SE2 is a technology vendor providing insurance software-as-a-service to its customers. SE2’s main product is the SE2 Aurum® Platform. To ease the buying process, SE2 Aurum® needs to integrate with many disparate systems. Below, Ambrish Patel and Indra Bhattacharya, Enterprise Architects at SE2, describe how SE2 transformed the life insurance new business and underwriting support process using MuleSoft to switch to an API-led integration approach.
The line between technology and non-technology companies is being blurred as businesses are looking more and more to create winning customer experiences through digital capabilities like AI, machine learning, and automation. The faster leaders recognize that every company, including theirs, is becoming a tech company, the faster they can begin their business transformation.
Despite the insurance industry’s reputation as a laggard when it comes to technological innovation, it is undergoing massive change as traditional providers race to digitally transform. The change is being driven by the enormous pressure that insurers are facing on all fronts. On one hand, consumer expectations have soared to new heights as customers demand seamless experiences across channels and the ability to interact with insurers in new ways. The advent of connected devices such as home-automation systems and in-car telematics is creating whole new ways of delivering insurance products to customers.
In part one of this Q&A series, I sat down with Jeff Rauch, vice president of IT at ICW Group, a leading national insurance carrier with over 300,000 customers and 700 employees. Jeff shared his thoughts on the changing role of IT, how he is thinking about insurtech disruptors and the future of the insurance industry as a whole. (Disclosure: ICW Group is a customer of my employer, MuleSoft.)
Today, more than ever, insurers are at risk. According to the Connected Consumer Report, more than half (55%) of UK consumers believe that insurance companies provide a disconnected experience across online and offline channels; and 63% of consumers would change their insurance provider if insurers do not address this disconnected experience.
Financial services information technology (IT) has transformed from order taker to strategic business partner. As part of this transformation, IT organizations are finding they must address key challenges with legacymodernization, data management and digital transformation.
MuleSoft has launched a three-part white paper series discussing these challenges and how financial institutions are overcoming them. In the first installment in our Connected Financial Institution white paper series,
MuleSoft provides the most widely used integration platform for connecting any application, data source or API, whether in the cloud or on-premises. With Anypoint Platform®, MuleSoft delivers a complete integration experience built on proven open source technology, eliminating the pain and cost of point-to-point integration. Anypoint Platform includes CloudHub™ iPaaS, Mule ESB™, and a unified solution for API management™, design and publishing.