Document Support in OpenUnderwriter 2.1 and the Benefits of Product Structure

Among the other new features and enhancements included in OpenUnderwriter 2.1 is support for an extended set of document types.

As well as quotation documents, which have been supported for some time, the system now generates certificates, wordings, and invoices. Like all product features, document definitions benefit from product inheritance - meaning that each product need only define the ways in which if differs and need not define common elements.

Challenges for Technology in the Microinsurance Sector

The use of new technology is critical for the microinsurance sector, but without reliable data or actuarial capacity, it will be a struggle to design sustainable products.

This article was written for Insurance Day – Issue 4,194 - Monday 22 September 2014.

We live in a world dependent upon technology, we use it every day, at home, in our jobs, it touches everything we do, but rarely do we consider the process and decisions that have gone on behind the scenes to deliver that technology into our lives.

GWT Comes to Play

OpenUnderwriter is delighted to announce the arrival of Google Web Toolkit (GWT) into the project.

We chose GWT to provide a richer and more interactive web UI experience for end users of the OpenUnderwriter product suite. We looked at a few other technologies for the job including JQuery, Vaadin and Yahoo-UI, but in the end GWT won through for us on its cross-browser support, flexible internationalisation, responsiveness and rich features. Plus, being Java based makes it consistent with the rest of the OpenUnderwriter project.

Affordable Technology Platforms

How do you provide affordable technology platforms for mutual and other insurers in the developing world?

This article was written for Insurance Day – Issue 4,115 - Monday 2 June 2014.

The demand for low cost insurance is growing at a phenomenal rate. With enormous potential benefits to both state and consumer, low cost insurance provides a financial safety net to some of the lowest income families around the globe.

Are we being used?

How can you tell how much your open source software is being used?

One of the questions that haunts many open source projects is How much is the thing we're developing really being used? For commercial software, it's an easy question to answer, you can count the licenses. It's indirect of course - you don't know that someone who owns a license is actually using the system - but it is accurate enough for most especially as it generally relates to income!

OpenQuote becomes OpenUnderwriter

OpenQuote still exists, but it is now a component application within OpenUnderwriter.

There has been something of a hiatus in OpenQuote 2.0 development lately, but the break has allowed us extend the scope of OpenQuote which is something we're very excited about. In fact the scope has been extended to the point where the name "OpenQuote" is now simply too restrictive. So we've renamed the whole project.

Ghanaian Insurance Industry Database

The Ghanaian insurance sector is rapidly expanding...

Ghanaian Insurance Industry Database

...however there is limited ability to analyse the risks associated with the markets being covered and the potential losses that could be incurred. Also, products on offer are mainly tailored for the relatively well off, meaning coverage extends to less than 2% of the Ghanaian population.

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